Gurgaon plays host to event to sensitise industrialists on GST
The GST is aimed at simplifying the tax structure in the countrygurgaon Updated: Jun 15, 2017 10:14 IST
The PHD chamber of commerce and industry, along with with Gurgaon Chamber of Commerce and Industry (GCCI) and Konrad Adenauer Stiftung (KAS), conducted a seminar at Hotel Taj Gurgaon on Wednesday with a view to sensitising the industry on the Good and Services Tax (GST) regime and the steps being taken to roll out the same.
The event was titled ‘Moving towards goods and services tax: recent developments, issues and industry preparedness.’
The GST, which would bring about long-awaited reforms in the tax structure, had been in the cold storage for long. It is aimed putting in place uniform tax regime in the country. It is expected to untangle the tax administration system of India and make it more convenient for people.
The Union government has been keen on rolling out the GST by July 1 2017, saying that it will foster economic growth. It also said that an uniform tax regime will also recreate job opportunities for the country’s youth.
“It is the biggest step in bringing about an ease of compliance for the industry sector,” said Bimal Jain, chairman PHD committee on indirect taxes. He also highlighted in his theme representation that multiplicity of taxes will go away once the GST comes into effect.
He focused on the dual concurrent model of taxation that is followed in Brazil and Canada. “The GST will help in bringing about a seamless flow of credit,” he added.
V Sangeeta, commissioner, Central excise, Gurgaon, mentioned that GST is the biggest reform in the indirect tax system.“It will put the country on the road to economic transformation and will bring about many changes in the existing tax structure,” she said.