Trivandrum: Kerala Finance Minister and also Chairman, Empowered Committee on GST, Shri K M Mani has called for the early implementation of Goods & Service Tax (GST). He said this while inaugurating a session on Service Tax and implications of GST in Thiruvananthapuram today.
The event was organised by the Confederation of Indian Industry in association with the Gulati Institute of Finance and Taxation (GIFT), and Ernst & Young.
In his inaugural address, the Finance Minister stressed on the need to build consensus among the States on the implementation of GST. “We need to study the impact of GST and also need to address several issues apart from building up consensus on what all taxes should be included and what should be excluded. The Constitution amendment bill needs to be cleared. There are several challenges but I am confident that GST will be implemented on April 01, 2016.”
Earlier, in his opening remarks, Hari Krishnan Nair, Chairman, CII Kerala State Council said that introduction of GST would boost overall growth of the country and usher in a forward looking tax regime. “It would abolish and avoid multiple levels of taxation. This would be the most significant tax reform in India since the introduction of VAT about 10 years back.”
Giving an introduction to the implementation of GST, Abraham Kuruvilla, Partner (Indirect Tax), Ernst & Young said that GST is about positive business transformation. “The implementation of GST and the impact that will have would bring back the credibility to the Indian Tax system, not only for those who reside and do business here but also for the outside world.”
In his special address, Dr. Thomas Joseph, Registrar of GIFT, highlighted the practical and key features of GST. He explained how the convergence of various State and Central levies governed by a common portal would change the business is done in India. He also explained about State GST, Central GST, Integrated GST and the milestones so far in the enactment of these.
Deepak V Rao, Director (Tax & Regulatory Services), EY and Abraham handled the technical session on GST: Implications & Challenges. The session which was attended by the officials from the Tax Department, business entities and tax practioners, concluded with a Q&A.
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