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'With GST, There May be Teething Issues at First'
Currently the information on GST is from a micro-level and the impact at a large scale can only be seen once the rollout sets a movement in all industries.
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We are ready to hand-hold our partners to transition into the new system in a seamless manner, said Bharat Mandot, CEO of Stelcore Management Services on being asked about the company's readiness for upcoming goods and services tax (GST).
While speaking to BW Businessworld on Saturday (24 June), he said, “Every process that undergoes change, management faces some hiccups at the onset and similarly with GST, there may be some teething issues at first, but we are ready for it.”
GST is the largest tax reform modern India has seen. Mandot informed, “Although the intricate nuances of the policy can be assessed only after the July 01 rollout, but we, at Stelcore have already sensitized our clients like Amazon, eBay, Barclay’s, etc. with our deductions from the available information.”
When asked about the changes he is making in their books of accounts, Mandot replied that there have not been many changes to the books of account maintenance. However, the process has to be streamlined to track record in an efficient manner.
“While we reviewed records on a monthly basis earlier, now we aim to do so at a more frequent interval. As of now, we are looking forward to the unified tax structure which we see as a revolutionary move by the Indian Government,” he added.
Currently the information on GST is from a micro-level and the impact at a large scale can only be seen once the rollout sets a movement in all industries. There should not be monumental challenges but industry practices will change to a considerable extent. We are ready to hand-hold our partners to transition into the new system in a seamless manner.
The impact of GST on any industry is also dependent on the IT preparedness of the government, along with the help from our industry to our clients. To help businesses in being GST compliant, we have also launched a facility called Compliance Management Services (CMS) or Self Compliance which will take the burden off the businesses and create a centralized and seamless process for them, added Mandot.
Mandot concluded by saying, "The rollout will be much easier if the Government IT system is well placed to handle all the queries and traffic it is expected to receive. This rollout will impact all businesses across industries and it is important for GSPs and players like us to be well-read. To have expert panels of people to assist at all levels is also important at this time."