As it is,The GST Bill,officially known as The Constitution (One Hundred and Twenty-Second Amendment) Bill, 2014, proposes a national Value added Tax to be implemented in India from April 2016.
“Goods and Services Tax” is expected to be a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout the country, to replace taxes levied by the Indian Central and State governments.
As per the plan,GST is a comprehensive value added tax on goods and services. It is levied and collected on value addition at each stage of sale or purchase of goods or supply of services based on input tax credit method but without State boundaries. There is no distinction between taxable goods and taxable services and they are taxed at a single rate in a supply chain of goods and services till the goods / services reach the consumer. The administrative power generally vests with a single authority to levy tax on goods and services.
It aims to make the taxation system comprehensive for most goods and services. “Exports will be zero-rated and imports will be levied the same taxes as domestic goods and services adhering to the destination principle. The introduction of Goods and Services Tax (GST) would be a very significant step in the field of indirect tax reforms in India”,states a statement released by HEC today.
Against this backdrop,the workshop on Goods and Service Tax was organized in the HEC auditorium for its Finance Executives.Rajeev Kumar Gupta, DGM (Corporate Relations), JSW Steel Ltd gave a power point presentation on the various aspects of GST and had an interactive session with the participants.
Kumar dwelt upon the various parameters of GST and its likely impact on an industry like HEC. He elaborated his talk by examples. Interacting during the workshop Santosh Kumar Pattanayak, Director (Finance) expressed his views on GST and its important features.
S .K. Charkraborty, General Manager (Finance) were among the participants in the interactive workshop. Heads of FFP, HMBP and HMTP Finance along with their finance team and officers from Headquaters benefitted from the workshop. The programme was organized by HRD in association with Corporate Finance of HEC.