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Banks not Ready for GST Launch: Indian Banks Association
June 14, 2017
Although the Goods and Services Tax is set to be launched on July 1 2017, Indian Banks Association (IBA) has reached out to a parliamentary panel to inform that the lenders are not prepared for the same yet. It said that the banks still have a lot of changes to make in their systems and procedures, which is why the nearing roll-out date can pose a challenge.
IBA also said that since there are some banking services that are localized and some centralized, the lenders have to make changes in their current infrastructure which is a big challenge in itself. To tackle this problem, IBA is seeking a central registration system.
