Chandigarh Management Association organized a Panel Discussion on Goods and Services Tax at Panjab University, Chandigarh. Dr. P.K.Vasudeva, Past President, CMA, Uma Kant Mehta, Chartered Accountant and Dr. S.K.Chaddha, Head Management Development Centre, MGI were the panelist on the occasion. Dr. Aneet Bedi, President, CMA presided over the event. Discussion was initiated with the details of Indirect taxes (Central taxes, State/ Local Taxes). Then information about GST and its impact on various sectors like on Manufacturing sector, Services Sector, etc. was given .It was informed that GST replaces all indirect taxes on goods and services by Indian Central Government and State Government.thus making the country a national market and contribute significantly to the growth of the economy and bring down the overall cost of goods. This is indeed the biggest reform in the field of taxes in the country. Additionally, GST will bring in much needed transparency and higher investments in the coming years.
Then it was discussed that while the process of implementation of GST unfolds in the coming months, it is important for industry to understand the impact and opportunities offered by this reform. GST will affect all industries, irrespective of the sector.
It will impact the entire value chain of operations, namely procurement, manufacturing, distribution, warehousing, sales and pricing. It will also trigger the need to relook at internal organization and IT systems. GST is being followed by 163 countries and in India it is the biggest tax reform after independence as it will change the way of doing business.Concluding the program Dr. Aneet Bedi. President, CMA, said that The general outcome of discussion was that the proposed tax may have growth promoting as well as growth retarding effects and also there are still some unexplored areas which will be clear only when the tax is implemented. She further added that the idea of GST was mooted by the Atal Bihari Vajpayee government in the year 2000. It took roughly 16 years for GST Bill to be passed in Parliament and it reflects on the functioning of democracy in the country.Many industrialists, professionals, academicians including J.S.Bedi, Chairman, Gian Jyoti Group, Dr. Suresh Chadha, Chairman, Panjab University, Chandigarh, students of various institutes and CMA members were present on the occasion.