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Calcutta Chamber of Commerce hosts Talk Session: Maestro’s of Taxation Policies deliberating on current Indian Scenario with advent of GST
14th June’2017, Kolkata: India is pacing fast towards development and the year 2017 is going to witness a major reform with the introduction of the new taxation policy GST, in approaching few days. Hence the President of Calcutta Chamber of Commerce Mr. Dinesh Jain took this opportunity to curate a Talk Session with the pundits in the concerned sphere: Shri S.K.Panda, IRS Chief Commissioner of Service Tax, Kolkata Zone, Shri Kaushik Chakrabarty, Deputy Commissioner of Commercial Taxes, West Bengal and Shri Sushil Kumar Goyal, CA Vice Chairman, Indirect Tax Committee, ICAI themselves, propagating knowledge on the agenda of ‘GOODS AND SERVICE TAX or GST’. Also present at the session were State’s top business leaders, leaders of civil society and senior members of the diplomatic core whose presence added special meaning to this occasion.
As a Classic Entrepreneur and a leader with over 35 years of experience in Financial Market Mr. Dinesh Jain said, “The Calcutta Chamber of Commerce is the vanguard of development in trade and commerce serving since 186 years. Through our programs we enable groups of academicians, professionals, bureaucrats, statesmen and businessmen to indulge in a regular practice of exchanging thoughts and ideas involving current socio-economic & political scenarios. India is moving towards introducing a Goods and Services Tax (GST). The GST would be a multistage comprehensive value added tax (VAT) encompassing both goods and services. Given the federal structure of India and the fact that taxation powers have been constitutionally assigned to different governments, the introduction of a GST will be a major indirect tax reform since Independence. Both the federal and state governments will have concurrent taxation rights at every stage of production and distribution.”
Taking forward the session Shri S.K.Panda, IRS Chief Commissioner of Service Tax, Kolkata Zone expressed his gratitude for the honor bestowed upon him by the Calcutta Chamber of Commerce and said, “In the present indirect tax system, tax cascading is arising due to definitional differences between goods and services and that of production (manufacturing) and distribution (trade) and differences in taxation power between Centre and State Governments. There is no harmonization in tax rules, rates and regulations across states, resulting in substantial transaction costs for businesses. It is expected that the introduction of a GST will remove these structural rigidities and provide continuity of input tax credit chains.” Adding to this Shri Kaushik Chakrabarty, Deputy Commissioner of Commercial Taxes, West Bengal said, “Further, GST will broaden the tax base, and result in better tax compliance due to a robust IT infrastructure. Due to the seamless transfer of input tax credit from one stage to another in the chain of value addition, there is an in-built mechanism in the design of GST that would incentivize tax compliance by traders.” Meanwhile, Shri Sushil Kumar Goyal, CA Vice Chairman, Indirect Tax Committee, ICAI harped his views on the importance of GST and its structure of implementation saying, “If international experience is anything to go by, it is unlikely that a faultless GST will be designed and rolled out in India as a single event. But some structural faults could easily be addressed and rectified. Given the diversity involved in design and administration, an Indian GST will be unique. How successful it is in terms of compliance and revenue mobilization will largely depend on the provision of incentives for tax invoice based transactions and the simplification of tax administration.”
ABOUT MR. DINESH JAIN (President of Calcutta Chamber of Commerce):
Mr. Dinesh K Jain, President of Calcutta Chamber of Commerce & MD of AUM Capital Market (P) Ltd. – is a Classic Entrepreneur and a leader with over 35 years of experience in Financial Market. He has led many successful businesses in financial space. He is also a social activist, a writer and a poet. A commerce graduate from Calcutta University, he has a list of degrees adorning his name, starting from FCA, ACS, ACMA, IFRS, M. Com., MA, to LLB, CFP, MBA and DHR. He has been conferred with the prestigious Swami Vivekanad Award for Excellence in Education in 2017 and 2013 Bharat Nirman Award for his contribution to the society.
ABOUT CALCUTTA CHAMBER OF COMMERCE:
In 1830 some traders and craftsmen of Calcutta organized themselves to form the Calcutta Trades Association which was a new kind of commercial organization, the first of its kind, not only in the country, but also in the far East. The Calcutta Trade Association was born thereafter, from realization of a handful of businessmen with certain interests and objectives in common
