As Indian Economy Goes Into Overdrive For GST Industry Witnesses Great Traction

The setting up of joint working groups is a welcome initiative by the government.

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With the introduction of the GST Bill in Parliament, the government has made significant headway into the realization of the once arduous timeline of July 1 for the implementation of the game-changing indirect tax reform—the Goods and Services Tax (GST). As the Indian economy goes into overdrive to prepare for GST with a little over three months to go, the industry has witnessed great traction and the ambiguity that surrounded the implementation of the new indirect tax legislation is slowly diminishing. In order to ensure the smooth passage of GST, the government has set up 10 working groups under the guidance of senior tax officials to examine concerns of industries such as banking; the financial and insurance sector; telecommunication; information technology; transport & logistics; exports; textile; oil & gas; gems & jewelry; government services; micro, small, and medium enterprises and to submit a report on April 10, 2017.