GST a step towards Economic Unification of India

WTC Bhubaneswar in association with Gemini Consulting & Services Pvt. Ltd. organized a workshop on Goods & Services Tax here on 28th July 2017. While delivering the inaugural address Chief Guest to the occasion Shri. Sanjeev Dewalwar, IRS Commissioner, Central Excise, Customs & Service Tax, Bhubaneswar, Government of India said “GST as an important milestone in the economic reforms of the nation”. “It is a step towards the economic unification of India. The policy of one nation one tax and one market will not only make goods cheaper in the long run but would also highly facilitate the ease of doing business and attract huge foreign investments” he added. While showcasing India as one of the prime markets of the global trade he insisted that GST is very much a welcome step which is going to help the nation become a super power. He further added that the reformed tax regime would reduce the tax burden by huge margins because of rationalization of the market prices and conversion of the vertical taxation system into a broad based one.

Mr. B.K.Nayak, Assistant Commissioner, Central Excise, Customs & Service Tax further in his presentation deliberated on the modifications and impacts of GST on export and import transactions. He also outlined the refund and invoicing mechanisms pertaining to various modalities of international trade. Mr.Sricharan, Deputy Commissioner, Central Excise, Customs & Service Tax while making his remarks highlighted on the simplified processes of valuation of goods and refund systems. Mr. S.S. Satyanarayana, an eminent GST tax practitioner further provided insights on the transitional provisions, migration of existing tax payers, transfer of ITC, miscellaneous provisions, vouchers and debit notes etc. Mr. Venkat Rao Yenkipati, Consultant working with Ernst & Young for SAP GST Implementation further detailed out the SAP implementation procedures and systems to the delegates. 

Earlier in her address Ms. Nimeshika Natarajan, while extending a warm welcome to the august dignitaries, guests and audience stated that WTC Bhubaneswar aims to handhold the MSMEs of the state of Odisha through the biggest tax reforms ever. While stating about the objective of the workshop she stated it to be one of the optimum opportunities and platform to learn about the impact and implementation of GST on various enterprises. 

A lively Q&A session by the delegates comprising of MSME entrepreneurs & exporters added immense value to the session.

In Photo: Mr. B.K.Nayak, Mr. Venkat Rao Yenkipati, Mr. S.S. Satyanarayana, Mr. Sanjeev Dewalwar, IRS, Mr .Sricharan, Ms. Nimeshika Natarajan