Taxo Online, which is a GST Knowledge Solution Provider in association with the Federation of Indian Industry (FII), organized an event that discussed the GST experience of the last 5 years and based on that experience, what improvements can be made in the GST in future. There was a discussion on that. The event was held on 16 July 2022 at Le Meridien Hotel New Delhi.
One of the main objectives of this program was to explore the possibilities of the future economically in India, how to open those possibilities was also a part of the main points of this conference. GST experts, lawyers, senior industry leaders, chartered accountants, and prominent people from the world of economics were present at this full-day event.
Senior Advocate Fali S Nariman (Senior Advocate, Supreme Court of India), Shri Deepak Jain (Director General, FII), Sh. V. Lakshmikumaran (Founder & Managing Partner, Lakshmikumaran & Sreedharan Attorneys) and other eminent speakers and industry leaders CA Atul Kumar Gupta (Former President ICAI, Senior Fellow APRA & Associates) attended the conference.
The conference provided a strong platform to analyze and strategize the evolution of GST in the economy. The GST regime in India and relevant legislative amendments, where necessary, were discussed by formulating practical recommendations for policy interventions.
The summit began with a discussion on the 5-year progress report on GST, in which achievements like structural simplicity, increase in government revenue, towards step Digital India, cooperative federalism, and better tax to GDP ratio with a lower average were discussed.
Eminent leaders and experts from various fields discuss the challenges of effective tax rates which are continuously troubling the system and possible solutions were discussed.
Mr. Deepak Jain, Director FII, discussed the MSME’s role in nation-building and emphasized simplified GST procedures as a key toward ease of doing business and sustainable growth.
Mr. Manoj Kapoor, the CEO of Taxo, spoke about the benefits of online Taxo Pro – a GST knowledge solution for professionals and corporates and how it is better than the existing ‘information only’ solution.
Conference highlights that will help policymakers in their endeavors towards a better tax regime. Here are some suggestions to bring all the intended stakeholders under the ambit of GST and achieve a $30 trillion GDP economy.
A few points include a consolidated single tax structure, Reduction in tax slab, the Need for grassroots and area-specific issue resolution mechanisms, Establishment of a GST Tribunal, Streamlining input tax credit flow – Input tax credit to be allowed for the means, and the Need for Master Circular to cover amendments/clarifications so far, Increase in minimum tax exemption limit and simplification of procedural requirements, Concept of VAT Grouping, Streamlining the refund process and Use of technology and role of GSTN to align procedural aspects.
The conference was moderated by senior journalist, Ms. Timcy Jaipuria (Deputy Editor, CNBC TV18) and CA Sumit Mishra (Head- Taxo Online).
