No.PR – 288
July 8, 2022
New Delhi
Government is committed to ensure ease of business to the trade said Shri Vivek Johri, Chairman, CBIC at PHD Chamber’s National GST Conclave
When there is suspension of GSTIN of a registered person, the revocation would also be automatic on compliance of filing of GST returns for specified period. It’s a very big and significant recommendation of GST Council at 47th GST Council Meeting, stated, Shri Vivek Johri, Chairman, Central Board of Indirect Taxes and Customs (CBIC), at the National Seminar on ‘GST Conclave- Evolution and Challenges- 5 Years of GST’, organized by the apex industry body, PHD Chamber of Commerce and Industry (PHDCCI) on 7th July 2022
The event was conducted to mark the completion of five-years of the monumental indirect tax reform, the Goods and Services Tax (GST), which came into existence on July 1, 2017. Shri Vivek Johri, who was the chief guest, informed that the 5th anniversary took place close on the heels of the 47th GST Council Meeting, where the council made significant announcements, to provide ease of business to the trade including the MSME sector.
Shri Johri addressed concerns over the revenue collection from GST. He said that it’s unfair to blame GST for some extreme factors like the global economic scenerio and the COVID-19 pandemic. He said that 2021-2022 did not register good revenue collection from GST, however it continued to grow at a fast rate. And now we have already done an average tax collection per month of Rs. 1.5 lakh crore in the first quarter of this year, 2022-2023, which shows that we are on the right track. The Chairman of CBIC informed that the Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme has the potential of benefiting 89% of the taxpayers and highlighted important recommendations made in 47th GST Council Meeting
Shri Pradeep Multani, President, PHDCCI in his Presidential address referred to GST as India’s most significant and historic indirect tax reform. He said, “While the journey of five-years has been full of ups-and-downs for all stakeholders including the government, it is highly appreciable that the gross GST revenue collection crossed Rs 1.68 lakh-crore mark for the first time in April 2022. This shows clear improvement in the compliance behaviour, which has been a result of various measures taken by the tax administration to nudge taxpayers to file timely returns.” Stating that automation of tax compliances by the government has been a massive win, he added, “With revenue getting resilient in recent months and compliance issues settling down, a section of stakeholders strongly feel that the law has started to stabilize now and GST 2.0 is already in progress.”
Shri Bimal Jain, Chairman, Indirect Taxes Committee, stated that it’s fortunate that GST was introduced in the country. With the revolution of biggest Indirect taxes reform in the country, the multiplicity of taxes has gone, double taxation has gone, cascading of taxes to a certain extent gone, and the realistic term of GST has provided a true sense of ‘One Nation, One Tax, One Market’.
He also lauded the role of the GST council for playing a pivotal role in bringing the centre and state together and taking decisive steps over a number of issues and various aspects of GST. He also commended the council for taking several important decisions at the recent 47th GST Council, which included levying 5% GST on electric vehicles, with or without battery pack, t GST is not leviable on a plot that is being developed, which includes being levelled and having a drainage system installed on it, no interest leviable on reversal of wrongly availed credit but not utilized, transfer of balance lying in e-cash ledger under CGST & IGST among distinct persons under same PAN, etc.
Further, he added that the Govt should revisit the interest rate, which presently @ 18% PA on delayed payment of GST by taxpayers, is too high for MSME sector, while comparing the same when Govt gives only 6% PA on delayed refund by the GST Department.
Shri Ashok Kajaria, Former President, PHDCCI, stated that GST has been a game-changer for the industry. He said that before GST came in, the ceramics and tile manufacturers were paying taxes anywhere between 28-33 percent, depending on the state they were operating in, which is now relaxed at 18%.
Dr Mahesh Gupta, Former President, PHDCCI gave suggestions for clarity to be provided in the implementation of divergent advance rulings. Highlighting the tax neutral system of credit and debit to the taxpayer and suggested that divergent disputes between taxpayers and tax department should be avoided as far as possible He stressed that GST is known to be a ‘good and simple tax’, therefore it should remain simple.
Shri Gopal Jiwarajka, Former President, PHDCCI the provisions made for tracking – for example, tax deducted at source (TDS) and tax collected at source (TCS) – should be made in such a way that it doesn’t affect the cash flow, there should be fewer deductions or there should be a provision where once your purpose is served, the money should come back and highlighted impact of taxes colour television wherein 28% GST being applied.
Shri Rajeev Talwar, Former President, PHDCCI emphasized on the role that GST played during the pandemic. He talked about the importance of GST and said that the GST is the future in this country.
CMA P. Raju Iyer, President, The Institute of Cost Accountants of India (ICAI), shared about the courses, especially with a focus on GST, that have been introduced in the institute. He also stated that whenever the council requires support from the institution, they are ready to provide it.
CA. Rajendra Kumar P, Chairman, GST & Indirect Taxes Committee, ICAI gave details about the capacity-building programs done by the ICAI. He added that the institute plays a key role in enhancing the knowledge of officials from states like Madhya Pradesh, Odisha and Bihar and training them about the GST regime.
Shri Saurabh Sanyal, Secretary General, PHDCCI, gave the formal vote of thanks and appreciated the GST Council for undertaking a lot of decisions with regard to easing the compliances under GST. He stated that there were several reforms announced by the GST Council to combat the effect of covid pandemic is indeed laudable.
Following the inaugural ceremony, there were discussions held on issues related to GST. The topics discussed included ‘GST-Most Litigated Issues,’ ‘GST-Evolution and Challenges – Issues,’ and ‘GST-Compliance and Challenges – Issues’. The panel of eminent speakers that presided over these sessions included Shri Sanjay Mangal, Principal Commissioner, CBIC – GST Policy Wing; Shri S. Ramesh, Former Chairman, Central Board of Indirect Taxes and Customs (CBIC); Ms. Anita Rastogi, Partner, PWC; Shri Puneet Bansal, Managing Partner, NITYA Tax Associates; Shri Anupam Prakash, Commissioner, CGST, Central Excise & Customs; Shri Anshul Mathur, Partner, Lakshmi Kumaran & Sridharan; Shri Dheeraj Rastogi, Sr. Vice President, GSTN; CA. Tushar Aggarwal, Partner, TATTVAM Advisor and CA Pawan Arora, Co-Chair, PHDCCI with Shri Shailendra Kumar & R Sridhar from TIOL.
In the same session, Mr. K.P. Narayanan, Director Zoho Finance Plus, gave a presentation titled ‘5 Years of GST and the Role of Technology.’
The Seminar cum Webinar concluded with an extensive discussion of more than 6 hours with the participation of more than 400 delegates. PHDCCI’s session was supported by A2Z Taxcorp; Nitya Tax Associates; Lakshmikumaran & Sridharan attorneys; Athena Law Associates; TATTVAM Advisor; IRIS Legal; and Zoho Finance Plus.
The Event was sponsored by PHDCCI’s Annual Sponsors – Multani Pharmaceuticals Ltd; Star Wire; PG Industry; Uflex Ltd; DLF Ltd; Continental Carriers Pvt Ltd; Belair Travel & Cargo Pvt Ltd; Radico Khaitan Ltd; Jindal Steel & Power; MMG Group; Paramount Communications; Superior Industries Limited; JK Tyre & Industries Ltd; SMC Investments and Advisors Ltd; Crystal Crop Protection Ltd; Sagar Group of Industries; Samsung India Electronics; Comtech Interio; R E Rogers; AYUSH Herbs Private Ltd; Apeejay Stya Group; DCM Shriram; EaseMyTrip; Blossom Kochhar Beauty Products Pvt Ltd; Oswal Greentech; Trident Group; MV Cotspin Ltd; Synergy Environics Ltd; Ajit Industries Pvt Ltd; P S BEDI & Co.; Indian Farmer &Fertilizers Corporation Ltd; Jindal Steel; Hindware Sanitary; Modern Automobiles; Livit Ltd; Central Coalfields Ltd ; Axa Parenterals; Bhagwati Plastic and Pipes Industries; J K Insurance Brokers Ltd; DD Pharmaceutical Ltd.
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Warm Regards,
Media Division
PHD Chamber of Commerce and Industry