Slump in business is due to blocked working capital- P.K. Sharma, Dir., Comnet Vision
P.K. Sharma, Director, Comnet Vision
GST, a long-awaited initiative, should fare well in the long run. But at present there are a number of problems. The system is not in tune with the requirement and people are struggling to file their forms, returns, etc. Clarity is missing, deadlines are extended, etc. The date on which few things were to go could not go because of the technical issues. For example, the TRN1 which was supposed to go on 27th of December last year could not go because of technical reasons and if IRN 1 is not submitted then TRN2 will not go. Consequently, the amount of adjustment which was to be carried forward as a stock will not be available for the people. I think it is because of the technical failure as the government did not expect this kind of traffic which the system was not be able to take it and the internet conditions in India were also responsible.
The Government has to think something intermediately and the net balancing should be filed in a very simple way and they should not complete on the back pending things so that they can take that cutoff as a date and from that they should start. If they should keep on doing that, the backlog should be cleared and perhaps things will not be in line.
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