CII Jharkhand: Ranjot Singh highlights GST’s role in transforming India’s business landscape

CII Jharkhand Holds Virtual Session on GST Reforms and Compliance

Jamshedpur: The Confederation of Indian Industry (CII) Jharkhand hosted a virtual session titled “GST Decoded: From Council Updates to Invoice Management System,” focused on guiding businesses through recent GST updates and enhancing compliance strategies. The event highlighted the latest developments from the GST Council, benefits of the GST Amnesty Scheme, and the functionality of the new Invoice Management System (IMS).

Arun Prakash, Convenor, CII Jharkhand Economic Affairs, Finance & Taxation Panel, and Senior General Manager (Finance), Tata Cummins Pvt Ltd highlighted the significant global shifts of 2024, including electoral changes, market volatility, and their impact on business transactions. He emphasized India’s remarkable economic resilience, evidenced by a 7% GDP growth rate and consistently rising GST collections. The session particularly focused on recent GST Council updates and the transformative potential of the new Invoice Management System. He said, “All these changes have some or other impact on us, on our business and the transactions at large, noting that while India leads the world in GDP growth, businesses continue to advocate for a simpler, less ambiguous GST framework. He emphasized the GST Council’s proactive role in addressing industry needs through various updates and recommendations.

Ranjot Singh, Chairman, CII Jharkhand State Council and Managing Director, Emdet Jamshedpur Pvt Ltd said “The success story of GST extends beyond numbers. It’s about the transformation of India’s business landscape, about making our enterprises more competitive globally, and about creating a more transparent and efficient economy.” He further highlighted that India’s strides with GST have led other countries to take note, especially with initiatives like e-invoicing now being studied worldwide as a model framework.

Legal expert Rahul Tangri discussed updates in the CGST Act, including relief measures on input tax credit (ITC) for prior years and the impact of rule changes on GST compliance. Partner at Grant Thornton Bharat LLP, Sohrab Bararia, welcomed the GST Amnesty Scheme as essential for easing compliance burdens and addressing tax backlogs.

Amish Agarwal of Grant Thornton Bharat LLP explained the IMS’s role in helping businesses match invoices for accurate ITC claims, enhancing transparency and reducing litigation. Vikash Mittal, Co-Convenor of the CII Jharkhand Taxation Panel, concluded by underscoring the GST’s transformative impact on India’s tax system through technology and compliance innovation.

The session provided a comprehensive platform for businesses to understand the implications of GST reforms and leverage tools like IMS for efficient compliance.