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Banks not ready for GST: Indian Banks’ Association (IBA)
With less than a month left for the rollout of the GST, the Indian Banks’ Association (IBA) has informed a Parliamentary Panel that lenders are not yet geared up for the implementation of the new indirect tax regime. “Since the GST will be operational from July 1, 2017, banks have to make lot of changes in their systems and other procedures.
New Delhi : With less than a month left for the rollout of the GST, the Indian Banks’ Association (IBA) has informed a Parliamentary Panel that lenders are not yet geared up for the implementation of the new indirect tax regime. “Since the GST will be operational from July 1, 2017, banks have to make lot of changes in their systems and other procedures.
The preparedness of all banks for implementation of GST on July 1, 2017, is a question mark,” the IBA has conveyed to the Parliamentary Standing Committee on Finance. The IBA further said that several services by banks to customers are centralized, while several others are localised.
Banks will have to make changes in the existing infrastructure which would be a huge challenge for the banks. The IBA had taken up the case for central registration, the association added. Touted as the biggest taxation reform since independence, the GST will subsume central excise, service tax, VAT and other local levies to create a uniform market.The new indirect sales tax is expected to boost the GDP growth by about two percentage points and check tax evasion.
