A Seminar on Moving Towards Goods and Services Tax Recent Developments, Issues & Industry Preparedness By GCCI
GURUGRAM : India is on the verge of implementing the long awaited Tax Reform – the Goods and Services Tax (GST). GST is India’s most significant Indirect Tax reform in decades. It is expected to usher in a harmonized national market of goods and services and lead to a simplified, assessee-friendly tax administration system.
The govt. is making all efforts for ushering in this new regime of Indirect Taxation. It has been time and again reiterated by the Govt. that the Goods and Services Tax (GST) would be implemented from July 1, 2017 as planned to boost economic growth while asserting that GST would help in creating lot of jobs for young generation.
With a view to sensitise industry on the latest developments under GST and the discussing the industry and Govt.’s preparedness for GST regime, PHD Chamber of Commerce and Industry jointly with Gurgaon Chamber of Commerce and Industry (GCCI) & Konrad Adenauer Stiftung (KAS) today organized a “Seminar on Moving towards Goods and Services Tax: Recent Developments, Issues & Industry Preparedness” at Hotel Taj..Gurgaon.
Mr. Bimal jain..Chairman, PHD Committee on Indirect Taxation, in his theme representation highlighted that multilpicity of taxes will go away. It is the biggest step in bringing ease of compliance for the industry sector. He focused on dual concurrent GST Model that is followed in Brazil & Canada. He emphasized that GST backbone is on Automisation under the GST Regime. GST will help in bringing seamless glow of credit.
Ms. V Sangeeta, Commissioner,Central Excise, Gurgaon, mentioned that GST is the biggest reform in Indirect Tax System. She opined that it is an economic transformation and will bring many changes with it. She highlighted various issues that are faced by traders with the coming of GST. She emphasized on the input tax credit under GST law. She apprised that transitional provision will help to reduce transactional cost and remove cascading of effects.