Infosys CEO Vishal Sikka says Prime Minister Narendra Modi for opening the doors for entrepreneurs of Silicon Valley to invest in India.
San Jose: Admiring Prime Minister Narendra Modi for opening the doors for entrepreneurs of Silicon Valley, Infosys CEO Vishal Sikka said on Saturday the company will complete the prestigious Goods and Services Tax Network project before April 2016, which will pave the way for the roll out of the country’s biggest tax reform.
Speaking to Bloomberg TV India, Sikka said PM Modi has opened the doors for entrepreneurs of Silicon Valley to come and tap the vast potential of India’s IT sector.
Indians in Silicon Valley have demonstrated power of our education, he said.
Asked on the GSTN, Sikka said Infosys will finish the GST network project before April.
The government recently appointed Infosys to design the IT network for Goods and Services Tax, which will make India a common market with a uniform levy.
Infosys was chosen from five contenders for the prestigious project worth Rs 1,380 crore. The contract will be for five years.
Infosys will develop both the hardware and applications for GST, and provide end-to-end deployment for GST network.
The existing tax systems for state VAT will be integrated in the current network.
Infosys will also develop the GST network backend for 16 states.
The proposed tax regime is scheduled to be rolled out from April 2016 but a political deadlock is delaying the passage of the Constitution (One Hundred Twenty Second Amendment) Bill required to roll out GST.
While the GST Bill has been passed by the Lok Sabha where NDA government has a majority, Opposition protest in the Rajya Sabha prevented a discussion in the monsoon session. The Narendra Modi government now plans to take up the GST Bill in the winter session of Parliament.
While there is doubt of over the government’s commitment to stick to the April deadline, GST can be rolled out by mid-2016, if necessary.