New Delhi, Jan 22 (KNN)  To provide an update on the progress of the proposed GST structure and its implication on various stake holders, ASSOCHAM is organizing a series of national conferences on Goods and Services Tax (GST) at Mumbai, Kolkata, Chennai and Hyderabad.

While the first of the national conferences was held on January-20 in Mumbai, others will be held on January-28 in Kolkata; February-10 in Chennai; and February-12 in Hyderabad, as per official data.

The GST will replace all the indirect taxes that are presently levied in India.  While at the level of the Centre, it will abolish the present central excise duty, service tax, as well as additional customs duties; at the level of the states, the implementation of the GST will bring to an end the levying of the state value-added tax (VAT), reports said.

Further, it is an important tax reform, which will simplify procedures and save time, the benefits applicable both to SMEs as well as large corporations.  Among them are simpler filing of tax returns and payment of taxes; uniformity and transparency in the tax collection system while making tax evasion difficult; lowering inflation; making operations cost effective, etc.

The conferences will bring together representatives of the central and state governments as also the industry on to a platform to reach a consensus on what the important milestones are to implement GST, according to official data.

On the need for such conferences, “One of the key enablers for Indian industry to effectively compete and grow in the present difficult global market is to operate under a simple and transparent indirect tax system, which does not add tax cascading to the cost of production,” ASSOCHAM said.

In this regard, the Government of India has been working towards the implementation of the Goods and Services Tax (GST) regime.

The government led by Prime Minister, Narendra Modi is all set to implement the GST in India and has indicated April 1, 2016 as target date for GST launch. 

In its various interactions with the Trade, Industry and Media, the government has been making quite encouraging statements regarding early implementation of the GST. The stage has thus been set for the implementation of the country's most ambitious mega tax reform.

The salient discussion points at the conferences are - overview of proposed GST structure and its implications on trade and industry; GST - Constitutional Amendment Bill including impact of Non Inclusion of Alcohol and Petroleum products; and need for harmonization of CGST and SGST law, rules and procedures and common administration and quasi judicial proceedings under CGST and SGST right from the stage of adjudication upto the appeal stage before Appellate Tribunal.

Other topics that will be covered are - ‘Place of supply’ Rules under GST; GST treatment of Inter State movement of Goods and Services; Impact of GST on growth and development of common economic market; preparing for GST Implementation: Government as well as Trade and Industry perspective; and Impact of GST on Logistic Industry.

The conference is suitable for CEOs, CFOs, finance / accounts / legal executives, senior auditors and financial professionals / consultants, service providers and manufacturing availing CENVAT credit, exporters of services, users of services provided in India or abroad,  middle and senior level executives dealing in indirect taxes in the corporate world as well as the practicing CA, CS, CMA and other related professionals.  (KNN/ES)