6 September 2017
As a part of Indian Taxation reforms, from 1 July, 2017, across India, one common tax came into effect which is Goods and Services Tax (GST). In order to educate students about the intricacies of GST, Economic and Financial Club of MATS Institute of Management and Entrepreneurship (MIME) organized a seminar on 'GST - A Game Changer' on 6 September, 2017. The guest speaker of the day was Dr. Mahadevan, Mr. Vipul Jain and Mr. Chirag Solanki from Suresh & Co., CA Firm. The seminar covered various facets of newly integrated Indirect Tax i.e., GST.
The speakers highlighted the concepts related to GST - difference between goods and services, GST as an indirect tax, cascading effect present in old tax regime and how it affected individuals, general public, companies, and industries, how to generate invoice bill using GST slab rates, and origin based taxation to consumption based taxation. Dwelling further, the speakers explained the logic, intricacies and benefits associated with combining the different types of taxes such as state VAT, central VAT, luxury taxes, entry tax (all forms), entertainment and amusement tax (except when levied by local bodies), taxes on advertisement, purchase taxes and state surcharges and cesses as they relate to supply goods and services.
Further, the speakers emphasized on GST and its impact on the various sectors such as education, textile, logistics, e-commerce, real estate, services, automobile and hotel industry. In addition, they highlighted the benefits of GST on start-ups and how GST as a new tax system in India is trying to compete in the world for better investment.
The informative session was very helpful for students to understand the concepts of GST (Indian Taxation System) and its impact on Indian economy. The seminar portrayed a positive picture of GST indicating that the GST is likely to be the game changer for the Indian economy. The Q & A session that followed by the presentation elicited insightful questions. The program was attended by PGDM students and MIME faculty members.
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