CICU Organises Awareness Seminar on GST for Benefit of Trade & Industry
Author(s): City Air Newsphoto: city air news Ludhiana, September 10, 2016: Sh.Avtar Singh, President CICU said that the purpose of this seminar is to make its members aware of the Goods & Service Tax (GST), which is proposed to be implemented...
Ludhiana, September 10, 2016: Sh.Avtar Singh, President CICU said that the purpose of this seminar is to make its members aware of the Goods & Service Tax (GST), which is proposed to be implemented w.e.f. 1st April, 2017, replacing a host of indirect taxes presently levied by Centre, States and Local Bodies. There are clear indications that it will be rolled out from April, 2017 as announced by the Central Government. The GST is a tax on goods and services with comprehensive and continuous chain of set-off benefits from the Producer’s point and Service provider’s point up to the Retailer level. It aims to remove the shortcomings in the structure of VAT, provide comprehensive & wider coverage of input credit setoff, provide subjugation of many indirect taxes at State and Central level and uniformity to tax rates across the States, among the many other benefits that would help the Entrepreneurs. The Borders Check posts will be eliminated which will result in smooth and faster movement of goods between the States.
Sh. Upkar Singh Ahuja, General Secretary said that there is widespread consensus in economic and business circles that implementation of the GST would be transformative for the Indian economy in its pursuit of rapid growth. The fact is that the planned GST would replace a whole host of existing taxes, duties, customs, excises, and surcharges, all of which vary from State to State. The current tangle of taxes is a big impediment for the movement of goods, provision of services and general trade between States in the Indian union. These taxes distort the market, introduce uncertainty, and generally complicate decision-making for firms, all of which add to costs. That’s why a common GST would not only raise revenue for the Government, but also reduce costs for businesses, which in a competitive environment will mean lower prices for consumers. This kind of win-win-win situation would provide a great fillip to the Indian economy, leading to increases in growth of up to 1 to 2% of GDP by some estimates.
This Seminar was conducted by Mr. R.K. Hasija Advocate Punjab & Haryana High Court and Chief Advisor at GSTaxperts Attorney & Consultants and Mr. S.J Singh Ex-Commissioner Central Excise & Service Tax Chandigarh. These eminent experts explained at length and breadth the importance and implications of Goods & Service Tax (GST).Some drawbacks of model GST law were also discussed which the experts impressed upon CICU to take up with authorities concerned. The participants had a lively interaction and their questions were responded to the highest intellectual satisfaction.
More than 250 participants participated in this seminar. This event was attended by Chairmen, Presidents of various Associations and Leading Industrialists namely S/Sh. S.C Rehlan President FIEO, Suresh Chaudhary, S.M Mehta, Jaspal Singh Shahpuri, Yashpal Gosain, Jaspal Singh Sall, Surinder Singh, Sham Lal Gupta, Jatinder Singh Manchanda, M.S Lamba, Jaswinder Singh Birdi, Jagtar Singh, Interjit Nagpal, Rajat Sood, Phuman Singh, S.B Singh, Rajnish Bansal, Parveen Chadha, Ravinder Saini and others.