FIEO organised `Interactive Meet on Goods & Servives Tax (GST)' at Ludhiana

Ludhiana, August 10, 2017: FIEO Ludhiana Chapter organised an '' Interactive meet on GST '' at Ludhiana. The purpose of the session was to address and clarify several relevant queries related to the newly implemented GST regime. Senior officials from Customs, ECGC, DGFT joined the session as key panelists and addressed the various issues raised by the participants.

Mr.Rahul Ahuja, Convener, FIEO Punjab State Committee initiated the session with a welcome address and shared his views about the favorable outcomes of GST. GST is a uniform & comprehensive tax which integrates all states and further push economic growth of country. The GST has replaced the complex multiple indirect tax structure which has resulted in removal of tax barriers and cascading effect of taxes which facilitates ease of doing business.

Mr.Vinod Hari, Branch Head, ECGC Ludhiana deliberated on the role of ECGC plays in strengthening the exports, right from the beginning to the completion of the process by covering all export related risks through various schemes.

Mr. Manmohan Dhiman, Chartered Accountant , Parshotam & Associates while addressing the participants, explained several aspects of GST. GST ensures uniformity in tax rates and structures thus making India one unified common market. The phase out of Central and State Taxes has reduced the cost of locally manufactured goods and services which has encouraged local and foreign investment in India thus providing a boost to Indian exports.Integration of multiple taxes into single GST has significantly reduced cost of compliance and transaction cost.

Mr. Sukhdeep Singh, Assistant Commissioner, Custom Commissionerate, Ludhiana addressed various queries of exporters and presented a positive picture of GST for the exporters in time to come. The GST Law aims at streamlining the indirect taxation regime.The GST Bill is a mechanism as an advance step towards VAT system, the idea being that a unified GST will create seamless nation wide market.

Mr. Rajiv Kumar Soni, Deputy Director General of Foreign Trade, Ludhiana addressed exporters all the aspects of GST including the benefits that accrue to them because of automatic and quick refund of all the taxes paid on inputs. Detailed exporters regarding various export promotion schemes, filling of GST returns and claiming refund.

Mr. Rajesh Chopra, Member, FIEO Punjab State Committee extended a vote of thanks to senior officials and industrialists. While sharing his views he addressed about the positive approach towards GST as this may change the Indian Businesses and economic set up required since long.

The session was well attended by more than 60 senior level representatives from prominent export houses from the region.