Apparel major Arvind Lifestyle Brands Executive Vice President & Chief Financial Officer S Kannan has expressed his disappointment with the Good and Services Tax (GST) filing infrastructure.
"We are disappointed about the filing infrastructure. There is a need to watch out for filing documentation. We need to have a robust system in place," he said, speaking on the sidelines of the Retailers Association of India CFO Summit in Mumbai.
Kannan is a chartered accountant with more than 23 years experience of working both in an MNC and Indian company environment. He has played a strategic role to ensure profitable growth of various business units. He has spent seven years in a CFO role, working closely with the company chairman, helping him in business structuring, evaluating new business proposals as well as M&A deals.
Recently, the Union Finance Ministry had stated that concerns were raised about the form to claim transitional input tax credit not being available on the GSTN website. However, this form was made available on the GSTN website from August 21.
Kannan also stated that the company has seen an increase in consumption in the later part of July and that he expects a double-digit growth in the quarter going ahead.
On an annualised basis, he stated that the company expects a two to three per cent cost efficiency as block tax credits are get released. He stated that the effective tax rate is 8% to 8.5%.