Excelsior Correspondent
JAMMU, Feb 21: Institute of Management Sciences (IMS) organized an extension lecture on Goods and Services Tax (GST) in the campus today for the students of MBA and BBA, Department of Management Studies.
Prof S K Gupta, Dean Academic of the Institute was the resource person. He said that GST is one of the major revolutionary tax reforms in the country after independence. Under this tax system, existing in developed countries such as France, UK and Canada etc, the tax payers in India will pay a consolidated tax instead of the plethora of indirect taxes such as VAT, Central Excise, Services tax, Entry Tax or Octroi, Central surcharge & cess, luxury tax, entertainment tax and a few other indirect taxes.
Prof Gupta said that GST is payable at the final point of consumption on the prices of goods and services, termed as “Transaction value”. This transaction value or actual paid price, while buying the goods or service includes packaging cost, commission and all other expenses incurred for the sales.
He further explained that prior to implementation of GST, for example, entrepreneurs having business interests in different States, would have to deal with different tax rates in Value Added Tax(VAT) paid by them. However, while filing for GST, they have to execute only two types of registration, one for State-GST and another for Central-GST. Also with GST all States in India l have the same tax rate, which will bring down the logistics costs for making business. Thus at this juncture, the Indian startup community stands to gain considerably from the implementation of GST in the days to come.
He also discussed a number of other advantages of GST like removal of cascading effect i.e. tax on tax and uniform price all over the country. He also opined that it will result in the generation of employment opportunities.
He concluded the discussion by saying that with GST life will get simpler as GST has replaced a number of indirect taxes. In addition revenue will get a boost for the overall growth of the country. All the students, faculty members participated in the programme. Dr Nitin S Sikarwar, Director and Prof J R Dhotra also spoke on the occasion.
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