30 October 2018
MATS Institute of Management and Entrepreneurship (MIME)’s Economics and Finance Club organized a Guest Lecture session on “An Insight into the prospects and trends of GST” on 30 October 2018 for PGDM students, MIME faculty and MIME staff.
The Speakers of the session were Dr. M Aamir Siddiqui, I.R.S, Assistant Commissioner of GST and the Guest of Honor was Mr. Ramakrishna, I.R.S, and Assistant Commissioner of GST. The lecture aimed at familiarizing students about the basics aspects of the most important reform in the field of Indian Taxation, which is, Goods and Services Tax Law.
In the session, the speaker covered about the term GST and its components. Further, the speakers emphasized the different types of taxes, where GST is under the Indirect Tax segment, which means that the individual is not paying the tax directly to the Government but taxes are being paid in the forms of services being received by the service sectors. Dwelling further, the speakers explained that GST being the big game changer of the era in Indian history. GST leads to ease of doing business and helps in avoiding Cascading effects. GST has a uniform impact on transaction across all given business categories.
Further, he emphasized on the shortcomings of GST in the present structure, working of Input Tax Credit Model, brief insight on CGST, SGST and IGST and how to register to get GST Number. Finally, Mr. Ramakrishna summed up the session with key information on the GST and its functioning. He further emphasized that GST being uniform in terms of tariff across the states and systematic in approach, brings good prospects for the country's growth.
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