Trivandrum: Kerala is well prepared for implementing the Goods & Services Tax (GST). This was announced by the Finance Minister, Dr T M Thomas Issac, at a session on ‘GST and its Impact on Business’ organised by the Confederation of Indian Industry (CII) in Thiruvananthapuram.
In his address the Finance Minister stressed on the importance on implementing the Goods & Service Tax at the earliest. He mentioned that introduction of GST here would be the single most achievement in the history of taxation in the country. “For a consumer State like Kerala, GST would be a boom. GST will integrate the country into a common market by removing barriers to trade across the States by integrating different types of indirect taxes and what more fascinating would be entire tax from point of production to consumption will be taxable.”
He also said that GST would bring great efficiency in the tax system, which will allow much benefit to the State and the Centre. With regard to the constitution amendment, it is very essential to have a proper framework before implementing the system. The structure of GST is such that the State cannot take a decision without the centre and GST council will have a dispute settlement mechanism.
The Minister also mentioned that the State is eying on various plans such as Infrastructure investments, Social infrastructure, Tourism Investments, Digitalization amongst others to increase the revenue impact.
The session was also addressed by P Ganesh, Past Chairman, CII; T R Venkateswaran, Director – Indirect Taxes, PricewaterhouseCoopers (PWC); and K G Madhu, Vice Chairman, CII Thiruvananthapuram Zone.
Senthil Nathan, Joint Commissioner, Central Excise, Customs & Service Tax, Government of India; Dr Thomas Joseph, Registrar, Gulati Institute of Finance & Taxation; R Sridhar, Chartered Accountant, Sridhar & Co; and Manoj Pillai, Advocate – Managing Partner, Manoj and Chitra; participated in a panel discussion. The panel members mentioned that GST will be a revolutionary step in the field of indirect taxation reform in India. The panel also discussed about the various implications and impact in business which will be added along with the GST implementation in the country.
Kerala Biz News