A robust information technology (IT) platform is a must in order to levy the good and services tax (GST), according to Y Satyanarayana, Joint Commissioner of Commercial Taxes for the Government of Telangana.
He was speaking in a seminar on ‘Goods and Services Tax – The Game Changer’, organised by the Vignana Jyothi Institute of Business Management (VJIM) in Hyderabad on March 15.
The seamless levying of GST will be possible only with the adaptation of an IT platform, the official said, while highlighting the importance of bringing service and manufacturing under the same taxation rules.
Kamal Ghosh Ray, Director of VJIM, opened the discussion with a brief introduction on the benefits of GST and how it could be a game changer in the long run. There could be some negative impact such as cost push inflation brought about by higher tax rates as the expected GST rate would generally be higher than the given tax rate, according to a release.