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AIT conducts fellowship meet on GST, VAT

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DQW Bureau
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style="background: transparent none repeat scroll 0% 0%; margin-bottom: 0in; -moz-background-clip: border; -moz-background-origin: padding; -moz-background-inline-policy: continuous;">Association
of
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IT Dealers (AIT) conducted a fellowship meet in Century Club,
Bengaluru recently. The association discussed issues like GST, effect
of GST on dealers, VAT and indirect taxes. The chief guest of the
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evening was Sanjay M Dhariwal, style="background: transparent none repeat scroll 0% 0%; -moz-background-clip: border; -moz-background-origin: padding; -moz-background-inline-policy: continuous;">FCA.
He
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style="background: transparent none repeat scroll 0% 0%; -moz-background-clip: border; -moz-background-origin: padding; -moz-background-inline-policy: continuous;">commercial
tax
amendment
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demarcations in excise duties and broke many myths about these taxes.
He even explained that GST can be style="background: transparent none repeat scroll 0% 0%; -moz-background-clip: border; -moz-background-origin: padding; -moz-background-inline-policy: continuous;">differentiated
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into Central GST (CGST) and State GST (SGST ) and how the government
treats both the taxes.

R Sridhar, President, AIT said, “For
the past few months we were getting confused about so many taxes.
Most of us were not even sure about the fact that what exactly is
meant by GST. As an association, we wanted our members to get a clear
understanding of various kinds of taxes and how beneficial can they
be to their business. Hence, this was basically organized to create
an awareness among the AIT members.” Dhariwal also presented a
paper on the rate structure and explained the amendments done in VAT
and GST.

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style="background: transparent none repeat scroll 0% 0%; -moz-background-clip: border; -moz-background-origin: padding; -moz-background-inline-policy: continuous;">The
members
were quite excited and flooded Dhariwal with a whole
bunch of questions. Rajkumar of Rajhans Electronics asked, “A
common myth was that five percent VAT will be applicable from April.
But what is to be done for the stocks which were sourced earlier,
will it still be charged at four percent?” Dhariwal explained that
this was applicable only to the pharma industry and not to the IT
industry. The amendment was misunderstood and IT industry thought it
was applicable to them. Babu from MK Associates posed the next
question whether CST will remain at two percent in Karnataka and
also whether CST will remain the same when partners are selling
products style="background: transparent none repeat scroll 0% 0%; -moz-background-clip: border; -moz-background-origin: padding; -moz-background-inline-policy: continuous;">outside
the state.
Dhariwal replied in affirmative, “Provided the dealer has already
included the line of business in registration certificate and Form
B.”

Dhariwal even explained the dealers the
concept of fair market value in their accounts to avoid any
litigation in future. Mohan Proprietor of Cache Technologies
commented, “Dhariwal cleared most of our doubts and broke myths
surrounding GST and VAT. Even though there is the IPL cricket match
going on, this evening, it is worth missing it.” AIT is also
conducting a friendly cricket match later this month. BV Sudharshan,
President of Century Club unveiled the trophy and wished luck to all
members. While Acer was the main sponsor of the meeting, MTS was also
roped in as a co-sponsor.


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