Channel spectical about major challenges of GST
“The channel as a whole is not prepared for the major challenges of reportage demands of the GST regime. We have consulted Chartered Accountant bodies, experts from government offices, but things are not at all clear. Majority of our business being service business, we just have to charge applicable percentage, which makes it easy for us on services and which we are ready for. However, partners are not ready for reporting and the number of reports they have to file. My question to the government will be: If the difference is payable from a particular date, are we going to be allowed input credit for service tax and VAT we have paid already and on which credit is not available currently?” asks Kshitij Kotak, Chief Innovation Officer, Fortune Grecells
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