Apparel major Arvind Lifestyle expressed disappointment with the GST (Good and Services Tax) filing infrastructure.
“We are disappointed on the filing infrastructure. There is a need to watch out for filing documentation, need to have a robust system in place,” said S Kannan, Executive Vice President & Chief Financial Officer, Arvind Lifestyle Brands.
He was speaking on the sidelines of Retailers Association of India-CFO Summit in Mumbai.
Recently, the Finance Ministry had stated that concerns have been raised about the form to claim transitional input tax credit not being available on the GSTN website. This form is made available on the GSTN website from August 21.
Kannan further said that the company has seen an uptick in consumption in the later part of July.
He is expecting a double-digit growth in the quarter going ahead.
The company on an annualised basis is expecting 2-3 percent of cost efficiency as block tax credits are getting released.
Kannan also said that the effective tax rate is 8-8.5 percent.