Tech Musings
I want my Garam Samosa and Tea
Rajneesh De, Group Editor [email protected]
ast evening got this WhatsApp for a long discourse, after extensively completely will trigger ‘Input Tax Credit’ forward from a friend of mine. reading the Central GST Act 2017 and rules dominoes for all subsequent purchasers Especially in light of the impending thereof, and understanding the views of in the link. None of the 140 countries Luncertainties following GST several experts and pains of entrepreneurs, in the world having successful GST implementation from July 1, realized that I feel that GST in its current form is terribly regime, have dared to have this invoice GST cannot be explained simpler than this. complex and business unfriendly for the matching system. The only country which The forward ran like this: Malayalam SME and MSME sectors. As a result, it will unsuccessfully attempted was South actor Mohanlal’s father-in-law is veteran spring up the parallel informal segment Korea. Presumably for the GST Council in Tamil actor-producer Balaji. Balaji’s sister is which will always remain under the umbrella India , available IT skills and infrastructure Vijaya Parathasarathy. Vijaya is the mother of the 20 lakh limit. Invoice tracking, both with the Government and assessees of Tamil actor YG Mahendran. Mahendran’s reverse charge, multiple state registration in India are superior to South Korea. In wife’s sister is Latha Rajinikanth. Latha and provisional input tax credit are some milieu of foregoing, all erstwhile dealers, Rajinikanth’s daughter is Aiswarya, whose stinging scorpions compelling the business manufacturers, importers, service providers husband is Dhanush. Latha Rajinikanth’s community to face the rent seeking behavior in their new avtar as ‘Suppliers’ will surely brother is Tamil actor Ravi Raghavendran. of taxmen. This will now only enhance ride “Ram Bharose”. R Raghavendran’s son is current music manifold with GST. Not the traders, but the segments which sensation Anirudh. YG Mahendran Therefore, I strongly believe that GST in seem to be gaining immediately from the daughter is Madhumati who married Arun. its current form will ruin the small traders. upcoming GST regime are the tax and tech Arun is son of Vijaya Chamundeswari. V The immediate problem is the absence consultants. GST has given birth to GST Chamundeswari’s father is famous actor of preparedness amongst majority small service providers out of every Ashok, Raj or Gemini Ganesan and Mother is Savitri. businesses which will get affected from July Anu who will now help businesses register, Bollywood actress Rekha’s father is 1st. The need for the government now is to upload electronic invoices. Besides GSPs, Gemini Ganesan. understand the ground realities of business GST has given birth to another set of entities Now think calmly and tell me how and commerce and then mop it up with tax. called ‘application service providers’ or Mohanlal and Rekha are related to each Unfortunately, GST in its current form will ASPs that will use sales and purchase data other? If you find the answer, GST is nothing make a business owner work for tax and not from taxpayers and convert it into GST difficult for you! This might be an apocryphal for its business objective. High time it was returns for filing online. GST is spawning story, but the moot point here is the irony understood at the right quarters and certain a Rs 20,000 crore industry comprising and sarcasm behind the apprehension that stringencies relaxed in light of the ease software service providers, ASPs and GSPs, the trading community and the SMEs are of doing business. The form in which GST chartered accountants and consulting firms having over GST implementation. Benjamin Rules have been drafted and thrown upon as the entire industry is undergoing business Franklin once wrote there is nothing certain traders are draconian and sounds a death process re-engineering. this in this world, except two things, death knell not only for SMEs, but also for MSMEs. If we are really that ready for GST, dear and taxes. Now in light of Indian GST rules, The government should have interacted Mr. Jaitley, how come you are exempting filing of monthly returns will probably be more with all segments of industry, before petrol and diesel from it? Lead by example, the third. enacting the GST regime in its current form. Mr Finance Minister. Apply GST first to Petrol So what is so much wrong with The formidable challenge in GSTN is and Diesel and then you will understand the implementation of GST in its current form? “Invoice Matching’. An inadvertent error plight of GST. Till then, I will be happy with While this editorial might not be the space in uploading the invoices correctly and my Garam Samosa and Tea.
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