Harindra singh/Dainik india news
On the occasion of the 5th anniversary of Goods and Services Tax (GST), Confederation of Indian industry (CII) organized an interactive session “GST – 5-year journey of tax transformation and the way forward” with the senior GST officials and the industry representatives.
During the session, various suggestions were put forward by the members of CII to make the GST structure simpler and more convenient for the industry and other GST taxpayers.
Speaking on the occasion, Sri Chandra Narayan Mishra, IRS and Joint Commissioner Central Goods and Services Tax (CGST) mentioned that currently the total number of registered GST taxpayers across the country is more than 1.35 crores including IST, NRI taxpayers, composite etc. and out of this, 17 lakhs are from the state of Uttar Pradesh. He stated that rationalizing the manner of utilizing GST credit has been facilitated over the years. Also the merger of several taxes into one has strengthened and streamlined the taxation structure in the country. He shared that the introduction of e-invoicing would further eradicate tax theft loopholes.
Speaking on the occasion, Mr Manoj Gupta, Past Chairman, CII UP and Managing Director, MKU Limited, mentioned that the Confederation of Indian Industry (CII) has taken up a range of initiatives to encourage the industry to be proactive in managing GST compliance by organising various training programmes not just in the state but across the country. The objective of such initiatives has been to make industry aware and understand the importance of GST and opportunities offered by this piece of legislation. He also mentioned that GST has been a great revolution for medium and large-scale businesses in the country.
He further said that the rating of tax-payer could be brought back since it will help genuine buyers in dealing with the tax complaint sellers and choosing accordingly.
Presenting the industry perspective, Mr Rajata Mehra, Managing Partner, Rajat Chemical Industries mentioned the areas of further development and improvisation such as including more articles in the preview of GST such as petroleum products. He also mentioned that it is important for GST collection rate to continue grow post 5 years of completion.
Setting the context of the session, Mr Shashank Mittal, Chartered Accountant, Seth & Associates said that we must relook to rationalize the difference in the e-way bill provisions across the states to make them uniform and enable compliance by companies having multi- state presence.
The virtual session was attended by the industry representatives and witnessed the discussion and deliberation in terms of suggestions and challenges faced by the industry.
