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Business EconomyPosted at: Sep 24 2016 10:06PM


Assocham organises Decoding & Gearing Up For Draft GST Law

Kolkata, Sep 24 (UNI) Former Chairman Central Board of Excise and Customs (CBEC) and GST Expert Sumit Dutt Majumder today stated Import- Export is a major area, nothing to do with the constitutions here, if the law are been made post independence, no illustration is required.
He said "GST is inevitable and former finance minister Chidambaram battled for it ten years back. GST- destination based on consumption tax, States financial autonomy needs to be looked upon. Central can’t outsource its revenue collection made to state."
Speaking on the Decoding and Gearing Up For Draft GST Law Organized By ASSOCHAM here, Mr Majumder also added few points like “the partners should come on the same page. Cascading of tax leads to if one can do without it then that results to the reduction in price then followed by relief of entry tax then the cost incurred will go down and the CST will go down finally the outcome is economic distortion.”
Co- Chairman- Indirect Taxes including GST, National Council ASSOCHAM JK Mittal said India is 61st country to implement GST; it will be easier for everyone.
Dy Commissioner of Central Excise under the Central Government Ajit Kumar stated that “the introduction of GST will not include the comprehensive tax. There are several taxes like luxury tax, entertainment tax not presumed in present tax structure.
There is a burden of Central tax and State tax, and the burden has not fully phased out. Major Central tax will resume in GST. Thus GST is not a Vat +Service Tax. GST is a tax on continuous chain & services. It is essentially a value edition on each tax. The final consumption bears the tax charged by the last dealer,” he said.
GST will be a reform for changing economy. It will impact on tax payment. There will be an impact on supply chain optimization, IT impact. GST is not a tax change. It will benefit the economy as a whole. Trade bodies & production bodies like ICWA, conducting seminars and conferences for stakeholders. ASSOCHAM is putting its entire endeavor to make this kind of conference a grand success.
The key objective is that GST is necessary for all the people who create wealth, rendering services, giving business advices all should know about what the enterprises are stepping into.
There will be one registered tax payer, excise duty merging into a single tax, service tax.
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