Indian Institute of Management (IIM) Amritsar conducted a session on the impact and implications of the Goods and Services Tax (GST) for its staff and students on Wednesday.
The main objective of the session was to give the students an overview of GST and inform them about its implications in the near future.
Addressing the students, Ujjwal Kapoor, CA, emphasised on the changes in tax regime post GST and its benefits for both the government and consumers.
The agenda of this session was to familiarise the soon to be managers with the benefits of GST and help them understand its nuances. Kapoor talked in detail about the previous tax structures and explained how GST is here to bring all the taxes under a single umbrella as “One Nation, One Tax, One Market”. He stressed specifically on the cascading effects of taxes, CGST, SGST and IGST.
He explained the definition and differences of all these and also briefed on when and how these three would be applicable. At the end of the session, students learned about the penalties involved with the non-compliance of GST in an organisation.
The session ended with the students trying to understand why business owners resented GST when introduced, and how things have changed since then.
He concluded by saying that GST is not just an advanced tax system, but a major business reform, that will revolutionise the way Goods and Services are traded in India.
Source :  The Tribune