The government is all set to roll out the nationwide Goods and Services Tax (GST) on July 01, 2017 allowing companies to file late returns for the first two months creating a space for them to adapt to a new online filing system. GST is a fundamental business reform which will change the way business activities are conducted in the country by anyone. In this regard, Mumbai-based Trade Association of Information Technology (TAIT) organised awareness workshop on GST educating members on the new tax regime. The sessions were addressed by Sukhjit Kumar, Additional Commissioner of Service Tax, Mumbai and Alok Pansari – Partner, ASL & Co.
Sukhjit Kumar, Additional Commissioner of Service Tax, Mumbai addressed TAIT members by giving his valuable insights into the GST tax regime. He talked upon various crucial components of GST clearing the misconceptions of the members in terms of stock clearance, service tax, input credit and tax computation.
TAIT has conducted many workshops specified to GST keeping in mind the interest of members and prepare them for the new tax regime. “TAIT members were gearing up for getting the registration and HSN codes done in GST, rightsizing their stocks and preparing their software on the complaint side and on the business side. Therefore, this workshop is a part of our efforts to educate our members and prepare them for GST,” says Rushabh Shah, President, TAIT.
Samir Mehta, Secretary, TAIT further added that the association is also making an effort connecting to the vendors to help TAIT members adjusting the stocks to avoid any negative financial impact on the stocks.
Quoting the prevailing state of confusion among traders on the new tax regime, Alok Kumar S Pansari, CA of ASL & Co. said, “It is a great opportunity for IT traders to explore different prospects such as software and application development. IT hardware business will get huge benefits from GST if they explore different business avenues. They have huge scope in the software and application development but they should explore opportunities to sustain in the business.”
K R Chaube, TAIT Director shared his thoughts about GST saying, “GST is unification of tax regime. We have organised various workshops/ seminars for our members to provide them a clear picture of the nitty-gritty of the new tax regime. Our association is always prepared to provide required hand holding, on-ground guidance for GST, and information on softwares for filing taxes to our members.”