Following the tradition of Monthly Events and imparting knowledge in the form of interactive sessions, the Commerce Society organised a Seminar on the Goods and Service Tax, better known as the GST for the third year students.
Date: Jan 21, 2013
Venue: Seminar Hall, Hans Raj College
Event: Seminar
Topic: Goods and Services Tax
The speakers for the session were Mr. Gautam Ray, member of the task force on Indirect taxes, former Joint Secretary in Tax research unit, consultant to the department of revenue for the policy framework of GST in India and Mr. J.K. Batra, Advisor ,Taxation in Federation of Indian Chamber of Commerce & Industry(FICCI), Former member of the Central Board of Excise & Custom.
They were warmly welcomed by our HOD, Mr. N.K. Jain. The Cultural team head, Esha Aggarwal introduced them and the topic in brief.
Mr. Ray started talking to the students by explaining why the country needs GST, inspite of having the VAT as well as other taxes that might correspond with the proposed.The decision is pending, but it's comprehensive nature would help replace many indirect taxes. It's concurrent implementation would bring about a lot of change in the present scenario of the Indian economy. He elaborated on the two types of taxes: the ones levied by the Union List and the ones by the State List. The taxes on manufacture of goods are regulated by the centre and those on sales are by the state. The main issue talked about was the "cascading effect of taxes", which is repeated taxation during the manufacture processes. The GST, would help stop the present scene and tax upon only the value added to the base product, therefore the purpose being to avoid double taxation. It would be a self regulating mechanism and would enhance competitiveness. When goods are exported, tax must not be exported! Mr. Batra added by giving the example of how a hike in petrol prices by the centre affects the price even in different states due to disparity in VAT. The working of the Cenvat credit Scheme was also highlighted. The deficiencies in the current taxation system demand a new, efficient and reliable working.
It was also mentioned that at many places government intervention is a must. The well read and experienced speakers helped us increase our knowledge and awareness levels to an extent that was based on the applicability of concepts. The basic ingredients of GST made us realise a few facts that couldn't have been thought of. Examples such as the payment of property tax, luxury tax, APML fees, crude products, stamp duty opened new doors of thought and curiosity. The seminar ended with the impacts of GST which included black money, employment generation, exports and revenues. The speakers also raised a prominent point about honest tax paying and it's benefits. The session closed with an interesting example of how even a petty product like a plastic water bottle has taxes levied on every single effort made!
The mention about the introduction of GST in other countries was icing on the cake.
The interaction was then open to all the students for their doubts or comments. The house was full of inquisitive questions. Even the teachers participated with full enthusiasm.
The seminar ended on a beautiful note, wherein the speakers were honoured with tokens of appreciation. We hope to organise more such events where students and teachers get to share a platform, talking about issues on a greater level.
- Shaurya Gahlawat
.png)
