[vc_row][vc_column][vc_column_text]PIA in association with Central Excise Department organized a Seminar on GST Migration with Chief Commissioner of Central Excise and Commissioner of Service Tax on March 28 at Peenya Trade Centre.
Sri G..Narayanaswamy, Chief Commissioner of Central Excise and Sri Vivek Prasad, Commissioner of Service Tax presented a brief on the forthcoming Goods & Services Tax (GST) in an easy-to-understand format for the benefit of the Member-Industries.
The analysis on GST covered the salient features of the Draft GST Bill including the rules and formats, rate structure, tax credit mechanism. It also threw light on the impact on Business including purchase of agricultural produce and semi-processed food, procurement of capital goods, supply of food, aerated drinks and bakery products, redemption of vouchers/ credit coupons/ gift coupons/ reward points, etc. Further, the challenges that industry may face during its transition and implementation were also highlighted.
The tax officials also elaborated on how the GST bill works and its advantages for the business, touching upon how Excise, Custom, VAT, Service Tax and Entry Tax will merge into Central GST and State GST, leading to simplicity in compliance. They explained how GST will be collected on the basis of ultimate consumption, not of production base, and in turn how the revenue will increase.
Summing up, PIA President Sri R. Krishnamurthy, said “PIA’s initiative was aimed at helping its Members keep pace with the changes and PIA was always committed to serve as a platform to provide latest knowledge on key areas, engage, and exchange ideas and network with the industry leaders.”
Office Bearers, PPs, Managing Council Members, Special Invitees and entrepreneurs from Peenya Industrial Area and surrounding Industrial Estates took part in the meeting.[/vc_column_text][/vc_column][/vc_row]
