The tax reforms in the form of GST will have major and wide-ranging impact on our economy. A detailed discussion on this is required. I am posting what I have seen etc here:
1. I had met with senior tax authorities of GoI in the last few months on (unrelated) office work and was told that people were given training on GST and the entire system is IT based with little human intervention. The training is quite detailed.
2. We pay service tax and most of the system is almost the same.
3. For goods like purchasing stationary etc there was no effort from our side on tax paid/to be paid/not paid on those items. Now we need to look into that.
4. Small shop owners with some computer bases system told me that their CAs etc has the software etc in place and while there will be problems for few months they were of the view they can manage.
5. There are many software packaged in the market ( that is what my accountant told me) and quite cheap.
6. Most of the returns etc are filed etc online etc. So human intervention will be limited. This may stop major looting by tax babus.
7. VAT is gone and this also stops major looting.
No one knows how far it helps to loot by tax babus at the state and central level. But its makes a bit harder for them to loot and loot amounts may be less and less as time progresses.
Software people looking at new business opportunities. Even Major ones.
http://events.sap.com/in/sap-gst-soluti ... MC-Twitter
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