The Confederation of Indian Industry (CII) Jamshedpur organized an insightful conference titled "The Future of GST: Navigating Key Issues and Charting the Way Forward" to address the evolution of India's Goods and Services Tax (GST) system and its implications for the economy, industry, and citizens.

Ritu Raj Sinha, Vice Chairman of CII Jharkhand State Council & Managing Director of Tata Steel UISL, opened the conference with a comprehensive discussion on GST 2.0. Emphasizing the importance of a clear understanding of GST, Sinha highlighted that such comprehension is essential for driving the country, industry, and economy forward. He underscored CII's commitment to simplifying these complex modifications for better public understanding and implementation.

Arun Prakash, Convenor of CII Jharkhand Economic Affairs, Finance & Taxation Panel & Senior General Manager (Finance) at Tata Cummins Pvt Ltd, shared his perspective on the future of GST in India. Prakash emphasized that GST is more than a tax collection mechanism; it fosters a culture of compliance, simplifies business operations, and promotes a more equitable and progressive economic system. He praised the "One Nation, One Tax" theme for unifying tax reforms, eliminating cascading effects, reducing tax barriers, and streamlining administration, ultimately enhancing efficiency and competitiveness.

Ranjot Singh, Chairman of CII Jharkhand State Council & Managing Director of Emdet Jamshedpur Pvt Ltd, discussed the collaborative learning process between the government and industry. Singh highlighted the efficiency of GST in promoting economic growth, noting that policies relevant in 2017 may need revision to remain effective in subsequent years. He affirmed CII's role in simplifying these complexities and advocating for industry issues with the government.

Vikash Mittal, Co-Convenor of CII Jharkhand Economic Affairs, Finance & Taxation Panel & Chief Legal Counsel for Indirect Taxation at Tata Steel Limited, described GST as a cornerstone of India's tax reforms. Mittal emphasized GST's role in ushering in simplicity, efficiency, and transparency within the country's indirect taxation framework.

Karan Kakkar, Partner at Grant Thornton Bharat LLP, discussed the evolution of GST 2.0 and its significant reforms since 2017. Kakkar highlighted the critical role of technology in GST implementation, noting that GST 2.0 aims to enhance efficiency, ensure transparency, and simplify compliance for both businesses and government entities.

Balram Pandey, Director of Indirect Tax at BDO India LLP, focused on government efforts to broaden the tax base by reducing tax rates and promoting compliance through digitalization. Pandey addressed the challenges businesses face with compliance and the importance of training and support for small businesses.

Pratik Shah, Associate Partner for Indirect Tax at BDO India LLP, highlighted issues such as the mismatch between VAT and purchasing details, and the need for robust litigation mechanisms. Shah discussed strategies for businesses to safeguard against litigation risks and the importance of clear contractual agreements in service supply chains.