A seminar on Goods and Services Tax (GST) was organized here under the aegis of the Baleswar Chamber of Industries and Commerce (BCIC).
local MP RK Jena, Central Excise and Customs, Kolkata Chief Commissioner SK Panda, Central Excise and Customs Commissioner BK Mallick, Commercial Tax, Baleswar range Joint Commissioner Arun Biswal and chartered accountants Tarun Agrawal and Satyananda Routaray from Bhubaneswar spoke on the occasion. BCIC president Himansu Das gave the brief talk on the GST in the beginning.
Jena said that the GST was a historic step that India is going to implement, which means one country, one market and one tax. As many as 160 counties across the globe have implemented the same and have reaped the benefits. In India while the process was on since 10 years, it was now in almost final shape, he stated.
He cited the example of petrol and diesel price which is varying state to state due to the variation of tax structure. This would enhance a revenue about 28 trillion rupees through indirect tax in addition to the existing Rs 60 trillion, tax revenue collection and GDP could witness a growth of 2 per cent, Jena maintained. The other speakers also mentioned the benefits of the GST.