Vishal Sikka, Infosys CEO, on Thursday said that the GST network project was very complex, but was proud to be part of it. Speaking to reporters after making a presentation to Finance Minister Arun Jaitley, Sikka said that there is some weakness in technology preparedness for GST network. Sikka said, “Technology weakness will be addressed in time to meet GST launch. We are putting in best efforts for GST.” Touted as the biggest tax reform since the Independence, Prime Minister Narendra Modi on Wednesday reviewed preparations for roll out of the new Goods and Services Tax (GST) regime, possibly from April 1 next year with Finance Minister Arun Jaitley and his team. In an interview to CNN News18, PM had said that GST was the biggest tax reform since independence and when implemented would bring about a big change.
A survey conducted by market-research based business consultancy Feedback Business Consulting found that GST will attract more foreign direct investments across sectors due to tax transparency and ease of doing business. The survey was conducted among 67 companies in engineering, automotive, information technology, financial services, construction, FMCG, telecom, real estate, energy, packaging, and home appliances sectors in August. Almost all respondents opined that GST rollout will be positive for the economy. However, there might be some heartburns like inflation in the early days of implementation but GST will improve GDP of the country in the long run, the report added.
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Last week, speaking at a summit organised by the The Economist magazine, Arun Jaitley when asked about the implementation of Goods and Services Tax from April next year, said, “We look ahead, it’s a very stiff target, we are running against time. I would certainly like to give it a try. It (GST) will the plug the leakages. In the long run it will probably stabilise the tax rate and move them down once effectively implemented,” he added.