FINER organises semir on goods and services tax

GUWAHATI, Feb 22: Ministry of MSME - DI, Government of India in association with the Federation of Industry & Commerce of North Eastern Region (FINER) organised a semir on Goods and Services Tax (GST), on Wednesday at the Nedfi Convention Center in Guwahati.

The main objective of the semir is to enlighten the participants on the implementation and application of Goods and Service Tax (GST) as well its impact to business sectors in the Country. The main topic of the Semir was Procedural Aspect of GST, Transitiol Provisions, Migration and Regularization of Registration and Returns and Tax Payments.

Speaking as chief guest, Ravi Capoor, IAS, Additiol Chief Secretary, Industries & Commerce, Government of Assam, urged the industry associations in the state to make people in the districts and villages aware of GST, which he said was an all-encompassing tax aimed at simplifying the structure as against the current multiplicity of taxes.

“The GST is one of the most challenging reforms across the globe. Once the system is in place, as citizens, we will begin to see its benefits which will be at the expense of people who are not paying tax,” Capoor said.

“Globally, we have seen some turbulence during its implementation but it has been seen that the tiol GDP goes up by 1.7 to 2 per cent following introduction of the GST.  The process will take time—at least one and half year to normalize,” he said.

Capoor also urged industry chambers and the MSME department to engage master trainers so that traders in the last block are aware of GST and its procedures. “The outreach has to be done with the help of the industry,” he said.

He also said there would be issues in regard to excise duty exemptions. “But in regard to VAT, the state government will have to see that a separate fund is created so that we can move to a refund mode from exemption mode,” Capoor said.

Earlier, FINER president Pabitra Buragohain welcomed the dignitaries and guests to the semir. Terming GST as a path-breaking reform, guest of honour, Anurag Goel, IAS, Commissioner, Taxes, Government. of Assam, said it was pertinent for dealers to activate their GST accounts by March 15 in order to be registered under the regime on time. This was stated in a press release.