PHD Chamber Organises Awareness Workshop On Goods And Services Tax
Thursday - April 20, 2017 7:43 pm ,
Category : BHOPAL
The implementation of Goods & Services Tax (GST) will bring about lot many changes in the Indian economy and make manufacturers, traders and sellers life easy. This single tax system will be more transparent and uniform than the earlier system. The Goods and Services Tax(GST) is a value-added tax that will replace all the indirect taxes levied on goods and services by the government, both central and states, once it is implemented. For a turnover above Rs.20 lakh per annum, GST registration would be mandatory.
It was informed at a one-day workshop organised here on Thursday by PHD Chamber of Commerce and Industry, on Goods And Services Tax (GST). The workshop was addressed by Chief Commissioner, Custom Central Excise & Service Tax Bhopal, Hemant A. Bhat; Assistant Commissioner, Dept. of Commercial Tax Madhya Pradesh, Indore, Preeti Johari, Assistant Commissioner Anurag Jain, and Tax Consultant R S Goyal.
Regional Director, PHD Chamber of Commerce, R.G. Dwivedi in his welcome address underlined the importance of GST and termed it a ground-breaking reform for the Indian economy's indirect tax regime.
Hemant Bhat talked about Central & State GST and how this will be levied. He clarified that the base of the GST would be the supply of goods and services and this will be more transparent and uniform tax system, which is much needed.
Tax consultant RS Goyal said GST is a beautiful merger of various taxes in one single tax. It will be equally distributed among all the concerned parties, therefore, the burden on a single trader will be less. VAT tax will be continued on selected items like liquor and some petroleum products. He also informed that below Rs.1.5 crore turnover State tax officers will handle the assessment that would be continued for three years. With the implementation of GST E-Way bills will be mandatory for goods worth Rs.50,000 and above. This E-Way bill would be generated by the transporter or the supplier within 24 hours of the transport of goods.
Preeti Johari discussed components of supply of goods and said an advance receipt of tax invoice would now be required for the taxpayers. She also informed about GSTR 1,2 and 3 and its modalities.
Anurag Jain spoke on input tax credit. He said GST is system supported and will remove hurdles in smooth transportation which would save oil cost worth Rs.1.60 lakh crore wasted on tolls due to the present system.
About PHD Chamber Of Commerce:
Established in 1905, PHD Chamber Of Commerce & Industry is a proactive and dynamic multi-State apex organisation working at the grass-root level and with strong national and international linkages. The Chamber acts as a catalyst in the promotion of industry, trade and entrepreneurship. PHD Chamber, through its research-based policy advocacy role, positively impacts the economic growth and development of the nation.
It was informed at a one-day workshop organised here on Thursday by PHD Chamber of Commerce and Industry, on Goods And Services Tax (GST). The workshop was addressed by Chief Commissioner, Custom Central Excise & Service Tax Bhopal, Hemant A. Bhat; Assistant Commissioner, Dept. of Commercial Tax Madhya Pradesh, Indore, Preeti Johari, Assistant Commissioner Anurag Jain, and Tax Consultant R S Goyal.
Regional Director, PHD Chamber of Commerce, R.G. Dwivedi in his welcome address underlined the importance of GST and termed it a ground-breaking reform for the Indian economy's indirect tax regime.
Hemant Bhat talked about Central & State GST and how this will be levied. He clarified that the base of the GST would be the supply of goods and services and this will be more transparent and uniform tax system, which is much needed.
Tax consultant RS Goyal said GST is a beautiful merger of various taxes in one single tax. It will be equally distributed among all the concerned parties, therefore, the burden on a single trader will be less. VAT tax will be continued on selected items like liquor and some petroleum products. He also informed that below Rs.1.5 crore turnover State tax officers will handle the assessment that would be continued for three years. With the implementation of GST E-Way bills will be mandatory for goods worth Rs.50,000 and above. This E-Way bill would be generated by the transporter or the supplier within 24 hours of the transport of goods.
Preeti Johari discussed components of supply of goods and said an advance receipt of tax invoice would now be required for the taxpayers. She also informed about GSTR 1,2 and 3 and its modalities.
Anurag Jain spoke on input tax credit. He said GST is system supported and will remove hurdles in smooth transportation which would save oil cost worth Rs.1.60 lakh crore wasted on tolls due to the present system.
About PHD Chamber Of Commerce:
Established in 1905, PHD Chamber Of Commerce & Industry is a proactive and dynamic multi-State apex organisation working at the grass-root level and with strong national and international linkages. The Chamber acts as a catalyst in the promotion of industry, trade and entrepreneurship. PHD Chamber, through its research-based policy advocacy role, positively impacts the economic growth and development of the nation.
