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PHDCCI calls for further simplification of GST regime

Friday, December 20, 2019, 11:37 Hrs  [IST]
HBI Staff | Mumbai

The Indirect Taxes committee of PHD Chamber of Commerce and Industry (PHDCCI) recently organised a Conclave on Important GST Notifications, Circulars & Judgements – Key Challenges & Way Forward in New Delhi. The objective of the Conclave was to create the best awareness and keep the industry abreast on the recent changes taking place in the arena of Goods & Services Tax.
 
In his welcome address, Pradeep Multani, Vice President, PHD Chamber said that the Government has fostered dynamic economic environment in the last five years with implementation of various praiseworthy economic reforms. India has increased its presence significantly in the world economic system. He apprised that the GST reform has resulted in increased tax base, higher collections and ease of doing business. The reform has reduced the interface between the tax payers and the Government for day-to-day operations and assessments, he added.
 
N K Gupta, Chairman, Indirect Taxes Committee, PHD Chamber while welcoming and addressing the delegates, said that the Indirect Tax Committee has taken a number of steps by holding numerous workshops, conferences, seminars,  knowledge series etc., for the benefit of trade and industry, of which, around 30 events have been organised in Delhi after the introduction of GST. He mentioned that GST Council is an apex member committee to modify, reconcile or to procure any law or regulation based on the context of goods and services tax in India. He accentuated that GST fundamentally changes indirect taxation in India and the Goods & Services Tax Network (GSTN) is the IT backbone under the GST regime. He further explained the critical analysis of Notification No. 49/2019central tax dated 09/10/2019. He added that understanding of circulars/notifications sometimes becomes difficult for the stakeholders and correct interpretations are difficult to form.
 
In his address, Bimal Jain, Mentor, Indirect Taxes Committee, PHD Chamber highlighted that all taxpayers registered under GST are eligible to shift any balances available in the electronic cash ledger using Form GST PMT-09.  He added that at present Form GST PMT-09 is not live on the GST Portal, however, as soon as the form goes live, a taxpayer will be able to use the same. He mentioned that the government has extended the due date for filing annual return (GSTR-9) and reconciliation statement/audit report (GSTR-9C) for financial year 2017-18 to January 31, 2020.
 
Dr. Gaurav Gupta, Co-Chairman, Indirect Taxes Committee, PHD Chamber mentioned that the issues in Form GST TRAN 1and TRAN 2 should be taken by the government at priority.
 
Dr. S P Sharma, Chief  Economist, PHD Chamber said that string of economic reforms undertaken by the government needs to create synchronisation and complementarities in the business processes.
 
The Conclave was also attended by other tax experts including Mr. Lucky Ahuja, SKP Business Consulting LLP; Mr. Puneet Bansal, Nitya Tax Associates and Mr.Onkar Sharma, Advaita Legal.

 
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