Goods and Services Tax (GST) was one of the biggest tax reforms we were undertaking after independence, said Additional Commissioner, Ministry of Finance, Department of Revenue, Government of India, K Balamurugan.
Speaking during a session on ‘Goods and Service Act (GST)’, organised by the Confederation of Indian Industry (CII) in association with Forum of Free Enterprise (FFE) and the Institute of Company Secretaries of India (ICSI), Mysuru, on Thursday, he said, “The much criticised GST bill is all is set for implementation. It is one of biggest tax reforms we are undertaking after independence. Once it is implemented, which is expected to be from April next year, states will be getting same revenue what they are getting now. It is a hugely beneficial reform which will cut both transaction costs and double taxation,” he said.
“The proposed GST will not have any problem for those who are paying tax sincerely and honestly but it will have effect on those who are not paying tax properly. The main reason behind coming up with GST is to encourage better tax compliant. Almost everything will be same but we will be changing nomenclature. The processes are going to be the same only thing the way we are doing the process will be different,” he added.
Balamurugan pointed that once GST was implemented, filing returns will be hassle free. Everything will happen at the click of a button. For GST, industries should be well equipped with IT infrastructure.
Additional Commissioner, Commercial Taxes, Government of Karnataka, K V Satya Prakash said, “Whoever is having VAT will automatically get migrated to GST. Under GST, filing of returns will be online and one can file it through their credit cards as well. Creating awareness about GST is need of the hour, the awareness and training for not only staffs but also for stakeholders is equally important,” he said.
Chairman, CII, Mysuru, Dr N Muthukumar observed that the manufacturing sector was expected to be a huge beneficiary of GST as the economic system will become more competitive. The supply chain will become faster, seamless and more efficient due to uninterrupted movement of goods across the country. GST, once implemented will lead to a simplified, assessee-friendly tax system making the country a national market and contributing significantly to the growth of the economy, he added.
Joint Commissioner, Commercial Taxes, Government of Karnataka, Ravi Prasad and Chairman, ICSI, Mysuru, MC Bhansali were present.