Technology is something which everyone should adopt in finance: Chief Commissioner, GST

Bengaluru, Feb 24 (KNN) COVID, as the pandemic has profoundly impacted the way business is being conducted and nowadays remote working is the way of life for so many businesses. This has far-reaching implications in the long run for Individuals, organizations and the economy as a whole, said Ranjana Jha, Principal Chief Commissioner, GST (Goods and Services Tax) and Central Tax, Bengaluru Zone.

She was delivering the keynote address at the Annual Finance and Taxation Conference 2022 on the topic “Technology and transformation in finance under new normal – The way forward” organized by the Confederation of Indian Industry (CII), Mysore Chapter, virtually.

Ranjana briefed about various GST deadlines and concessions given during pandemic 1 and 2 like extending timeline, reducing interest rates in delay in payment of tax, waiver of late fees, timeline of compliances were extended, waiver of fee, due date for GST extended. 

She also mentioned that in the recently announced Union Budget more than 340 customs duty exemption entries will be gradually phased out.

She emphasized the importance of the latest technologies being adopted, especially 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 added.

K R Sekar, Partner, Deloitte Touche Tohmatsu India LLP, who also delivered the inaugural keynote address briefed about the role, objective and responsibility of CFO which has undergone multiple changes in recent years.

He emphasized CFO's role on high standards of ethics, transparency, adherence to regulatory compliances and helping business in adopting automation through new technologies.

Pavan Ranga, Chairman, CII Mysore and CEO, Rangsons Technologies LLP,  who also spoke on the occasion said that cyber crimes are increasing day-by-day and until you get hit by it we will not realize how serious it can be threatening to the core business, for a lot of smaller companies this can mean end of their business. 

Finance people are the last one to adapt to technology. Hence, it is the need of the hour to get updated with the latest technology. The finance and accounts people should be front runners in adopting the latest technology.

Amit Kumar, Immediate Past Chairman, CII Mysuru, who also explained the importance of technology, said “Though everything is becoming digital, there is still a long way to go and a lot more to happen.”

The daylong conference, anchored key topics on ‘The economy outlook,’ “FinTech and MSME financing,’ “Cyber crimes in finance sector and banks,’ and ‘Automation in finance sharing best practices.” (KNN Bureau)