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Nifty Futures, Companies, consultants grope in the dark to meet GST deadline

While the government wants to roll out GST from July 1, lack of clarity on tax rates has made it difficult for companies to set aside funds for future tax liabilities.

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The office of a major tax consultant is brimming with activity — on a Sunday. Its employees have been working weekends as well as holidays and have a special team for multiple clients. Their sole objective: preparing for the July 1 rollout of the Goods and Services Tax (GST).

While the Cabinet on Monday approved the GST draft laws, the exact rates have not yet been disclosed. As a result, companies are working on risk models across all the slabs keeping in mind the state and the type of product.

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