Initiated in 1986 during the governance of Rajiv Gandhi by Finance Minister Vishwanath Pratap Singh, GST (Goods and Services Tax) had a very long journey. With multiple governments changing, while GST was picked up for discussion in the parliament, the implementation schedule kept changing. While it was known that to accelerate India’s economic growth, taxation like GST was essential, post 1986 GST discussion got momentum in 1991 during the government of P V Narasimha Rao. The then Finance Minister, Manmohan Singh initiated the discussion on Value Added Tax at state level and later GST was given a go ahead in the year 1999 during the governance of then Prime Minister AtalBihari Vajpayee.
The backend technology work for GST, now known as the GSTN (GST Network) started soon after as well as the defining of tax reforms. However with the fall of the BJP led-NDA government the GST preparation stopped in 2004.
The work regained momentum in 2006 with P Chidambaram as Finance Minister and the GST implementation was decided for 2010 however due to political reasons was stopped again, although 80% work was completed.
With Narendra Modi governmentin power in 2014, GST got back on tracks. It was passed in the LokSabha on 29th March, 2017 and with a couple of changes in the schedule was finally launched on 1st of July 2017.
Known as the potential ‘game-changer’ for the Indian economy, GST is well capable of promoting the ‘Make in India’ initiative. Moreover the rate defined by the GST Council for goods and services ensures that the necessities and luxury items are well differentiated and taxed accordingly.
Is India ready to adapt to GST?
It has been almost 3 months since GST was launched and the challenges still persist. With the increased compliance and number of filing (37 minimum), business owners are still getting used to the new taxation. Complete clarity of GST provisions is still missing and is ambiguous. Transporters are seeking clarity on the infrastructure that needs to be arranged for e-way bill generation on the GST portal. While software companies have been saying ‘they are GST ready’ and their software will enable businesses to become GST compliant without hassle, the question is are they actually ready?
These are certainly initial hiccups but unless addressed these may not get sorted. The missing link is a complete knowledge on GST. Unless you know what it is, you cannot benefit from it. While there are many software companies who are training people on GST concepts, the training narrows down to ‘how good is their software’. Hence the need is for universities and institutes to start GST training.
First GST training by an institute- RISE-India
RISE-India is the first institute in India which has started with a GST online course. Designed by a group of CAs and domain experts the course covers GST concepts with live examples and detailed explanations. It is designed for students as well as professionals who can join the course to start their career in GST. Recognized as one of the best training institutes in India, RISE helps professionals and students get certified as GST experts.
RISE is part of the Renaissance Group which has multiple institutes under it including the management institute – Renaissance Institute of Management Studies (RIMS). This institute is approved by Ministry of HRD, Aicte, and Director of Technical Institution. It has also been awarded as ‘Outstanding Management Institute for Academic Excellence-2016’ by Education Minister, Mr. Upendra Kushwaha and Syed Shahnawaz Hussain.
Enroll today for the course and rise.