News

WTC Goa Organized Seminar on GST

Jun 24, 2017

GOA, INDIA - Goods and Service Tax (GST) is a comprehensive, multi-stage, destination-based tax that will be levied on every value addition. It is significantly important to the Indian economy as it has a system of Input Tax Credit which allows to claim Tax already paid so that the final liability on the end consumer is decreased. With GST scheduled to be launched in India, World Trade Centre Goa, Department of Customs, Ministry of Finance, Govt. of India, World Trade Centre Mumbai and Thivim Industrial Estate Industries Association, jointly organized a Seminar on GST “Understanding for Compliance and Business Productivity” on Saturday, 24th June 2017 at Thivim, Goa.
The key speakers at the Seminar were Mr. Gaurav Kumar Jain, I.R.S. Assistant Commissioner, GST, Ministry of Finance, Govt. of India, Ms. Himani Dhamija, I.R.S. Assistant Commissioner, GST, Ministry of Finance, Govt. of India and CA Mr. Yogesh Kullkarni .The Seminar empowered the 65 professional participants on the new tax regime of the Goods and Services Tax (GST).

Mr. Gaurav Kumar Jain explained in detail about the new tax regime of the Goods and Services Tax (GST). He opined that Registration under the GST Law implies obtaining a unique number from the concerned authorities for the purpose of collecting tax on behalf of the government and to avail Input Tax Credit for the taxes on his inward supply.

Ms. Himani Dhamija, addressed the participants on “Refunds Under GST”. She explained that timely refund mechanism is essential in tax administration, as it facilitates trade through the release of blocked funds for working capital, expansion and modernization of existing business. She further threw light on “Zero rated Supply” and also gave an overview of Section 16, 34 and 43 of the IGST Act, 2017.

Mr. Yogesh Kullkarni, Chartered Accountant, spoke on GST impact areas like procurement, finance and materials. He give a brief comparison under the current regime and GST regime on various types of transactions like local, interstate and intra state. He also lucidly presented the HSN and service code and how to find their relevant rate.

Earlier Mr. S.P. Verenkar, President, Thivim Industrial Estate Industries Association delivered the welcome address and Mr Prakash Joshi, General Manager, GKB Ophthalmics Ltd proposed the vote of thanks. Mr. Cyril De Souza, Assistant Director, World Trade Centre, Goa, moderated the Seminar.

Seen in the picture (L- R) : Mr. Cyril Desouza, Assistant Director, Trade Promotion, World Trade Centre, Goa, Ms. Himani Dhamija, I.R.S. Assistant Commissioner, GST, Ministry of Finance, Govt. of India, Mr. Gaurav Kumar Jain, I.R.S. Assistant Commissioner, GST, Ministry of Finance, Govt. of India and CA Mr Yogesh Kullkarni,.