Dear Members,

What an EVENTFUL year it was ! A year that will be remembered in the history of India.

Passing of GST bill and Demonetization were the two major groundbreaking steps taken by the Government.

Demonetization tried to tackle several problems and issues , like counterfeited currency, terrorism, corruption, informal economy. Despite the difficulties in implementation, the decision was very well received and citizens steadfastly went along with the process of demonetization without any major protests, disruptions, or violence.

This exercise of sudden demonetization pushed millions into the country’s digital economics i.e. transitioning India to a cashless economy. However, problems like Cyber Security, Network connectivity, Internet Costs, Charges on card transactions, non-tech savvy, not enough bank accounts etc are the challenges to be dealt for India to become cashless economy.

Coming to GST, the implementation process for Goods and Service Tax has started and it is very important for all the businesses to understand the basics of GST. A change of this magnitude brings in its own challenges and a business is required to gear itself up to take the advantage of this change. Right now, the enrollment process has been started for existing taxpayers. And they are required to provide their details at GST Common Portal managed by GSTN for the purpose of migrating themselves to the GST regime.

Hoping these steps will certainly reassure India as a fastest growing economy.

 

Prashant Jedi

President