Bright future for export trade through GST, feels ex IRS officials

Posted by Daily Shipping Times on 05-06-2017        Tweet

CHENNAI: About 150 countries are having unified tax system like GST and the transition to the GST regime will help our business community to compete in the internal trade with other countries which will ultimately benefit our Country to prosper in economy, said Mr. R. Sekar, IRS, Former Principal Commissioner of Services Tax, Mumbai & a member of the Joint Working Group on Constitutional Amendments for GST.

A Seminar cum Awarness Programme on GST was conducted by All India Chamber of Commerce and Industries, on 31.05.2017 at SRM Hotel, Thoothukudi.

While elaborating on the GST Rules, Mr. Ananda Padmanaban, IRS, Formerly Chief Commissioner and Member (Settlement Commission) informed that a high level committee has been formed to sort out the practical problems during the implementation of GST.

Continuous awareness programs and seminars and explanation sessions are organized by Central Excise and Customs Department, said Mr. Ranjan Kumar Routray, IRS, Principal Commissioner, Central Excise and Service Tax, Coimbatore.

While addressing on a special lecture on GST, Mr. R. Sekar, Former Principal Commissioner of Services Tax, Mumbai & a member of the Joint Working Group on Constitutional Amendments for GST, said around 150 countries are following unified system like GST. The transition to the GST regime by traders will benefit them to upgrade their business skills and compete with other countries especially in the export trade. China is observing our transition period with keen interest.  With the implementation of the single levy of taxing, the disadvantages of multiple taxation will be eliminated and will result in smooth functioning of trade and commerce. The major beneficiary on the GST will be the LOGISTICS sector, particularly those involved in the Shipping Trade which is having a bright future and ample opportunity to prosper. Hence they are advised to get their doubts clarified in all spheres of taxation methods.

During question and answer session, Mr. R. Sekar IRS, Former Principal Commissioner of Services Tax, Mumbai, Mr. S. Udayakumaran, IRS, Former Commissioner of Income Tax, Mr. Sridhar, ACA, ACS, expert on International Finance and Taxation clarified the doubts of various members of trade bodies.

Tuticorin Ship Agents’ Association, (TSAA), Tuticorin Customs Brokers’ Association (TCBA), Tuticorin Stevedores Association (TSA), Tuticorin Contaner Freight Stations Association (TCFSA) and Indian Chamber of Commerce and Industries   jointly organized this seminar in co-ordination with Maxwell GST Consultant LLP, Chennai and Kayal Consultancy, Thoothukudl.