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Friday, June 30, 2017

A game changing tax reform GST from midnight tonight : Are GSTN & people ready?

As the government is organising midnight session tonight to roll out the Goods & Services Tax but do the people know who are the top invitee?who will attend the midnight session? and what will happen at the midnight session?.


The PM Modi has invited all the political parties to attend the midnight session tonight, but the some of the parties have decided to bycott the the joint session of both houses of parliament. The parties like congress, TMC, RJD, DMK and the Left are bycotting the session.

In the midnight session the eminent personalities and dignitries like Amitabh Bachchan, Lata Mangeshkar and Ratan Tata will be present at the central hall of the parliament midnight today.

This midnight session today will be reminiscent of India's independence on the midnight of August 14th and 15th, 1947 when the country's first Prime Minister Jawaharlal Nehru had given the one of the historical speech on the 'Tryst with Destiny' of India.

The country will enter into the revolutionary tax regime called Goods and Services Tax when the PM Modi will get his 'Tryst with Destiny' tonight midnight session.

Midnight session schedule :
The honourable President Pranab Mukherjee will enter Parliament at around 10.40 pm.
The function may start around 11.10 pm and end at 00:10 am

The invitee are :
Besides MPs, many prominent personalities from the different areas have been invited to be witness this one of the historical midnight session.
– Lata Mangeshkar
– Amitabh Bachchan
– The eminent industrialist Ratan Tata
– 'Metro Man' E Shreedharan
– Some of the eminent lawyers like Soli Sorabajee, Harish Salve, KK Venugopal
– RBI Governer Urjit Patel and his predecessor Raghuram Rajan
– Chief ECI Naseem Zaidi
– Shashi Kant Sharma, Comptroller and Auditor General of India
– KV Chowdhary, Central Vigilance Commissioner of India
– BJP President Amit Shah

Besides the above invitee a number of business tycoons and some bank CMDs will be present at the historical session. Some of the state chief minister from different states are aslo expected to be present.

The programme will start with a 10 minute's feature film on GST after that the President and the Prime Minister will address to the gathering in the central hall.

When the clock strikes 12 the GST will be launched and after the contry will enter into new tax regime, Goods and Services Tax...

GSTN Readiness : 
In India there is a diversity of customer, huge number of customer and also big expectation of our customer. Therefore preparing for that large scale and infrastructure is a cumbersome exercise in country like India.

There is no doubt that the GSTN are trying to cope with the volatility and doing a very good work in these current circumstances. No one could have done a better job as the GSTN have done yet for the GST rollout and they are working very hard to deliver the hassle free services.

But providing the hassle free delivery is not going be easy for the GSTN and also neither is it going to be easy for the country.

People Readiness :
It seems that the GST is a double-edged sword for the people, because one side it is a breather but on the other side it has increased the uncertainty of the business. The country is still struggling to get ready for the GST. In general term, the people do not even know what they need to be ready for.

Difficulties ahead :

There is little doubt for the long term benefit from the Goods and Services Tax. At this point of time no body can say that there will be long term benefits. As soon as the people will be habitual of this tax system then they can talk about long term benefits.

As the several opposition parties have boycotted the midnight session, saying that the government has not given enough time to be ready for the new tax system. It seems that there would be protests in this week by the traders across the country and industries, who are unhappy with the tax slab applied on their goods. The traders and industries have also complained that the government have not given enough time to comply with the new system.

As the government have rolled out the GST, both side the taxpayers and the GSTN have to learn with each others, so that the GSTN could fix the error and glitch in the information technology network and the tax payers could also feel easy in IT return filing because the GST is totally depends on the information technology...

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