ICFAI Conducts Seminar on GST

GST is the new education. A two day seminar organized by ICFAI concluded on June 17th and 18th this year.

Justice Challa Kodandaram the Chief Guest of the valedictory session  of the Two Day Seminar on GST: A Way forward organized by ICFAI Centre for Tax Policy said “The concept of GST which is ceded in 2000 is now passing it’s teenage and shortly going to be a major and ready for implementation. The first statement of the then Finance Minister in his budget speech of 2006, has taken its  full shape in the hands of present Government and ready  to go for roll out on 1st July, 2017.” 

Justice Kodandaram further said the enactment of GST and its implementation is a major step in financial reforms in general and tax front in specific. It is expected to trigger economic growth on one side and lowering the inflation on the other side. Economists have greater expectations from the new Law as it is going to subsume many existing Laws in the indirect tax front. It is believed that a new regime will be coming up which will be reducing revenue deficits by increasing tax bases and tax collections. The GST Law is a comprehensive and drafted after taking in to account various suggestions and opinions of various stakeholders of the GST. It is to avoid cascading effects of various taxes and confusions prevailing under the existing indirect tax laws.  He suggested the audience to raise the voice and bring to the notice of the officers whenever there are issues in implementing of the GST and resolve issues to common man.

Guest of Honor Mr Devendra Surana, President FICCI, Telangana,  while addressing the gathering said the FICCI is ready to take the implementation of GST and all its constituent Units are preparing for the GST migration for last 2 months. He further said there may be some teething problems and they can be resolved during the progress of the implementation of the GST. He has congratulated the ICFAI Center for Tax Policy for undertaking such awareness programs. The Government and the administrative officers of the tax are working together to rollout the GST.

The Vice Chancellor of the ICFAI University, Hyderabad Dr.J.Mahender Reddy, while welcoming the gathering said that ICFAI University has constituted the ICFAI Center for Tax Policy with an object to organize many events which are socially relevant and educative to the public.

Prof A V Narsimha Rao, Dean, ICFAI Law School has tendered vote of thanks and ICFAI Society Chair Person Smt Sobha Rani Yasaswy participated.  Nearly 500 persons from all sections of Business and industry attended as delegates.