GST is the new-age education. And keeping this in view, a two day seminar was organized on GST by ICFAI concluded on June 17th and 18th this year. It was aptly named ” GST: A Way forward.”
Justice Challa Kodandaram the Chief Guest at the Two Day Seminar said, “The concept of GST, ceded in 2000, is now passing it’s teenage. It is shortly going to be a major one and ready for implementation. The first statement of the then Finance Minister in his budget speech of 2006, has taken its full shape in the hands of present Government and ready to go for roll out on 1st July, 2017.”
Justice Kodandaram further said the enactment of GST and its implementation is a major step in financial reforms in general and tax front in specific.
GST in the Eyes of The Chief Guest
1. Expected to trigger economic growth on one side and lowering the inflation on the other side
2. Economists have greater expectations from the new Law
3. Going to subsume many existing Laws in the indirect tax front
4. Believed that a new regime will be coming up which will be reducing revenue deficits by increasing tax bases and tax collections
5. Comprehensive law drafted after taking in to account various suggestions and opinions of various stakeholders
6. To avoid cascading effects of various taxes and confusions prevailing under existing indirect tax laws.
Justice Kodandaram also suggested the audience to raise the voice and bring to the notice of the officers whenever there are issues to common man.
Guest of Honor Mr Devendra Surana, President FICCI, Telangana said, “FICCI is ready to take the implementation of GST. He further said there may be some teething problems and they can be resolved during the progress of the implementation of the GST.”