LMA organised seminar on GST - An Overview

Ludhiana, September 24, 2016: Ludhiana Management Association organised a seminar on Goods & Services Tax (GST) – An Overview conducted by Mr Mahendra Ranga, IRS, Commissioner, Central Excise & Customs, New Delhi on Friday in Hotel Radisson Blu, Ludhiana. Dr K.N.S.Kang, President, LMA, Mr.V.K.Goyal, Past president LMA, dignitaries from Business and academicians were also present on the occasion.
Mr Ranga said that GST is a much simpler tax. He narrated that trade interface with the Government shall be mainly through a state of the art IT platform to be operated by the GST Network – a special purpose vehicle with roll out of GST it will be possible for the trade & industry to focus more on their core functions. He explained that GST will ensure seamless movement of goods through out India making the country into an economic union in all senses of the term.
He further emphasised that GST expected to & the long queues on the State borders. He inform that a roadmap has already been prepared to roll out GST from 1st April,2017 & the Government is proceeding according to the time plan. He clarified that GST is a tax reform for the benefit of trade & industry. Their suggestions & feedback are being obtained & considered. He clarified that for dissemination of information among the stakeholder & taxpayers was an important aspect of the roll out plan to ensure a smooth & hassle free switch over. Mr Ranga circulated a comprehensive document of 276 pages on Goods & Services Tax (GST) containing answers to frequently asked questions for the information of the members. He informed that GST council constituted recently is working over night to finalize the rates of GST, exemption limit & taking care of various provisions to the satisfaction of different States on Central GST & State GST.
Dr K.N.S. Kang, President ,LMA while giving his presidential remarks said that implementation of GST will be major steps towards rationalisation of taxation system in India. It will help in creating positive environment for domestic and international companies to make investments in Indian economy. He further said that It will also help to build a transparent and corruption-free tax administration.