IGoods & Services Tax – Way Forward - March 10, 2017

Posted on 2017-04-21 2:12:34 by brics

BRICS Chamber of Commerce and Industry (BRICS-CCI) organized the conference on Goods & Services Tax – Way Forward at Fore School of Management, New Delhi with Achromic Point as Marketing Partner, Spliced Knot as Digital Marketing Partner, The Institute of Internal Auditors of India and Fore School of Management as Institutional Partners, Solicitors & Advocates and Shardul Amarchand Mangaldas as Knowledge Partners. The agenda was to provide a platform for comprehensive deliberation on the introduction of the new law. The conference commenced with a brief welcome note by Mr. B.B.L Madhukar, Secretary General of BRICS-CCI and Mr. Aashish Verma, Director, Achromic Point. The major topics that were talked on were:

·        • GST – global overview  
Time of supply and place of supply 
Input tax Credits & registration under GST
Implementation of GST

The keynote address by Mr. Bimal Jain, Executive Director, A2Z Taxcorp LLP, ascertained the global trend and implementation of GST in other countries. He exchanged his views about Single vs. Dual GST, Constitutional Framework and evolution of GST in India. Also, some of the provisions of goods taxability may not be applicable on service taxability and how GST brings uniformity.

Mr. Navin Kumar, Chairman of GSTN (goods & services tax network) addressed the gathering. Very articulately he shared about GSTN setup, Core services to be performed (Registration, Returns & Payments), information required to issue provisional registration and even GSP’s i.e. GST Suvidha Providers. Being a destination based tax; GST requires robust settlement mechanism for inter-state trade.

Subsequently, Mr. Sandeep Chilana, Partner, Shardul Amarchand Mangaldas, extensively discussed with illustrations about the forward charge, reverse charge of goods and services and place of supply which is genesis of GST. He talked about GSTIN (GST identification number) that is a 15 digit alphanumeric code.

Hon’ble Dr. Justice Satish Chandra stressed on the need to prepare ourselves for GST. He imparted knowledge about Entry Dumping Duty, an indirect tax that most of us are unaware of and how Credits of input taxes paid at each stage will be made available.

Mr. Sarthak Garg, ASC Legal, took the session forward, presenting the key provisions pertaining to registration under GST, manner of taking and carrying forward the input tax credit. Provisions pertaining to returns, repayment and refunds under GST were also covered by him. His session was followed by Mr. Manish Mishra who conducted an elaborate interactive session on Transitional provisions, Mapping, impact and opportunities of GST. His points of discussion also covered the timelines for implementation and how the GDP of our economy will go up due to less tax evasion. Each state is expecting to collect more taxes on account of GST.

On behalf of Organizers and sponsors Mr. Aashish Verma expressed gratitude to all those who attended this event, awaiting the implementation of GST.