LUDHIANA: PHD Chamber of Commerce and Industry organized a Seminar on Recent Developments and Burning Issues under GST on 6th May 2022 at CICU, Ludhiana to update the trade, industry and professionals on the recent developments in GST and address the issues & concerns of the Industry members.
CA Vishal Garg, Co-Convenor, Taxation Sub-Committee, Punjab State Chapter, PHDCCI & Former Chairman, NIRC of ICAI welcomed all the distinguished speakers and participants. While moderating the session, he stated that GST is India's most revolutionary and far-reaching tax reform. Any changes to the GST regime will undoubtedly have a significant impact on the industry, which caters to both the domestic and international markets.
Mr. Pankaj Sharma, General Secretary, CICU while briefing CICU's activities, extended the welcome remarks mentioned that GST has long been a contentious topic in the industry. Some of the key suggestions he made included simplifying procedures for filing GST returns, streamlining risky exporter files stuck at lower levels in the system, appointing a nodal officer, forming a mechanism for timely GST refunds, outsourcing manpower from the Industry to the GST department to speed up processes and strict monitoring of the fake billing process.
Chief Guest, Sh. Vikas Kumar, IRS, Principal Commissioner, CGST Commissionerate, Ludhiana while applauding PHD Chamber-CICU for arranging the seminar encouraged the participants to adopt e-invoicing process, verify the sellers profile and restrict from fake invoicing. He assured the Industry representatives of complete support from the Government and asked them to submit their concerns in a detailed and documented fashion so that they could be addressed quickly.
Adv. Pawan K Pahwa Partner, Convenor, Taxation Sub-Committee, Punjab State Chapter, PHDCCI highlighted pertinent issues faced by the Industry at large such as lack of clarity on contradictory rulings by the Hon’ble Courts in GST laws, unequal contractual privity between foreign and Indian banks when it comes to paying GST, absence of Governing Tribunal, Credit block and Credit reversal issues.
CMA Anil Sharma, Regional Council member, NIRC of ICAI presented a well-organized presentation on recent GST developments, including technicalities of important Sections like Section 16, 29, 38, and the deletion of Sections 42, 43, and 43- A.
Tally Software was displayed in action by Mr. Rakesh Sharma, Business Manager, Tally Solutions Pvt. Ltd with a live demonstration of how to generate e-invoicing and file GST returns quickly and easily without having to use user credentials repeatedly.
CA Vishal Garg while concluding thanked the Chief Guest and all of the eminent speakers for giving time to share information on such a vital issue, revealing the difficulties faced by industry and providing potential solutions.
Around 70 participants including Entrepreneurs, Exporters / Importers, Industrial Association Office Bearers, Manufacturers/Traders, Senior Management Personnel attended and benefited from the programme.