GST ... here we are ... but are we prepared?

摘要

The long-awaited Goods and Service Tax (GST) Bill is finally here. After years of dilly-dallying spread over 2 successive governments the bill stands finally passed. Of course, that is only one part of the story. The final settled rate at which it is levied, its effective implementation and an unambiguous structure will be the key to its success and benefit for the economy as a whole. Furthermore, the challenging timeline of 1st April 2017 for its rollout also sounds very ambitious. Let us also keep our fingers crossed that the rate decided hovers around the 16% mark, and certainly not beyond the 18% mark so that it does not yield any short to mid-term inflationary spikes, which could be a real worry in the initial years.