CII Jharkhand organised a workshop on GST - Five years of Journey, Recent Changes & Way Forward on Tuesday.
Avisekh Jaiswal, partner, Indirect Tax, Ernst & Young LLP updated the delegates on the GST journey so far; recent amendments and rulings passed by Advance Ruling Authorities, High Courts / Supreme Courts; suggested measures required to reform GST.
Section 194R is a recently introduced compliance requirement that has forced major businesses to re-strategize their incentive schemes. Clarificatory CBDT Circular 12 of 2022 has also sparked some legal controversies. Provisions under Section 194R was shared and updated by Mr Chetan Mehta, Director, GCR, Ernst & Young LLP.
Tapas Sahu, Chairman, CII Jharkhand State Council and Managing Director & CEO, Highco Engineers Pvt Ltd said that few months back, 1 July 2022 marked five years of goods and services tax (GST) in India. Goods and services tax (GST) was introduced five years ago to do away with a plethora of Central and state taxes in the hope of taking India to a transparent “one nation one tax” system and ushering in greater cooperative federalism. The indirect tax regime seems to be finally stabilizing. While tax evasion, technical glitches and litigation continue to plague the indirect Tax system, the revenue collections have picked up in recent months.
Jayesh Taunk, convenor – CII Jharkhand Economic Affairs, Finance & Taxation Panel & Managing Director – Jayesh Taunk & Co. gave the Theme Address during the session and updated participants the overall agenda of the workshop and what has worked well in GST.
Arun Prakash, member – CII Jharkhand Economic Affairs, Finance & Taxation Panel & Senior General Manager – Finance, Tata Cummins Private Ltd updated on the need for organising these workshops to keep the Industry/Businesses updated on the Direct/Indirect Tax changes.