“One year of GST” by Mr Manoj Kumar Pansari – CEO of Astrum Holdings Ltd

One year of GST has changed the landscape of Indian Economy. Traditionally many businesses in India have not been under the umbrage of commercial taxes as they were highly an unorganized sector. With the advent of the GST Regime a majority of these businesses have been effectively brought under GST Umbrella clocking more revenues for the exchequer both at the Central and State level. This is one positive change that the GST regime has brought in.

After implementation  of GST, it has indeed been a blessing to accountants and has eased a lot of pressure off the accounting processes, thanks to its countrywide uniform slabs of taxation. Prior to the GST Regime it was a nightmare for accounting ensuring compliance to the difference taxation slabs in different states. It has also provided an ease of inventory movement from one state to another without worrying about taxation related issues. And to top it all, filings and monitoring of all GST returns is done in the online portal saving phenomenal amount time and energy for the accounting teams.

Deployment of GST  boosted the demand of IT Hardware and software solution in Indian Market. This has directly benefitted our business in terms of expanding our customer base to reach to the unorganized sector. Currently there is a bottleneck in reclaiming the GST on Exports, if this process can be expedited it would ease the pressure on the export sector.