GST WILL RESULT INTO SIMPLER TAX COMPLIANCE REQUIREMENT: ASSOCHAM

Ludhiana, September 29, 2016: A Conference on “Goods & Services Tax- GST Law– Time to Gear up” was organised by ASSOCHAM here today to apprise the industry members about the details of the GST law as well as its implications.

Setting the ball rolling, Dalip Sharma, Director ASSOCHAM said, “The recently released Goods & Services Tax (GST) law for stakeholders' consultation is an important milestone in the GST journey. GST will result into simpler tax compliance requirement; eliminate tax check posts and octroi system etc.”

As part of the proposed change, the impact analysis shall include cost analysis, evaluating procurement pattern, logistic review, warehousing and stocking requirements, added Sharma delving into the seminar details.
Industry not only needs to prepare for the compliance under GST but also needs to evaluate the impact of GST on the businesses, said Gurmeet Singh Kular, Chairman, MSME Committee, ASSOCHAM.

K.J. Chaudhary, IRS, Chief Commissioner of Central Excise, Chandigarh Zone, while lauding ASSOCHAM for organising the Seminar in the industrial town of Ludhiana, threw light on the impact of the tax on the tax structure, computation, compliance, and credit utilisation etc leading to a complete change in the current indirect tax system.

Stressing on the usefulness of GST, Chaudhary said, “Levy of GST will bring transparency and speed in the system by having all transactions online which shall result into simpler compliance requirement, elimination of check posts and octroi system etc. resulting in more compliances and increase in assessed base. GST shall also reduce the cost of products as cascading effects will be eliminated. Further, due to online transactions and given that GST will have paper trail, it will discourage the black money and corrupt practices. GST will generally result in cost saving in the operations of industries.”

The conference, said Rajan Datt, IRS, Joint Commissioner of Central Excise, Chandigarh provided an opportunity for stakeholders to get insight on the model GST law released in public domain by the Government which would enlighten them to analyse their industry specific transactions and engage with government and Industry Associations like ASSOCHAM to collectively shape a final law that ensure ease of business.

K.J. Chaudhary, addressed all the queries of the delegates with great enthusiasm and promised to extend all the support and guidance from his department to the stakeholders in the implementation of GST.

Dr Harsimrat Grewal, ETO, Excise, Ludhiana, Krishan Arora, Partner Grant Thoronton, Rakesh Bhalla, former Chairman, NIRC, ICAI, and Pawan Pahwa, Partner, Panacea Legal Services also shared their views with the delegates. The event received an overwhelming response from the industry and stake holders with participation of around 100 delegates.