JAMMU, Feb 14: PHDCCI Jammu Committee in collaboration with Konrad-Adenauer-Stiftung, a German organization and with support of department of commercial tax J&K Government organized a seminar on GST & Its Implications in J&K, here today.
At the onset, a publication of PHD Research Bureau on Goods & Services Tax (GST), impact on economy, industry and people was released by Parvaiz Iqbal Khateeb, Commissioner Commercial Taxes, Government of J&K, Anoo Malhotra, Additional Commissioner, Department of Excise and Taxation, Dr S P Sharma, Chief Economist & Director Research PHD Chamber, New Delhi, Vikrant Kuthiala, Chairman, PHDCCI, Jammu Committee and Kuldeep Gupta, Co-Chairman, PHDCCI, Jammu Committee.
Vikrant Kuthiala, delivered the welcome address and stated that implementation of GST is inevitable and will lead to a major tax reform in the country. It is expected to broaden the tax base, reduce distortion in the economy, ensure greater regional equity and create a seamless national market. However, he stressed upon keeping a lower Revenue Neutral Rate, a realistic Threshold Limit, creation of Robust IT Network, Extensive and exhaustive Training to Tax Administration staff. He also stated that proposed rate Service Tax is very high and same needs to be reduced to more realistic level.
Commissioner Commercial Taxes, Parvaiz Iqbal Khateeb, who was the chief guest welcomed the initiative of PHDCCI and stressed upon greater interaction between the Department, Trade and Industry. Dr S P Sharma, Chief Economist & Director Research PHD Chamber delivered a detailed presentation on GST, its impact on economy, trade and people. He further elaborated the benefits of GST, the process and procedure of implementation of GST and stressed on creation of strong IT backbone for success of GST and explained the rationale behind GST, its impact on the economy and the likely reduction in prices.
Kuldeep Gupta, Co-chairman, PHD Chamber State Chapter Jammu presented formal vote of thanks. The function was also graced by Prof Dipanker Sen Gupta, Economist and Prof Sameer Gupta from The Business School, University of Jammu.