Industry prepared for GST rollout from July 1: CII

As the GST Council meets here to finalise issues before the Goods and Services Tax is implemented from July 1, industry lobby CII said on Sunday that Indian industry is ready for the rollout of the pan-India indirect tax regime.

"GST is the most significant indirect tax reform introduced in the country since Independence," Confederation of Indian Industry (CII) Director General Chandrajit Banerjee said in a statement here. The GST will replace the existing myriad central and state levies on goods and services.

"GST has been finalised after a collaborative and consultative approach and we look forward to its introduction," he added.

The agenda of the GST Council meeting here currently underway includes discussion on postponing the requirement for filing returns under the GST as the IT infrastructure required for it is not yet ready.

CII said it is organising over 100 workshops across the country to enable enterprises to comply with the new regulations. The workshops are expected to reach out to around 5,000 enterprises. A helpline has been established where participants can request for clarifications, it said.

An awareness campaign has also been launched to inform industry about the processes related to GST, the statement added.

--IANS

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