‘GST to abolish double taxation: Chandak

Source: The Hitavada      Date: 29 Jun 2017 09:58:41


 

Business Bureau,

THE Goods and Services Tax (GST) is being introduced with the basic concept of ‘One Nation, One Tax, One Market’. GST would mainly do away with double taxation and its cascading effect.


“In the long run, there will be reduction in production cost mainly due to overriding of cascading effect of multiple taxes with the GST roll-out,” said CA Ashok Chandak, Past President of the Institute of Chartered Accountants of India (ICAI) while talking on the topic ‘Important concepts and taxable event’ at the mega seminar -- ‘48 hours to GST’ -- organised by the VIA on Wednesday.


Chandak said: “GST will be imposed on final consumption value. It can also be imposed at different states of the country except Jammu & Kashmir. It will affect transportation cost, invoicing cost, maintenance cost, interest cost, etc.” In GST regime, a person would be benefited immensely as he would not have to deal with multiple tax authorities. The procedures had been simplified in order to maintain proper records. Similarly, the Government would also gain from lower cost of tax record administration, doing away with maintaining tax records with multiple authorities and reduction of administration cost. Also, various leakages would be plugged which were prevailing in the present tax structure. Better compliance by taxpayers would lead to increased revenue to the Government and improving the legal system. Filing of records would be totally online lowering manual interface to reduce unethical practices, he said.


Chandak explained the salient features of GST, classification statement, GST rates, important definition, reverse charge mechanism, taxable event in GST supply, etc.


Eminent speaker, V Shridharan, Senior Advocate from Mumbai and founder partner of Lakshmikumaran & Shridharan, talked on the topic ‘Some crucial issues in GST’.
Pravin Tapadia, Past President of VIA, in his welcome
address, briefed about the latest updates on GST.


Naresh Jakhotia, Joint Secretary of VIA conducted the proceedings. Sachin Jajodia, Convener of VIA Taxation and Corporate Law Forum proposed the formal vote of thanks.


Prominently present were Suresh Rathi, Vice-President of VIA, O S Bagdia, Vice-President of VIA, Rakesh Surana, EC Member of VIA, Rohit Bajaj, Shailendra Manawat, Saket Bagdia and Omprakash Jajodia. Prominent industry representatives from Vidarbha region and professionals attended the programme in large numbers.