Mysuru: The proposed Goods and Service Tax reform will be a game changing for the Indian economy, said B V Ravi, Additional Commissioner of Commercial Taxes (HQ-1), Bengaluru.
Delivering the key note address during a special lecture series on the topic “GST issues- Basics, Latest law position, Developments in GST Council etc.,” organised by the Department of Commerce and Management of Vidyavardhaka First Grade College here on Monday, he lauded the college for taking up interest towards creating awareness among students who are the leaders of progress tomorrow. “I have seen many such awareness programmes organised in various industries but not much in educational institutions. It’s really a good initiative on part of the institutions to take up relevant topics. Teaching must be based on students’ needs. When many of the educational institutions are yet to impart knowledge of GST to students, Vidyavardhaka College has proven its mettle by organising this event. Budding students of today are the citizens of tomorrow.”
“Subsuming of 17 taxes reduces tax burden on producers and it fosters growth through more productions. Various tax barriers such as check posts, toll plazas are leading to a lot of wastage of perishable items under transport and a loss to the tune of major costs by creating higher needs of buffer stocks and warehousing stocks. This will be thing of the past. There will be a free and fast movement of goods as there will be no multiple checks. A single taxation system under GST could eliminate this roadblock for them. GST would add to government revenues by widening the tax base and also provides credits for the taxes paid by producers earlier in the goods and services chain. The proposed GST regime will subsume most central and state level taxes. It is expected to have a single unified list of concession and exemptions as against the current mammoth list of exemptions and concessions available across the goods and services sector. GST is also going to impact cash flow, profitability and tax compliance. As far as Karnataka is concerned, preparedness is more satisfying. The CTD has trained all their officers with regard to model GST Law and is training them with regard to migration and enrollment” added Ravi. D P Prakash, Deputy Commissioner of Commercial Taxes (Audit) Bengaluru also spoke on the subject.
Vishwanath, Secretary of Vidyvardhaka Sangha, M Shivalinge Gowda, Principal of Vidyavardhaka First Grade College and H K Shivaram, HOD of Commerce and Management Department were also present. Students of the college, especially commerce and MBA students took part in large numbers.
