Business Daily from THE HINDU group of publications
Sunday, Nov 15, 2009
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Business Daily from THE HINDU group of publications Sunday, Nov 15, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Industry & Economy
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Taxation Info-Tech - Outlook Markets - Stocks The goods and services tax needs robust IT infrastructure for seamless operations. K.V. Kurmanath Hyderabad, Nov. 14 After the Unique Identity project, it is the upcoming Goods and Service Tax (GST) that is going to offer significant opportunity for IT services and solutions companies. Though the extent of the opportunity is yet to be quantified, it is going to be very high considering the huge tax collectibles under the new regime. The system called for coordinated efforts from all the States and the Centre. “It needs robust IT infrastructure to take care of the seamless operations,” according to Mr S. Dutt Majumder, Member (Central Excise) of the Central Board of Excise and Customs. The system has to monitor large volumes of GST collections in various States and also the inter-State trade to ensure share of tax collections. Mr Majumder was here to interact with the members of Federation of Indian Chambers of Commerce and Industry . The Empowered Committee set up to decide and implement the GST had asked the officials to prepare an IT blueprint for Integrated GST (IGST), which is one of the three important components of the GST. IGST takes care of the issues related to inter-State collections and sharing among them. “The Centre levies the tax but distributes it among the States. It will act as an honest broker, facilitating the inter-State transfer of the tax proceeds,” he said. “The Centre has okayed a model on how the inter-State taxes should be shared,” Mr Majumder said. At present, the various departments are working on registration forms, e-filing and other procedures required for the new tax regime. More Stories on : Taxation | Outlook | Stocks
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