‘Cost accountants must tell clients to file GST returns in time’

Source: The Hitavada      Date: 05 Sep 2018 09:55:44


 

 

Business Bureau

The Institute of Cost Accountants of India, Nagpur Chapter has organised a workshop in association with the Department of Central GST, Nagpur. The subject of the workshop was ‘Overview of GST & e-Way Bill.’


Dr Dinesh Kumar Bisen, Joint Commissioner of Central GST, Nagpur-1, gave a powerpoint presentation on law prior to GST and overview of GST.


He started with the constitutional provisions of indirect taxes like Central Excise Act, Customs Act, Service Tax and VAT, and then the constitutional amendments for GST under Article 246A and 279A. He further explained the importance of ‘Dual GST’ which means centre and states simultaneously levying on common tax base i.e CGST, SGST, UTGST and IGST.


He highlighted international GST/VAT, guiding principles of GST Act and explained with illustrations topics of GST like taxable event, Reverse Charge Mechanism (RCM), Composition Scheme under GST, Input Tax Credit, electronic ledger at GSTN, payments and returns rules, refunds scheme for export and deemed export.


He said, the number of assessees who required to file the returns was increased since introduction of GST, July 2017, however the actual returns filed have been decreased. He requested the cost accountants to impress upon their clients to file the returns in time to avoid late fees, interest and penal action.


Suresh Rayulu, Superintendent of Central GST, Nagpur followed with his power point presentation on e-Way Bill. He explained various objectives of e-Way Bill like, one bill throughout the country, hassle-free movement of goods within or outside the State, no need for transit pass, easier verification and uniform method of checking.


He further enumerated the benefits of e Way Bills as traders need not visit tax offices, waiting period in check post reduces, scope of corruption eliminated, the concept of e-Way Bill is environment-friendly where nearly 50 tonne of paper saved per day. He also explained the sample format of single e-Way Bill and consolidated e-Way bills.


Prominently present in the programme from the Central GST Department were CMA Kalyan Sundari, Joint Director Cost and Shrikant Hadap, Superintendent, Central GST.
Present were CMA P V Bhattad, Past President, CMA Shriram Mahankaliwar, Secretary of WIRC, CMA Y P Sah, Chairman of Nagpur Chapter, CMA Anan Sahashtrabuddhe, Vice-Chairman, CMA Anil B Verma, Secretary of Nagpur Chapter, CMA P S Patil, Director of Studies, CMA K M Rao, CMA Renu Kulkarni and others. In the valedictory session speakers replied queries. CMA Aditi Sontakke conducted the proceedings.