Newdelhi/Nagpur: The Institute of Chartered Accountants of India (ICAI) through its Indirect Taxes Committee is organizing a Two day “National Conference on GST & Indirect Taxes” on June 5th&6th, 2015 at NDMC Convention Centre, New Delhi.
The conference was inaugurated today by Sh. K M Mani, Chairman, Empowered Committee of State Finance Ministers on GST along with CA. Manoj Fadnis, President ICAI and CA. M. Devaraja Reddy, Vice- President, ICAI.
Sh. K. M Mani explained that GST is a means of achieving simple indirect tax structure which will transform India into a single common market. He said that having gone through the process of moving from disjointed Sales tax regime to much better form of taxation i.e. Value Added Tax, GST is the next step to make the indirect tax system much more smooth and non-cascading. He elaborated that GST will enable voluntary tax compliance, facilitate simple and transparent tax administration, reduce scope for ethical hazard as well as tax load on the ultimate customer.
He also lauded the efforts undertaken by ICAI for creating awareness regarding GST by organizing programmes& seminars, releasing publications, webcasts & providing technical inputs etc. He acknowledged the various initiatives taken by ICAI towards being a partner in nation building.
Mr. Mani said that “During 64 years of its existence, ICAI has achieved recognition as a premier accounting body not only in the country but also globally, for its contribution in the fields of education, professional development, maintenance of high accounting, auditing and ethical standards.”
CA. Manoj Fadnis, President, ICAI highlighted the importance of indirect taxes in the Indian economy. He emphasized the importance of introducing Goods and Service Tax (GST) in India as it will increase the GDP of the country, broaden the tax base of economy, reduce litigation and streamline the current tax structure. He assured Mr. Mani of ICAI’s unstinted support in introduction of this landmark reform of GST and its smooth implementation.
CA. M. Devaraja Reddy,Vice-President, ICAI highlighted the importance and feature of GST stated the impact on indirect taxes with the introduction of taxation of services based on the negative list from the year 2012 with a view to rationalize the complex service tax law and to augment revenues by increasing the tax base as also reduce litigation. He asked all the participants to gear up for GST as it would change the whole tax landscape of the country.
During the conference, a GST wheel, an innovative initiative of ICAI was launched by Shri K. M. Mani. GST wheel is a compilation of various professional opportunities which the new era of GST would bring for its members. The various new professional avenues have been classified under different heads like Network Support and Infrastructure, Accounting and Taxation Services, Compliance Requirements etc. as different spokes of a wheel.
CA. Atul Gupta, Chairman, Indirect Taxes Committee threw light on the key role played by the indirect taxes in contributing to the governments revenue. He advised the participants to be abreast with latest developments in the Indirect Taxes field and elaborated as to how GST can offer them new professional opportunities.
The conference is being attended by more than 350 participants. The event will give the members an opportunity to upgrade their professional knowledge and give them a insight into the contemporary issues on Indirect Taxes.
The topics being covered in the conference are Introduction to GST, 122nd Constitutional Amendment Bill, 2014, Reverse charge mechanism, Place of Supply Rules and international study, CENVAT Credit Rules, FTP and works contract provisions under Service Tax and VAT.
ICAI is constantly making endeavors to contribute towards Nation Building and foster enriching relationship with its members, government and public at large. The ICAI is making all efforts to make this conference an enthralling and professionally enriching experience for its members.