GST Chief Commissioner Encourages Traders to Adopt Digitization in Finance

As the pandemic has worsened the situation in which the businesses used to function but now the remote working is the manner of life for various businesses. It has consequences in the future run for the peoples, companies and the economy stated by Ranjana Jha, Principal Chief Commissioner, GST (Goods and Services Tax) and Central Tax, Bengaluru Zone.

She used to provide the keynote address at the Annual Finance and Taxation conference 2022 towards “Technology and transformation in finance under new normal -The way forward” conducted by the Confederation of Indian Industry (CII), Mysore Chapter, virtually.

She said that numerous GST deadlines and the exemptions provided in pandemic 1 and 2 such as extending the duration, demising interest rates in late payment of tax, waiver of late fees, due dates of the compliances were prolonged, waiver of the fee, due date for GST extended.

She indeed said that in the current announced Union Budget exceeding 340 customs duty exemptions entries would slowly end.

She imposed the importance of the newer technologies being taken particularly in GST compliance. “Technology is going to be a completely new ‘avatar’ in the next three to four years and one cannot avoid the new changes,” Ranjana Jha mentioned.

K R Sekar, Partner, Deloitte Touche Tohmatsu India LLP, who indeed provided the inaugural keynote address specified the role, goal, and duty of CFO which has changed in some former years.

He also imposed CFO’s role on the higher standards of ethics, transparency, adherence to regulatory compliances along with that support the business in opting the automation via the latest technologies.

Cybercrimes are surging faslty and until you get smashed by them we would not recognize how bad it is affecting the core business this will make for the small business to come to an end.

Finance people are the last ones to choose the technology. Thus it is the requirement of hours to get updated with the newer technology. The finance and accounts people must be the front runners in taking the newer technology.

The essentials of the technology are mentioned with “Though everything is becoming digital, there is still a long way to go and a lot more to happen.”

The daylong conference arrived at major topics on ‘The economic outlook,’ “FinTech and MSME (Micro, Smal, and Medium Enterprise) financing, “Cybercrimes in the finance sector and banks,’ and ‘Automation in finance sharing best practices.”