The M.Com Department organised a talk on the biggest reform in the history of the Indian taxation system, that is Goods and Services Tax, on 12th August 2017 at 2 p.m. The aim of the talk was to give students an overview of the entire Goods and Services Tax Law.
The resource person was CA, CS Yatish Vernekar. CA Vernekar is a practicing Chartered Accountant, with Vernekar & Co. Panjim. He has been invited several times as a resource person for conducting workshops and talks on GST by various institutes like GCCI and CII, and news channels like DD Goa, In-Goa 24×7,etc.
The session began with the introduction of resource person by Ms. Preeti Gunaji, student of M Com. Part II.
CA Vernekar commenced the session by discussing various inconsistencies and complexities of the earlier indirect tax system of India, such as, multiplicity of taxes, cascading effect, non-fungibility of VAT credit, non-availability of CST credit, etc.CA Vernekar highlighted the basics of GST. He pointed out that the main motive behind implementing GST in India was to create a single indirect tax regime for the entire country, that is, One Nation One Tax. Certain taxes such as Basic Custom Duty, Municipal tax, Stamp Duty and Motor Vehicle Tax will not be subsumed under GST. He also briefed the students about the GST rating scheme, definition of the word supply, process of obtaining a GST registration, exempted goods from GST, exemption limit of GST and how the composition scheme operates.
CA Vernekar also discussed the shortcomings of the GST regime such as the ambiguous definition of the term ‘supply’, complexities of mixed and composite supply and complexities for certain businesses which still have to follow VAT if they provide non GST goods, e.g. restaurants offering alcohol, etc. This fruitful and interactive session ended with a vote of thanks by Ms. Sweta Malvankar, student of M.Com Part I.
