Dakshina Kannada Automobile and Tyre Dealers Association organizes GST Awareness Seminar
Mangaluru: Dakshina Kannada Automobile and Tyre Dealers Association organized a seminar on GST Awareness for its members on Tuesday, July 6th, 2017 at Conference Hall of Kanara Chamber of Commerce & Industry at Bunder, Mangaluru. Dr B V Murali Krishna, Jt. Commissioner of Commercial Taxes (Admin), Bengaluru as the Guest Speaker and chief resource person for the seminar.
Dr B V Murali Krishna is considered to be an expert in GST matters and he has conducted over 150 Seminars on GST and Indirect Taxes across the State. About 120 members of the association from across Dakshina Kannada and Udupi district attended the meet.
In his address to the gathering, Dr B V Murali Krishna outlined the key features of the GST Act which will come into force on July 1st 2017 on all India basis. “GST is a turning point in the history of indirect taxes in India. In short, it is indeed ‘One Nation One Tax’. GST will bring down multiple taxes to one single tax for a product category,” he said, explaining that GST envisages five tax categories such as 0, 5, 12, 18, 24 (and 24+Cess) which are uniform to all the States. “GST is a consumption based tax levy wherein the tax will go to the state which actually consumes the product or service. All these tax categories will have central and state taxes inclusive,” he said.
He also explained the GST feature of “E-Way Bill” which enables goods to move from point of sale to destination. His other briefings included aspects like migration of Vat Dealer to GST Regime, the required documents for migration, eUploading of sales Data, Purchases verification and uploading, Return filing and payment of Tax under the GST Act. He gave elaborate details about the most crucial aspect of claim of transitional loss when dealer migrates from the present system of Indirect Taxes to GST.
The seminar included an interactive session with Dr B V Murali Krishna.
Association President Maroor Padmanabha Pai welcomed the gathering and Secretary K Vilas Kumar introduced the speaker. Vice President Kasturi Prabhakar Pai delivered the Vote of Thanks and the programme was compered by K G Shenoy, Patron of the Association.