Sethurathnam Ravi (S Ravi) is the former Chairman of Bombay Stock Exchange Limited (BSE) and Founder and Managing Partner of Chartered Accountants’ firm Ravi Rajan & Co., an advisory and accountancy firm, headquartered in New Delhi, India. S Ravi is a Post Graduate in Commerce and holds a diploma in Information System Audit (DISA). He is an Associate Member of Association of Certified Fraud Examiners (CFE), USA and is also registered as an Insolvency Resolution Professional.
Sethurathnam Ravi on his latest talk on 5 years of GST with Tarun Nangia, presents his views on the journey of GST in India since its introduction 5 years ago. According to him, the Goods and Services Tax has been a major reform across India and so far, it has been a successful journey. He also makes four suggestions on how to make GST friendly, for most of the people to abide by the tax paying mechanisms.
“First of all, on the platform side, what happens is one person makes a wrong entry and there needs to be a corrective step which takes time. So for that, there should be empowerment which will happen slowly at the assessing person's level, through the online system where we can produce documents to make the correction. That is one thing which will go a long way in sort of practically helping the cause because the rectification itself is a process”, Mr. Ravi explains.
The second point he details is that, when looking at the compensation sess, we can find that it is something to be done with. He also says that it was of course addressed by the last GST council. “But I think it has to be done with, because compensation sess is one thing that we do away as there are no freebies as far as this is concerned” Mr. Ravi said.
“The third thing that I would strongly feel is for the smaller SME and MSME segment”, he says. According to Sethurathnam Ravi, a platform should be created where data sharing can happen, an open-source data platform between the banks, the SMEs, the MSMEs and the GST collection. So that in a harmonious manner, the bankers can review the collection, the credit record, turnover record, services record etc. “So, I think that is very important from the long-term perspective”, Mr. Ravi added. The fourth suggestion he made to make the tax mechanisms easier was the rationalization of rates.
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