Goods and Services Tax in India
The Guest Lecture held on 10th August 2016 at 2.30 pm at the DY Patil Deemed to be University, School of Management, CBD Belapur on Goods and Services Tax bill in India by Mr. Dhiren H.Prajapati Vice Chairman –AECCI. Students from various streams have attended the lecture like from Finance, HR, Aviation, Logistics, Banking and Insurance.
Goods and Services Tax bill, has been the biggest reform in India’s indirect tax structure since the economy began to be opened up 25 years ago, is all set to become reality. As management studentsthis session help us update information aboutGST billand how it will affect the country.
Mr.Prajapati firstly discussed about the tax structure in India and how the tax is received by state government and central government then he gave us details about the Interstate GST (IGST), the Central GST (CGST) and StateGST (SGST).
Then he explain the difference between present tax system and the GST system and what is the change occurs in the country.
The positive aspects like which would accompany GST are:
The main reason to implement GST to avoid the cascading effect on tax.
GST will lead a more transparent and neutral manner to raise the revenue.
Negative aspects like which would accompany GST are:
GST is being referred as single taxation system but in reality it is a dual tax in which state and central both collects separate tax on a single transaction of sale and service.
The services will become more expensive due to GST.
It was indeed a very interesting session to attend.