Jamshedpur, May 12: GST has been identified as one of the biggest reforms in the recent history, and thus it has become very critical for businesses to have a thorough understanding of this tax reform. Since tax reform will be implemented on 1 July 2017.
Time is of essence and as the transition to GST readiness period would be brief, therefore it is imperative to impart training and educate the industry, including the Micro, Small & Medium Enterprises (MSME) to understand the nuances and prerequisites of the GST Law to enable a smooth implementation and transition to the GST regime.
Against this backdrop CII organized a Session on GST. The session was also attended by members of Adityapur Small Industries Association (ASIA) in large numbers.
Neeraj Kant, Chairman CII Jamshedpur Zonal Council mentioned that when launched, GST will not just make the taxation framework simple but shall also help and increase the compliance, decrease the tax outflow and boost the tax revenue, while making the export market competitive.
He further highlighted that GST coming into place, the government will be able to set a different roadmap during the upcoming budget session. GST has been a long pending reform which has been in pipeline. This taxation reform hopes to iron out all wrinkles that are present in Indian taxation system. This workshop is an attempt to handhold small & medium scale industries towards GST implementation & compliance.
Dhanu Kumar, Convener Economic Affairs Panel CII Jharkhand mentioned that implementation of GST will facilitate ease of doing business in India. Integration of existing multiple taxes into single GST will significantly reduce cost of tax compliance and transaction cost. Stable, transparent and predictable tax regime will encourage local and foreign investment in India creating significant job opportunities.
AB Lall, Chairman Manufacturing Subcommittee CII Eastern Region and Plant Head Tata Motors Limited mentioned that this significant tax reform will be positive for the automobile sector . He further added that the transportation time and the overall cost will be reduced as the goods will be transferred from one state to another by easily surpassing various octroi and check points.
Inder Agarwal, President Adityapur Small Industries Association mentioned that After a decade-long wait, India will finally implement the Goods and Service tax from July 1, the GST will help remove tax barriers between states, creating a single market. The roll-out will replace a plethora of cascading central, state, interstate and local taxes with a single, nationwide, value-added tax on goods and services.
A.K. Srivastava, Convener MSME Panel CII Jharkhand delivered the concluding remarks for the session. The subsequent technical sessions included Avishek Jaiswal, Sr. Manager Indirect Taxes Ernst & Young LLP, Vikas Mittal, Head legal Taxation Tata Steel Limited and Dhanu Kumar, Convener Economic Affairs Panel CII Jharkhand.
