WTC Jaipur Organized Workshop on Goods and Service Tax ( GST)
WTC Jaipur organized a full day session in association with MSME, Government of India, and Sabal Bharat, key skill development institute in Jaipur on 17th June 2017.
Mr. Narpat Sing Rajvi, Honorable member of Legislative Assembly, Chief Guest of the programme, termed GST as a welcoming step and said that Government is trying to smoothen the implementation of GST, keeping in mind it’s benefits to the business community and consumers at large.
Mr. Virendra Parwal, CA, Kalani & Co., Jaipur shared his thoughts on various important topics of GST, CGST, SGST and IGST. He said, GST is a destination-based consumption tax which applies to all supplies of goods/services (as against manufacture, sale or provision of service) made for a consideration except: exempted goods / services – common list for CGST & SGST, goods / services outside the purview of GST and transactions below threshold limits. He further said, IGST levied and collected by the Centre applicable to Inter-State supplies of goods / services in India, Inter-state stock transfers of goods, Import of goods / services, Export of goods / services. Mr. Virendra added further that the law requires, irrespective of the threshold, the people who are associated with the process to get registered. This includes persons effecting inter-state taxable supplies, liable to pay under RCM, casual Taxable Persons making taxable supply, Non-Resident Taxable Person, Person required to deduct TDS , Person supplying on behalf of another registered taxable person, Input Service Distributor, E-Commerce Operator, Supplying through E-Commerce Operator, Supplying OIDAR from outside India to an Unregistered person. To substantiate, he also discussed the provisions with a number of illustrations.
Mr. Varun Khandelwal, CA, Khandelwal Sharma & Company, covered important topics as levy , composition, and transition provisions. Speaking on the merits, he said, GST not only ushers in a single rate of tax but also it reduces cascading effect of taxes. Discussing on levy and collection of tax he said, Goods means every kind of movable property and Includes actionable claim, excludes money and securities and at the same time there is no specific exclusion for intangible property where as services means anything other than goods and includes transactions in money – in relation to use / conversion but excludes money and securities.
The session concluded with detailed numeric illustrations on GST. Mr. Navneet Agarwal, Assistant Director- Trade Promotions, WTC Jaipur proposed the vote of thanks. The event witnessed huge no of participation from practicing chartered accountants, financial analyst, Account executives, tax practitioners and academicians .