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Sunday , 22 October 2017
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Are the Banks prepared for the GST roll out?

All the states have agreed for the roll out of the new indirect tax regime from July 1.

With less than a month left for the roll-out of GST, the Indian Banks’ Association (IBA) has informed a Parliamentary panel that lenders are not yet geared up for implementation of the new indirect tax regime.

The IBA said that several services by banks to customers are centralised while several others are localised. Banks will have to make changes in the existing infrastructure which would be a huge challenge for the banks.

The IBA had taken up the case for central registration, the association added.

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