Goods and Service Tax (GST)
An interactive session on Goods and Service Tax (GST) was organized by School of Management, RK University for the students and faculty members of RKU to sensitize about revolutionary new reform of the Indian Economy. All details regarding GST were discussed by two experts both of whom were Chartered Accountants from Ahmedabad.
Experts elaborated on what is GST and how it is placed in the tax structure in India, with reference to Direct and Indirect Taxes. He also explained how GST will bring change in tax regime in India and bring a fundamental change in tax structure in India. There were discussion about constitutional amendments and legal part of implementing GST.
Interesting discussion happened about the need of creating IT Structure to implement GST, unlike previous taxes which were not fully based on IT Platform, and this is the reason how this is going to change the way government has been collecting taxes and people/businesses are paying taxes.
The talk also mentioned how it will change prices of products, and overall tax liabilities of business and its impact on overall economy, businesses and individuals.
Expert made students do some numericals also after explaining them CGST (Central Goods and Service Tax), SGST (State Goods and Service Tax) and IGST(Integrated Goods and Service Tax)
Mr. Haresh Kothari is a Fellow Member of The Institute of Chartered Accountants of India and M.Com, B.Com, LL.B. & Ph.D. Scholar. He is a professional CA and academician with total work experience of more than 27 years in Academics, Industry and CA Practice.
Mr. Dilip Jodhani is a Fellow Member of The Institute of Chartered Accountants of India and B.Com. from Gujarat University. He is holding certificate of practice since January, 2002 and practicing since then. He is also a DISA & DIRM qualified member of ICAI.
All students and faculty member of School of Management participated in this GST Seminar and had interesting Q&A with both experts.