Indian IT Industry eyes at GST as Rs 6000 crore business opportunity

New Delhi, May 9 (KNN) With the GST regime expected to roll out from July 1, the different sectors of the economy are busy around understanding the compliance, adapting to the shift in taxation rules, but for one particular industry in the country it is no less than a big business opportunity to tap on.

The Indian Information Technology (IT) industry is looking at the GST roll-out very keenly. As with the advent of the new taxation regime the IT industry feels that this will help them fetch good business.

Talking to press, Mohandas Pai, Ex-Board member at Infosys said that the GST is a billion dollar opportunity and it will repeat itself for the next two years. Explaining further the IT expert said that GST is the biggest tax reform the country is about to witness. There are various compliances that the industries are supposed to undergo once the GST rolls out, such as the filing of GST returns every month. All this creates need of a robust and advanced accounting software to facilitate the bills and filing of returns without any errors. This is where the IT industry is eyeing its space.

The IT industries both the big ones and the MSMEs are looking forward to provide the industries In India with the IT software would help them with the GST.  Jaideep Mehta, M.D at IDC in a press interview said that by now all the firms including the smaller IT units would have formulated ways to grab the business

IT companies that deal with software, data security, billing machines, payment solutions are expected to flourish on the fertile ground once the GST is implemented. (KNN/ DA)