Photogallery
Interactive Session on GST
Photo Caption: [L to R]- Mr. Ranganathan S, Convenor, CII Finance & Taxation Panel & CFO, Automotive Axles Ltd; Mr Amit Kumar, Vice Chairman, CII Mysuru & Business Unit Head - Metering & Protection Systems, Larsen & Toubro Limited; Shri D.P. Nagendra Kumar, IRS, Principal Chief Commissioner of Central Tax, Bengaluru Zone, Mr G Narayanaswamy, IRS, Commissioner, Mysuru Commissionerate, GST Bhavan, Mysuru; and Mr. Rabindra Sahoo, Co-Convenor, CII Finance & Taxation Panel and Vice President – Finance, Cyient DLM]
Mysuru: GST is not merely tax reform its business reform as well said DP Nagendra Kumar, Principal Chief Commissioner, Central Tax, Bengaluru.
Speaking during interaction session on GST with D.P Nagendra Kumar, Principal Chief Commissioner, Central Tax, Bengaluru organised by CII Mysuru – Finance & Taxation Panel organized at Hotel Southern Star here on Friday he said “Earlier apart from being multiple taxes we had huge cascading on supply change but now it is gradually coming down. When we look back to the progressed countries in the world who had implemented GST, we are better placed. Implementing GST in a federal system of ours was not an easy task. It required constitution amendments and political maturity. After getting passed in Rajya Sabha, it hardly took two months to get implemented in most of the states. Though many countries after implementing had huge impact on inflation and huge political crisis but India managed pretty well and kept its stake holders more comfortable. For example, four years after implementing GST, Malaysia rolled back GST.”
The Principal Chief Commissioner also mentioned that, there was a report few days back that, due to lack of electronic preparedness, close to Rs 50,000 crore fraud have been committed. On the occasion he has also briefed about GST portal. He also called upon the participants representing various industries to come out with their issues so that if there are any major issues it can be brought or taken up in the GST council. The Interactive session answering all the queries of the participants of more than 80 Tax professionals from Mysuru took more than 2 hours and the Principal Chief Commissioner has addressed all the queries related to GST.
Amith Kumar, Vice Chairman, CII Mysuru and Business Unit Head Metering and Protection Systems, Larsen and Toubro Limited who also spoke on the occasion said “As for as L&T concerned, GST has helped to grow business”.
The objective of this Interactive session was to get clarifications and better understanding on any ambiguities or queries related to GST or Indirect Tax during the session. Some of the major topics or issues under GST, that members sought clarifications were about E-Way bill, like how to address the mismatch between supply document and E-way bill documents for past transactions?, what are the repercussions in future, is there any relaxation, etc.,. Apart from this there was also clarification on GSTR2A and Purchase register, GST Return - Understanding intricacies of GST Annual Return and GST Audit, Procedure for cancellation of Registration in case of a merger and also understand on the new notifications on GST (if any).
G Narayanaswamy, Commissioner, Mysuru Commissionerate, GST Bhavan, Mysuru; Ranganathan S, Convenor, CII Finance and Taxation panel and CFO, Automotive Axles Limited and Rabindra Sahoo, Co-Convenor, CII Finance and Taxation and VP Finance Cyient DLM were also present.
Date: 10-5-2019
Place: Mysuru
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