30th May 2017
Things have just wrapped up and people are ready for the biggest tax reform in India going to take place in India. Technology will help GST to become trouble-free. Finally people are ready for GST. GSTN will be much under pressure, GSTN is the IT backbone of the landmark tax reform, that promises to make India a uniform tax country.
Things are not going to be buttery for GSTN since more than 3.5 billion invoices going to be processed every month. With this 8 million direct taxpayers requiring to file up to 37 tax returns in a year.
GSTN has build a platform in two years which is a common interface for Centre and state governments, taxpayers, tax authorities and banks. India GST is going to become one of World’ complex GST system. Experts from GSTN have said that Despite not having all the input, we have been working on it and we will be ready by July. This will not be Skeptics fear of a demonetisation-like situation triggered by a poorly prepared IT system.
After the roll out day July 1 half of the people will fail to comply with the new system, especially small units and services industry as they won’t be ready
Invoices are not the only challenge but also there going to be several cyber threats to GSTN. Recently many countries in the world have faced ransomware attack and Legion hacking of social media data a few months ago. There has been plan to build the secure form and the plans have been for cyber security
Since in the past there have been attempts from countries like Pakistan and China to swarm the system with a DDOS attack and bring it down. GSTN was able to ensure the system was not disrupted.
What does one need to be GST compliant from July?
Personal Computer system
2017 © Monetic Corp Consultants Private Limited - U74999DL2013PTC261819
Download GST E-book, An introductory guide for Goods and Service Tax by Registrationwala.
Like every GST liable business, you'll also need a GST software. Registrationwala has come up with a return preparing and filing software GST Tool.
To schedule a online demo, submit your details.