Awareness Seminar on Implementation of Goods & Service Tax (GST) ACT & Impact on Industries

Ludhiana, April 23, 2017: Sh.Avtar Singh, President, Chamber of Industrial and Commercial Undertakings (CICU) while welcoming the Guest Faculties, Dignitaries and members of the Chamber informed the purpose of organizing this seminar for the benefit of the Industry. He said that time is very short as the Government of India is implementing GST from 1st July’ 2017. He further said that there is a need to get the information and inputs about its implementations.

Sh.Upkar Singh Ahuja, General Secretary said that there is widespread consensus in economic and business circles that implementation of the GST would be transformative for the Indian economy in its pursuit of rapid growth. He further said that implementation of GST will replace whole host existing taxes, duties, customs, excises, and surcharges, all of which vary from State to State. He also welcomed the step for implementation of the GST for Goods as well as for the service provided.

The presentations were made by Mr. R.K. Hasija Advocate Punjab & Haryana High Court and Chief Advisor at GST Experts Attorney & Consultants and Mr. S.J Singh Ex-Commissioner Central Excise & Service Tax Chandigarh. They explained at length and breadth the importance and implications of Goods & Service Tax (GST). It was informed that submission of the Tax has been fixed on 20th of the next month. They also informed about the Input Tax Credit (ITC). They stressed that payment to the supplier has to be made within 180 days otherwise they cannot get the credit facilities.

They explained the registration procedure and informed that who so ever is making turnover of minimum Rs. 20 Lakh has to get the registration. The Turnover is not the criteria for the persons making interstate supply and compulsory registration is made.

Sh. S.C Rehlan President FIEO informed about the effect of the GST implementation in Export and appreciated the efforts of the Chamber for making the members aware. Sh. Rohit Chawla, Business Manager from Tally Solutions Pvt. Ltd. informed for the development of ERP-9 for GST and also said that need of the hour to install the Tally System. Sh. Amarjit Singh, Director, Frontier Softech also spoke on the importance of use of the Tally system.

More than 300 participants participated in this seminar. This event was attended by Chairmen, Presidents of various Associations and Leading Industrialists namely S/Sh, S.M Mehta, Sudarshan Gosain, Sham Lal Gupta, Interjit Nagpal, Vijay Jindal, Manmohan Singh Ubhi, Kanish Kaura, Pankaj Sharma, Rajneesh Bansal, Shasheesh Saini, Joga Singh, Nitin Khanna, B.S Dua, S.S Bedi and others.