After the passage of GST bill and some major constitutional amendments, the government has reviewed the centralised IT network GST-N or GST Network, which will be the crucial backbone for the unified tax regime.
Revenue secretary Hasmukh Adhia held a meeting on Tuesday to review the IT preparedness of various stakeholders for the smooth roll-out of Goods and Services Tax (GST).
The meeting was attended by representatives from Reserve Bank of India (RBI), Central Board of Excise & Customs (CBEC), heads of various government businesses and IT chiefs of 29 banks.
"All these stakeholders will be part of the GST network which will form the basis for an inter-state tax. Today's meeting was to see if independent networks of states, the central bank, tax authorities have been rolled out," said Adhia after the meeting on Tuesday.
According to the revenue secretary, all the stakeholders realised the criticality of IT preparedness and his department is regularly monitoring the progress of IT preparedness
"In the meeting, the status of preparation of software by the banks, RBI, Principal CCA Office, CBEC and GSTN was discussed along with details of protocol of information interchange between various stakeholders," said a finance ministry spokesperson.
"All authorised banks were directed to ensure that their IT systems are in place for networking with RBI, GSTN and the accounting authorities of Central and State Government authorities, latest by September 30, 2016," said a government press release following the review meet.
Delegations from business lobbies ASSOCHAM, CII and FICCI also met the revenue secretary to discuss their concerns about the roll out of GST.
"Our concerns were regarding sale of power, petroleum and alcohol under the new GST regime. A hybrid tax will make petroleum related and alcohol products more expensive to produce," said Anita Rastogi, partner, PricewaterhouseCoopers India.
Any official clarification on concerns of the industry on GST rollout is yet to come but is expected shortly from the government. "A GST monitoring committee in the revenue department has been already set up to work on some clarifications," said Adhia.