Demands to delay the implementation of the GST regime are getting louder, with industry, the State governments, banks, and even GST Suvidha Providers voicing concerns about lack of preparedness.
“The preparedness of all banks... is a question mark,” the Indian Banks’ Association (IBA) reportedly told the Parliamentary Standing Committee on Finance, given the extensive changes required to both systems and procedures.
“Since the GST will be operational from July 1, 2017, banks have to make lot of changes in their systems and other procedures... ” the Indian Banks Association said. The Association added that since some of the services offered by banks are centralised but others are at a local level, overhauling all of these systems to prepare for GST would be a major challenge.
West Bengal Finance Minister Amit Mitra, a member of the GST Council, has also repeatedly expressed his misgivings about the July 1 deadline. “If the Centre forces a July 1 roll-out, there will be serious problems,” Mr. Mitra said last week.
Meanwhile, Mizoram State Finance Minister Lalsawta has gone on record saying his State may not be able to fully implement GST on July 1 as internet connectivity remains a major problem. The internet connectivity issue was flagged by Union Revenue Secretary Hasmukh Adhia as well.
