Tuesday, 5 December 2017

“GST is short-term pain for long-term gain” : CA Chandrashekhar V. Chitale

 Speaking at the State Level Seminar on ‘GST- Law, Awareness & Accounting,’ organized by Kaveri College of Arts, Science and Commerce, the Chief Guest, renowned chartered accountant Mr. C.V. Chitale, member of the Executive Committee and Chairman, Direct Taxation Committee of the MCCIA, said that GST (Goods and Service Tax) is the future and is going to stay here in India. However, he pointed out that GST was brought in hurriedly and was first implemented at micro-level instead of macro-level, which resulted in low collection as well
as compliance of GST.  Mr. Chitale also said that even though there are initial glitches in implementing GST, in the long run it would be immensely beneficial to businesses and India as well. He said, “GST is short-term pain for long-term gain,” and that it will bring see changes to Indian economy.

The Seminar started with the session of Mr. Yashwant Kasar, Chartered Accountant and Managing Director of MY Financial Management, who spoke on the background of GST and the journey so far. He said
that GST was introduced to have common national market, and to avoid cascading effect of taxes but the initial impact of its implementation is not as expected and general public is confused about its features. To make the participants aware of the nuances of  GSt he included topics such as Existing Taxes, Tax on Tax, Multiple Registrations, Lack of Uniformity, Goods V. Services dilemma etc.

The Second resource person for the Seminar, renowned CA Mr. Subodh Shah spoke on the
impact of the implementation of GST in India. He said that with GST, “India has become one big market.”  He said that GST will create a unified common national market for India, giving a boost to Foreign investment and “Make in India” campaign. It will help in curbing corruption and bringing transparency in financial sector. Mr. Shah said that GST’s hurried implementation has affected rural areas more and it will take some time to bring it in order. He said that the continual decreasing collection of GST is a big concern and lack of expected ease in businesses too is worrisome but ultimately and it will lead to substantive economic growth. 

CA Mr. S. S. Dhamne conducted the third session and spoke on ‘Returns Under GST.’ He made the participants ware on how to file GST returns, format of GST returns, processing of GST returns etc.

The State Level Seminar was organized by the Department of Commerce on 29th November 2017 under the Quality Improvement Program of SPPU. Dr. S.B. Kharosekar, Principal, Kaveri College in his welcome speech informed the audience about the successful journey of Kaveri College and appreciated the stupendous response from the participants from different parts of the State. Mr. Kushal Hegde, President, Kannada Sangha, Pune, said that implementation of GST should have been down 40 years ago as it would have curbed the corrupt practices before getting rooted in out society. He hoped that country accepts GST as a challenge and help the Government in making India a corruption less country. Vice Principal, Mrs. Suchismita Mohanty, Mrs. Deepa Sathe, Convenerand Hod, Commerce Department, were also present on the occasion.

The Seminar received tremendous response from the participants. About 92 participants registered for the Seminar and were presented with the certificate. Mrs. Bhakti Dandekar and Mrs. Priya Deshmukh compered the program and Mrs. Manasi Joshi proposed the vote of thanks.  

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