BHUBANESWAR, SEPTEMBER 27, 2015: The Finance Ministry in working strategically to roll out Goods and Service Tax (GST) in Odisha, said Chief Secretary GC Pati while addressing a symposium on GST, organized by Institute of Company Secretaries of India (ICSI) here on Saturday.
The Centre and States need to agree for rolling out reforms in indirect Taxes, said Pati adding that there will be improvement in tax revenue after rolling out of GST.
“Full benefits of indirect taxes can be accrued by GST. The advantages of GST will strengthen the federal mechanism in the Country and substantially reduce the cost of compliance and Tax evasion will go down”, Pati stated.
Biswajit Das, Advocate, Supreme Court of India elaborated the benefits after implementation of GST.
Stating that GST is all set to integrate State economies and boost overall growth, Mamta Binani, Vice President, ICSI said, “The introduction of GST at the Central level will not only include comprehensively more indirect Central taxes and integrate goods and services taxes for the purpose of set-off relief, but may also lead to revenue gain for the Central through widening of the dealer base by capturing value addition in the distributive trade and increased compliance.”
The symposium was divided into three technical sessions wherein Niten Chandra, Commissioner of Commercial Taxes, Odisha; TB Chatterjee, Chairperson, Indirect Taxes Committee, The Bengal Chamber of Commerce and Industry and Chief Corporate Officer, Legal and Corporate Affairs, DIC India Ltd, AK Patnaik, Deputy Commissioner (Retd.), Central Excise, Customs and Service Tax, Bhubaneswar, Pawan Dubey, Partner, Lex Bolster Global LLP, New Delhi, JB Das, Practicing Company Secretary, Bhubaneswar spoke on the subject “GST Framework, Implementation Challenges – Transactions under GST, Challenges In GST With Regard To Inter-State Movement Of Goods And Services
A large number of professional across the Country attended the National Symposium.
