Chief Secretary Gokul Chandra Pati addressing a symposium on GST organised by the ICSI Bhubaneswar Chapter spoke about the benefits that are likely to accrue to the stakeholders as a result of tax reforms in the country.
The Union Finance Ministry is working very strategically for rolling out GST. The Centre and the States need to agree for rolling out reforms in Indirect Taxes, he said hoping that there will be improvement in tax revenue after rolling out of GST. The advantages of GST will strengthen the federal mechanism in the country and substantially reduce the cost of compliance while tax evasion will go down, Pati said.
Supreme Court advocate Biswajit Das elaborated the benefits after implementation of the GST. ICSI vice president Mamta Binani in her address said that one of the biggest taxation reforms in India is the GST, which is all set to integrate State economies and boost overall growth. The introduction of GST at the Central level will not only include comprehensively more indirect Central taxes and integrate goods and services taxes for the purpose of set-off relief, but may also lead to revenue gain for the Centre through widening of the dealer base by capturing value addition in the distributive trade and increased compliance, she said.
While Chairperson, EIRC of the ICSI, Kolkata Sunita Mohanty presented welcome address, Bhubaneswar Chapter chairman D Mohapatra introduced the dignitaries. ICSI chief executive Sutanu Sinha proposed a vote of thanks.
The symposium was divided into three technical sessions wherein Commissioner of Commercial Taxes, Odisha Niten Chandra, Chairperson, Indirect Taxes Committee, The Bengal Chamber of Commerce and Industry TB Chatterjee, former Deputy Commissioner Central Excise, Customs and Service Tax, Bhubaneswar A K Patnaik, Pawan Dubey, Partner, lex Bolster Global llP, New Delhi, JB Das, Company Secretary addressed on the subject “GST framework, implementation challenges - Transactions under GST, challenges in GST with regard to inter-State movement of goods and services.” A large number of professional across the country attended the national symposium.