PHD Chamber of Commerce organized Seminar on GST Audit and Annual Return

Ludhiana, January 19, 2019:Addressing an Seminar on GST Audit and Annual Return- Issues, Approach and Challenges organised by PHD Chamber of Commerce and Industry in association with Konrad-Adenauer-Stiftung(KAS), Germany; Chamber of Industrial & Commercial Undertakings (CICU); Lawcrux Advisors & Federation of Industrial and Commercial Organization (FICO) here today at Ludhiana, Advocate Pawan Kumar Pahwa, Chairman, Taxation Sub-Committee, Punjab State Chapter, PHD Chamber & Partner, Panacea Legal Services, Chandigarh said that the introduction of Goods and services tax has been a very noteworthy step in the field of indirect tax reforms in India. Despite teething troubles and confusion over the new law, the Government crossed some crucial milestones with GST, he added. While welcoming the participants, Ms. Madhu Pillai, Regional Director, PHD Chamber said all taxpayers registered under GST are required to furnish an Annual Return (GSTR 9) along with copy of audited annual accounts and GST Audit Report (GSTR 9C) for the Financial Year 2017-18 on or before 30 June 2019. We are organizing today’s seminar toprovide tax payers practical expertise to better understand and analyse how to fill up the forms (GSTR 9 & GSTR 9C). Shri Pawan Garg, Deputy Excise and Taxation Commissioner (DETC) Ludhiana, Department of Excise and Taxation,Government of Punjab answered the issues and queries of the industry members. Further speaking at the occasion, Adv.Pawan K Pahwa said that though GST has been successfully implemented, the Government is making every effort to iron out the teething problems and difficulties being faced by the trade and industry. GST Council in its 31st meeting held on 22 December 2018 has proposed various amendments in GST Law to remove ambiguities and glitches on the representations of the trade and industry most of which have also been implemented by various notifications and orders issued on 31 December 2018.This is a welcome step to show the intent of the Government to smoothen the GST Law towards its motto of Ease of Doing business.GST Council in its 32nd meeting has further proposed certain amendments to ease out business and trade of compliances under GST. CA Vishal Garg, Ex-Chairman, NIRC of ICAI made comprehensive presentation on Importance of GSTR 9; How to prepare Annual Return in form GSTR 9 and Important aspects to be considered while preparing GSTR 9. He apprised participants on the annual reconciliation statement to be prepared and filed by the tax payers having annual turnover of more than Rs.2 crore. He discussed the critical issues and points in preparation of annual reconciliation statement in form 9C and certifications by the auditor. CA Nagesh Bajaj, Lawcrux Advisors Pvt. Ltd. covered in detail important decisions and Advance Rulings under GST. He also explained various issues and also discussed about usage of ebook on GST. Queries and various issues on GST were discussed at length during the interactive question and answer session. The programme ended with vote of thanks by Mr. GS Kular, President, FICO Ludhiana. Nearly 100 industry members and professionals from in and around Ludhiana attended and benefited from the programme.