Jharkhand News: CII holds session on ‘The Future of GST’ in Jamshedpur
PINAKI MAJUMDAR Jamshedpur, June 7: Ritu Raj Sinha, Vice Chairman, CII Jharkhand State Council and Managing Director, Tata Steel UISL spoke on The…
PINAKI MAJUMDAR
Jamshedpur, June 7: Ritu Raj Sinha, Vice Chairman, CII Jharkhand State Council and Managing Director, Tata Steel UISL spoke on The Future of GST, the topic for the session conducted by CII’s Jharkhand State Council at a hotel here today.
He also elaborated on the meaning of GST 2.0.
Further, he explained that clear understanding is the key to taking the country, industry, economy and its people forward. Any sort of improvement helps to lead the economy forward and therefore as citizens one should understand better.
He said CII aims to make these modifications simpler by implementing a better way of understanding.
Arun Prakash, Convenor, CII Jharkhand Economic Affairs, Finance & Taxation Panel & Senior General Manager (Finance), Tata Cummins Pvt Ltd said “The future of GST in India is not just about tax collection; it’s about fostering a culture of compliance, simplifying business operations, and paving the way for a more equitable and progressive economic system.
He also said, “One nation one tax theme really worked in terms of unifying the tax reforms, removing the cascading effects, reducing the tax barriers, streamlining the tax administration ultimately leading to improved efficiency and competitiveness.”
Ranjot Singh, Chairman, CII Jharkhand State Council and Managing Director, Emdet Jamshedpur Pvt Ltd addressed and said that the government needs to co-learn with us. Further, he spoke about the efficiency of GST and how it enables the growth of the economy.
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He also said GST policy which were relevant in 2017 may not be relevant in 2018 because of the changes and amendments in the reforms.
Vikash Mittal, Co-Convenor, CII Jharkhand Economic Affairs, Finance & Taxation Panel & Chief Legal Counsel- Indirect Taxation, Legal (I&L), Tata Steel Limited said, “The Goods and Services Tax (GST) stands as a cornerstone of India’s tax reforms, heralding a new era of simplicity, efficiency, and transparency in the country’s indirect taxation framework.”
Plenary Session 1: “GST: 2.0– Paving the way for the Future”
Karan Kakkar, Partner, Grant Thornton Bharat LLP shared his views on GST 2.0 while embracing the changes made in 2017. He addressed the massive reforms that smothered out the issue by government and taxpayers.
He said, “Technology is an important pillar in GST”. Further, he explained how the policy levels, technology and litigation process face challenges and the phases of GST from the initial till the present. GST 2.0 promises to enhance efficiency, ensure transparency, and simplify compliance for businesses and governments alike.
Plenary Session 2: Navigating GST Evolution: Exploring Opportunities and Challenges in the Era of Amendments
Balram Pandey, Director, Indirect Tax, BDO India LLP said “Government is trying to bring more people into this scheme reducing tax rate to fall into tax brackets and pay taxes.” He further added that minimum requirements make the majority out of the tax bracket. He also said that compliance and digitalization and difficulty in compliance with tech, challenges faced in compliance and the ways to tackle the challenges through auto population of GST, digitalization, promoting small business and proper training.
Plenary Session 3: “Decoding GST Litigation: Trends, Risks and Strategies for Business Compliance”
Pratik Shah, Associate Partner, Indirect Tax, BDO India LLP said there was a mismatch between VAT and purchasing detail. He spoke about the mechanism of how taxpayers should safeguard the litigation mechanism. He also addressed the major issue of filing before the tax that has been paid and failed registration in e-commerce.
Vikash Mittal, Co-Convenor, CII Jharkhand Economic Affairs, Finance & Taxation Panel & Chief Legal Counsel – Indirect Taxation, Legal (I&L), Tata Steel Ltd said “Authority needs to be improved” when questioned. On the question of whether a Corporate Guarantee is a service, or not and will it create ambiguity, he said supply should arise out of the contractual agreement between the surety/parent company and the bank. He also addressed rule 28 where the value of supply should be 1% of the value of the guarantee.
