With the Centre all set to implement its biggest reform measure yet come July with the rollout of the Goods and Services Tax (GST) regime, businesses are scrambling to understand the implications of the changeover.

While GST is touted to be the most significant tax reform since independence as it will integrate and simplify the indirect tax system, the state of preparedness to tackle the new regime is not too good.

Smaller companies that have limited resources at their disposal face a tougher challenge in adopting the new tax. There is a cost involved in the changeover as manpower has to be trained, accounting systems changed to build in the new taxes and remove the old and logistics will have to be re-worked to ensure that the tax incidence is optimum. However, over the long-term, there will be higher transparency and lower tax evasion.

Opportunities are also likely to multiply as the unorganised sector will also come within the tax net, thus weeding out the weaker players. In this connection, The Hindu BusinessLine has organised a special conclave where SMEs can understand the new reform and figure out the best way to manage the changeover.

The Business Line SME conclave, presented by Zoho Books will examine the financial, technological, legal and procedural challenges in the GST implementation and provide solutions. The event Banking Partner is Lakshmi Vilas Bank & the event is Powered by Market of India in Chennai and Coimbatore markets.

The conclave will kick off in Chennai on Friday, May 26, at Hotel Accord Metropolitan, Chennai, from 6 pm onwards. A similar programme will also be held in Coimbatore on June 9, at Hotel Aloft, Uppilipalayam.

The event is supported by Madras Chamber of Commerce & Industry and Tamil Nadu Small & Tiny Industries Association. For registrations, contact roopa.shinde@ thehindu.co.in. Entry is by invite only.

 25 May 2017, 09:40 AM