The second episode of Fintalk organised by Finesse – The Finance Club of IMNU took place on 28th July, 2017. The subject of this edition of Fintalk was “Post GST implications“. The talk was delivered by CA PRIYAM SHAH. He is a qualified CA from The Institute of Charted Accountants of India (ICAI). He is also the member of Western India Regional Council of The Institute of Charted Accountants of India (ICAI).
The talk started with the basics of the Goods and Services Tax (GST) which included clarifications on subsuming of various taxes and cesses into GST and its exceptions (The Customs Act). He also explained the definitions and the related provisions of the CGST ACT, 2017. The talk focussed on the technicalities of the act and its implications on the Indian market as a whole. The extensive knowledge of the speaker on the subject gave students an opportunity to explore various dimensions of this huge indirect tax reform.
CA Shah extensively discussed about the Reverse Charge concept of tax payment as well as the corollary of Unregistered Dealers (URD) payments. Certain basic information like the Format of GSTN 16-digit registration number was explained and its specifications on how it reveals certain details of the registered entity was also explained. All the elements regarding the sale-purchase synchronisation of GSTN for claiming of tax credits were extensively discussed.
The closing part of the talk mainly consisted details of the GST returns to be filed and the provisions for the same. A short Q&A session followed this talk where the speaker addressed questions asked by students. Therein, he rightfully justified his support to this tax reform. He emphasized the point of a need of increase in the tax net and how it will be achieved by GST. This talk surely answered many asked as well as unasked questions from the perspective of an expert.
This article is contributed by Rohit Bhatt –
Media Committee, IMNU.
Picture Courtesy : Pratikriti – The Photography Club