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PIA in association with Central Excise Department organised a Seminar on GST Migration with Chief Commissioner of Central Excise and Commissioner of Service Tax ,today the 28th March 2017 at 3:00pm at Peenya Trade Centre.
PIA’s yet another initiative to help its member understand the GST bill was welcomed very well. PIA had invited the chief commissioner of central exercise Mr G.Narayanaswamy and commissioner of service tax Mr Vivek Prasad to give a brief on the GST bill to its members so that it is easy for them to understand and inculcate the same in their business.
The guest covered a brief analysis on the GST Law including its draft rules and formats, rate structure, tax credit mechanism. It also covered likely GST Impact on Business including purchase of agricultural produce and semi-processed food, procurement of capital goods, supply of food, aerated drinks and bakery products and 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 guests elaborated about how the GST bill works and its advantages for the business. They spoke about 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, in turn how the revenue will increase.
PIA’s initiative was aimed at helping its members keep pace with the changes. PIA is always committed to serve as platforms to provide knowledge on key areas, engage, and exchange ideas and network with the industry leaders.
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