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GST (Goods & Service Tax)

JIMS organised a Guest Lecture Series on Goods and Service Tax for PGDM-Retail Management students, both first and second year. The session was conducted by Mr. Harish Taneja who is a Corporate Trainer and has been conducting several sessions at various platforms.

Session I in the series was on the overview of GST which was organised on 9th August,2017. The Government of India with its vision of creating simplicity in the taxation regime decided to merge more than 16 indirect taxes in to one tax that is “Goods and Service Tax”. Since Independence it is the biggest tax reform which has come in to force from 1st of July, 2017. With the implementation of Goods and Service Tax “GST” the Government of India seeks to remove multiple point of taxation by creating “one nation one tax one market”. It provides for seamless transfer of input tax credit. It is a win-win situation for all, be it a customer, a trader/service provider, a manufacturer.  All in all GST is a great step towards growth of Indian Economy.

The Session II was organised on 16th August,2017 to discuss Transitional provisions & Input Tax Credit with respect to Retail Sector.The roll out of Goods and Service Tax on 1st July, 2017 has transformed the Indian economy from multiple, multi-point indirect taxation to the single point indirect tax regime.  It dismantles the inter-state tax barriers and creates one market across the length and breadth in India. The new levy will replace several central taxes, including Excise Duty, CVD, SAD, Service Tax and State level taxes like VAT, Purchase Tax , Octroi and various cess. So another big question comes in mind how to deal with existing stock and existing taxes already paid on stock.GST council have made various rules and regulations relating Input tax credit treatment in transition from old regime to new GST regime. 

Session III was organised on 23rd August,2017 to discuss his  insights on Registration & Exemptions with respect to Retail Industry and E-Commerce.“E-commerce industry has already crossed  Rs.2 Lakh Crores in online revenue and is expected to further cross a $ 100 billion  mark by the year 2020. Seeing such a huge avenue of generating tax , the govt. has made it mandatory for all the e-commerce operator to get registered in GST , irrespective of turnover. E-Commerce operators are not allowed to take benefit of composition scheme and are liable to collect tax and deposit the same with government.
Although being at initial stage in GST, ecommerce operator may not have much luxury related to time. So they need to be proactive as far as all preparations related to GST implementation on their platform. “
During all the three sessions, students were inquisitive to raise queries. The discussions during the sessions were fruitful and all the students enthusiastically attended the guest lecture series.