Are we GST ready?

By 19 May 2017

Almost every seminar these days has a GST session. Every second or third WhatsApp message is about how to comply with GST. Even Happy Hour discussions are about GST.

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We spoke to a couple of industry auditors and accountants, and they had concerns because the rates have “to be officially announced”. The rules are being modified every day. Industry strongly feels it is not ready. Many ERP systems are not yet compliant with a GST package.

A survey of 1,000 retailers, wholesalers and manufacturers by Easemy GST, a portal set up by ERP solution provider Ginesys, showed that 68% of businesses had limited or no GST-readiness, 18% had a basic understanding, while only 14% were working towards GST adoption.

Hari Shankar, chairman of CII’s GST committee said: “A fair share of large industry players are ready. But the concern is more for smaller players like vendors, distributors, retailers etc, and how well they are prepared as GST readiness is required across the value chain.”

Most of the hundred CEOs in our industry who PrintWeek India interviewed, said GST is the magic wand which will transform our economy. But a large section of industry says the 1 July deadline may not be easy to meet. The government is working to meet the target.

But the question on most lips is, are we GST Ready?

Please go to the website and vote: http://www.printweek.in/

How will GST Impact the Indian Print and Packaging Industry?

 

 

It is the best taxation system and would help our industry

A lack of urgency; and very few days pending for roll-out

GST will bring transparency and consumer will bear the cost rather than manufacturer

The SMEs, MSMEs and unorganised sector may have a tough time meeting GST deadline

India will be fourth largest economy by 2022 as GST benefits kick in

My CA says I need to fill 37 forms to be GST-compliant!

Tags: GST

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