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Experts brainstorm on benefits of GST

Jamshedpur, June 29 : PHD Chamber of Commerce and Industry in association with Konard Adenauer Stiftung( KAS) organiseda seminar on the Goods and Services Tax (GST) at a city hotel in Bistupur on Thursday. Tax experts along with representatives from industry took part in it.

In his keynote address, BK Goel, CA from LK Saraf and CO. Kolkata said that taxes on foods and serviceswould be a significant in the field of indirect tax reforms in the country. By amalgamating a large number of central and state taxes into a single tax and allowing set-off of prio-stage taxes, it would mitigate the ill effects of cascading and pave the way for a common national market.

He went on to add that it would open up enormous opportunities to entrepreneurs to start new business activities anywhere in the country at the location of their choice.

J N Singh, resident manager, PHD Chamber delivered the dignitaries. He said that the honest taxpayer would certainly benefit from the new tax system. He went on to inform that seminar like these are being organised to spread greater awareness and educate people.

He went on to add that one of the main objectives of GST is to eliminate the cascading impact of taxes on production and distribution cost of goods and services.

The exclusion of cascading effects tax on tax will significantly improve the competitiveness of original goods and services which leads to beneficial impact to the GDP growth. It is felt that the GST would serve a superior reason to achieve the objective of streamlining indirect tax regime in India which can remove cascading effects in supply chain till the level of final consumers only when all such above mentioned indirect taxes are completely included in GST.

Shedding light on the benefits of GST, Saket Modi, CA, LKSaraf and Co. Ranchi noted that GST would make our products competitive in the domestic and international markets.

Studies show that this would instantly spur economic growth.

Pradip Kumar, DCCT, Government of Jharkhand, Jamshedpur said that the initiative will lead increase in trade volumes and improved tax compliance. Its transparent character would be easier to administer. R K Kapoor, director, MSME, Government of Jharkhand Ranchi highlighted its benefits.

In the end, FarhaTabassum, assistant secretary, PHD Chamber thanked the participants.

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