Know More about GST at Awareness Programme by KCCI, July 12

Know More about GST at Awareness Programme by KCCI, July 12

Know More about Goods and Services Tax (GST)! Attend an Awareness Programme at Kanara Chamber of Commerce and Industry on July 12 at the Meeting Hall from 10 am-2pm

Mangaluru: Addressing the media persons during a press meet held at Mangalore Press Club, Jeevan Saldanha, the President of Kanara Chamber of Commerce and Industry said, “The Central Government, with the cooperation of the State Governments and Union Territories, has brought about a revolutionary change in the Indirect Taxes, by implementing a Pan India Taxation System on Goods and Services, with effect from 01.07.2017. In the new legislation, certain Central and State levies have been subsumed and consolidated Goods and Service Tax has been implemented, where there is a requirement to show SGST, CGST, IGST etc on the tax invoices and bills of sale.”

“The final version of the GST law is in the public domain. The GST Council and Finance Ministry of the Government of India, are issuing various notifications, clarifications, and press notes, in order to help the citizens understand the new law. The KCCI has already conducted a series of Dealers’ and Stake holders’ awareness programmes on GST in the recent past, to help our members and the general public, in a smooth transition to the new tax regime.” added Saldanha.

He further said, ” Accordingly, on 12 July 2017, the KCCI has scheduled yet another GST Awareness Programme for KCCI members and the general public, for a better understanding of its provisions and for an easy implementation of the new law, at its Meeting Hall. Senior officials from the State and Central Tax Departments will attend the same, explain the new provisions and also answer the questions raised by the participants at the program. The program will commence at 10.00 a.m. and will conclude by 2.00 p.m. This ‘GST Awareness Program’ will be inaugurated by Dr. M. Subramanyam, IRS, Commissioner of Central Excise & Central Tax [GST], Mangaluru Commissionerate who will also be the Chief Guest for the same. All members of KCCI and the general public are invited to attend the meeting and make the best use of this opportunity to clarify their doubts and apprehensions with regard to GST.”

Ms Vatikha Pai- Vice President, Ganesh Bhat-Treasurer, Abdul Hameed and Praveen Kumar Khalbavi-both Hon. Secretary of KCCI were also present on the dais during the press meet.

About Goods and Services Tax (GST):

Speaking to Team Mangalorean about Goods and Services Tax (GST) in brief, Jeevan Saldanha said, ” The objective of One Nation one tax has been met, with GST Council agreeing on most of the contentious issues that the State Governments had and the Central Government finally introducing the much-wanted Goods & Services Tax. This resulted in a single market with uniform tax rates across the country without borders and the dismantling of check posts that result in an inordinate delay in movement of goods, resulting in losses to the trading community and wastage of money in unnecessary administration. Petroleum products, Liquor and real estate could have also been included in GST with fewer tax slabs and we hope that there will be a consolidation of these in the very near future.”

The introduction of GST will give a boost to the economy and may result in an increase in GDP of about 1-2%, resulting in increased demand for goods and services, benefiting all segments of society.The Manufacturing Industry in particular will be able to take the input credit for goods as well as on Services, which was heather to not available. The cascading effect of taxes at multiple points from procurement of raw material, fabrication of components and sub-assemblies, final assembly and sales of finished products will be avoided as input credit of taxes paid can be set off, resulting in lower cost of manufacture.

Manufacturers that can pass on these benefits to their clients by reducing prices can increase their market share and grow their businesses. The GST increases transparency in transactions resulting in better compliance and increased collection of indirect taxes resulting in more revenue to the Government, who in turn can invest in better infrastructure such as roads, highways, health care etc. Even though the road to transition may be a bit difficult, GST should be welcomed and we need to make it work, as this is a win-win situation for all.