India must take GST lessons from other nations: CFO survey

Countries like Malaysia and Canada have struggled with preparation time, rate issues, tax laws

Before the Goods and Services Tax (GST) reform is rolled out, India should take cautious lessons from other nations which have also introduced similar legislation, industry leaders have warned.

A report released on Monday by the Confederation of Indian Industry and tax consultancy major Deloitte, which incorporates the views of Chief Financial Officers (CFO) of major companies, said the experience of other nations like Malaysia, Canada resonated with challenges currently being faced by India.

LESSONS TO BE LEARNT

Malaysia:
Almost 1.5 years given for preparedness
Sector specific guidance paper on tax treatment
Anti-profiteering