Tuesday, 11 July 2017

Ludhiana Management Association organized a seminar on Implications of GST

CA Aditya Kumar addressing the gathering during seminar on Implications of GST by LMA
CA Aditya Kumar addressing the gathering during seminar on Implications of GST by LMA
Ludhiana, July 11, 2017 (Online News Ludhiana): Ludhiana Management Association organized a seminar on “Implications of GST (Goods and Services Tax)” to discuss practical issues faced by the industry, conducted by Aditya Kumar, Chartered Accountant and Head, Indirect Taxation, Ashwani and Associates renowned taxation consultants.

He initiated by highlighting the salient features of GST, why GST is necessary for India? And the dual nature of GST. He focused on the implicational issues being faced by the industry and provided resolution to some frequently asked questions by the people associated with business, trade, and industry. He elaborated its overall effect due to multiplicity of taxes, and their non-creditable nature would be replaced by a single taxation system. He told about the role of GST in improving the image of India as an attractive destination for ease of doing business and the future road ahead. He also deliberated on the international aspects of GST. Speaking on the advantages of GST, he said, the introduction of such a bill will lead to many benefits like widening of tax base, transparency, easy administration, reduction in the tax burden etc. Participants sought clarifications in the interactive question answer session.

Dr KNS Kang, President, LMA while delivering presidential comments appreciated the efforts of Govt. of India to finally to implement GST as one country one tax which will go a long way in better tax compliance, widening tax base, decrease tax evasion, and increase in national GDP. Initially there may be some confusion and problems in understanding the complexities and in filing returns, but the country has large poll of tax consultants and advisers to sort out the problems.

The seminar was attended by large number of entrepreneurs, professionals, and Senior Executives.
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