2nd May 2017
GST has become a trend in India. In most of the commercial events and conference people are discussing about GST. Recently, CII Mysuru and ICSI organised a special interactive session on GST Law to Overview. Session was organised to discuss the Impact, Challenges & Roadmap.
The Goods and Services Tax (GST) laws have been passed by both the houses of Parliament. There were certain questions raised to understand every business concern to prepare and for a smooth transition to GST.
It is fixed that roll out day as per the official communication we received from Ministry of Finance, GST has to be implemented from July 1. People are aware of GST. There are certain departmental aspects in GST, there are three departmental aspects: legal preparedness, administrative preparedness, and technology preparedness and are concerned that it will be completed by May 15.
It is expected that the departments are going to be reorganised, and two zones that as of now are Mysuru and Bengaluru zones will be merged and known as Karnataka Central GST zone.
People are thinking GST is going to change all our lives. It is similar to a practical aspect of formatting a hard disk to install new software that you want and start working from ground zero. Experts have stated that GST will have a huge impact on the culture and ecosystem.In the past countries have failed in GST implementation due to lack of management in cost escalation process. It is expected in India this will better since amendment and certain things have clarified.
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