Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

Building GSTN hell of a challenge, says Infosys' Vishal Sikka after meeting Jaitley

Infosys Ltd. Chief Vishal Sikka met Union finance ninister Arun Jaitley in the capital on Thursday for a review meeting of the Goods and Services Tax Network (GSTN), a key project which has been contracted to the country's second largest software firm.

Sikka has been learnt to have given a presentation to Jaitley about the progress in project so far. In an interview to ET Now, Sikka said, "It is a very important project for the country and it is something that the finance minister and the prime minister are extremely keen on and it is something that we are very proud of and so we are putting, Pravin (Rao, Infosys COO) and I are putting all our best efforts into that." He added that GSTN involves many moving parts.
"It is an extremely complex and ambitious exercise. It involves banks. It involves small businesses, big businesses, tax payers, states. Many states are not ready. Many small cities are not ready. So it is going to be a hell of a challenge but we are incredibly excited about it," he said.

GSTN is a not-for-profit entity owned by the Centre, states and non-government financial institutions, and is building the technology backbone for new tax regime. It has been mandated to handle the complex back-end processing when the revolutionary tax reform rolls out from April 1, 2017.

ET had reported in August that Testing of the software should start by October and a beta launch of the GST portal is planned for February. Infosys has been assigned the mandate to develop and run GSTN in a project worth Rs 1,380 crore. The portal itself will be a one stop for filing and processing of all taxes for almost 65 to 70 lakh tax-payers in the country and is being designed by a specialised design unit of Infosys.
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