IAIA Organises a Seminar on GST

In view of the impending implementation of GST from July 1, 2017, the IAIA organised a seminar for its members with a view to understanding how GST will affect their businesses. A panel of experts comprising CA Sujata Rangnekar, CA Pranav Kapadia and CA Ishaan Patkar was invited to give talks to the members

Dr. Ashes Ganguly, President, IAIA, welcomed the esteemed speakers and introduced them to the members.

CA Sujata Rangnekar spoke to the members giving an overview of what is expected in the GST regime with an overall business perspective. She also gave vital comparisons between existing tax regimes like VAT and Service Tax and GST.

CA Pranav Kapadia spoke regarding Input Tax Credit. He gave a detailed explanation of the possiblities existing for tax credit under the GST regime and how it would enable businesses to reduce their costs. He also mentioned that while the CSGT/IGST laws have been passed, each state still has to pass the SGST laws and hence there is still some lack of clarity.

CA Ishaan Patkar dwelled on the transitional provisions of the GST regime and how existing credits under current tax laws could be carried forward to the GST era. He also gave an insight to existing case laws and whether and how they could be interpreted in the GST regime.

The seminar closed with a panel discussion during which the esteemed speakers answered questions from members.