‘There will be reduction in multiplicity of taxes under GST’

Source: The Hitavada      Date: 05 May 2017 09:28:42

Business Bureau,

Indian Muslim Chamber of Commerce and Industry (IMCCI) recently organised seminar on Goods and Services Tax (GST), Act 2016 recently for its members.
The seminar started with recitation of Holy Quran with the message of ethical business practice.
Advocate Mohammed Dawood Khan, Founder Chairman of IMCCI gave a brief introduction of IMCCI, its objectives and mission.

Well-known chartered accountant Satish Sarda spoke and explained in detail with the help of power point presentation (PPT) on GST its implementation details from July 1, 2017.
Some of the highlights were transactions within state will be subjected to SGST and CGST , and Inter State transactions will be subjected to IGST. GST rates will be 5 %, 12%, 18% and 28 % . The tariff and exemptions are yet to be notified. The Centre would levy and collect the Integrated Goods and Services Tax (IGST) on all inter-State supply of goods and services. It will ensure seamless movement of goods across the country (except Jammu and Kashmir) as taxes will move along with goods. Allowability of input tax credit for payment of output tax will be one of the key features of GST. This will avoid cascading of taxes. The input tax credit (ITC) for CGST and SGST will be taken for taxes allowed against central and state respectively.

Centre will levy IGST on inter-State supply of goods and services. Import of goods will be subject to basic Customs Duty and IGST.
A taxpayer or exporter would have to maintain separate details in books of account for availment, utilization or refund of input tax credit of CGST, SGST and IGST.

CGST and SGST charged in one state will not be available for set off in another state. A normal assessee (having registration in a single state ) will have to file atleast 37 returns in a year. There is no provision for centralised registration , so a person will have to take registration in each state wherever he is having place of supply. Aggregate turnover exceeding Rs 20 lakh will be liable for registration under GST. If aggregate turnover is within Rs 50 lakh, the Composition levy will be 1%, 2% and 5%.

Sarda said, the benefits of GST to traders would be reduction in multiplicity of taxes, mitigation of cascading /double taxation. Exports would become cheaper. Development of common national market. Simpler tax regime. For Government, the benefit would be simpler tax system, broadening of tax base, improved compliance & revenue collections, efficient use of resources, automation of compliance procedures to reduce errors and increase efficiency.

Rahul Muley, Assistant Commissioner of Sales Tax, enlightened IMCCI members about the GST law, procedure and execution amendments made by Government.
Yashodhara Bahudesshiya Sangh proposed vote of thanks.
Directors Idris Sheikh and Salman Ahmed compered the programme.

Also present were Mangesh Kate, Assistant Commissioner, Sales Tax, officers Pradeep Waghmare, Kishor Kayarkar, Purushottam Thakre of Nagpur Chamber of Commerce Limited (NCCL), Abdul Sadique, Khaleel Patel, Ansarullah Khan, Qazi Khaleel, Abdul Khalique Rana, Qazi Mobinuddin, all directors of IMCCI. Engineer Tanveer Mirza, President of
The seminar ended with prayer from almighty for unity among all human beings and growth of Indian economy by Maulana Nasir, Tajbagh.