Monday, 22 May 2017

Round Table Panel Discussion on Growth Prospects for IT Sector after GST Rollout

The Goods & Services tax has been variously described as India’s biggest tax reform, a game changer, a disruptor, a great step towards transparency, One country one tax.  Many an expert has proclaimed that GST will Push India’s GDP Growth to Over 8% in FY 2018-19.

The GST replaces a plethora of cascading central, state, interstate and local taxes with a single, nationwide, value-added tax on goods and services. The Centre and States have already started enrollment process for migrating existing taxpayers to the proposed tax regime through GST common portal. GST is going to be one of the biggest inflection points for businesses in India. It will be a catalyst to getting businesses to automate their workflows and adopt digitization.

The Round Table Panel Discussion was organized at the Vishveshwarya Hall, PAHER University on 18th May 2017. The Faculty of Management has at all times been a leader in making  a positive contribution towards  issues of national importance which have a far reaching impact on Business, society  and  the overall Economy.

Leading Chartered Accountants, IT sector Stalwarts and Faculty Members participated in the discussion. Prof BP Sharma, President PAHER University stressed that a working group will be formed inclusive of CA’s, IT Professionals and Faculty members to address the upcoming opportunity. The GST will stimulate the necessity to revisit the internal organizations and IT systems of various firms. Many IT Industry experts have acknowledged that the GST rollout will provide IT companies with an opportunity similar to the Y2K problem in 2000 and may well turn out to be a US$ 1 billion business opportunity. 

Prof Mahima Birla , Dean FM welcomed the esteemed guests and pointed that PAHER University always shoulders the responsibility in times of such big changes as GST by duly organizing Academic activities. She further added GST is expected to simplify and rationalize the current indirect tax regime, eliminate tax cascading and put the Indian economy on high-growth trajectory. GST will bring more than 3crore dealers into the tax fold and create a software market size of Rs 36,000crore in the MSME segment. The services industry at large was administered under a single authority in the center under the service tax regime. There are lot many complex invoicing and billing coming ahead which can further strangle the taxation of IT industry.

Dr Pushpkant Shakdwipee opined that the SME sector would be benefited by the GST rollout, Dr Nidhi Nalwaya informed about the imminent GST rollout impact on the economy and various issues to be deliberated upon and Dr Shivoham Singh put a light on recording GST transactions, uploading of invoices and about GST portal.

CA Vishal Tapadia moderated the discussion and informed about the need of software and hardware in the GST rollout due to the generation of a huge amount of Data, UCCI representative CA Anshul Mogra  notified about Digitalization of the Economy, CA Yashwant Mangal said that Goods and Service Tax Network (GSTN), a not-for-profit company is the nodal agency for maintaining the GST system, to build an indirect taxation platform for GST to help firms and individuals file, prepare, rectify returns and make payment of indirect tax liabilities. GST implementation is a big opportunity to start with alongside many a problem.

Creation of point of sale (POS)  billing software, Development of  payment solutions, e-signing  of products, ERP solutions to  small and medium businesses to record GST transactions, uploading of invoices and return filings, Cloud-based service providers that will help in storage requirement of GST Data., Security services upgradation issue was highlighted by CA Dilip Kothari.

CA’s Ashish Ostwal, Kunal Agarwal, Naresh Maheswari also raised important issues about GST rollout & Data analytics.  Mr Vivek Bhardwaj from NextGen Solutions provided Industry insight along with Ms Divya Shekhawat. The Vote of Thanks was given by Dr Pushpkant Shakdwipee. Dr Nidhi Nalwaya convened the panel discussion.