Panel Session was conducted for the students of Jain (Deemed-to-be University)on 22nd Aug 2016. The discussion had three main speakers.
Mr. Sandip Jain, who was the first speaker, kick started by talking about the definition and the basic aspect of GST. He initiated his talk with the details of Indirect taxes (Central taxes, State/ Local Taxes). Then he spoke about GST and its impact on various sectors like on Manufacturing sector, Services Sector, etc. GST replaces all indirect taxes on goods and services by Indian Central Government and State Government. Mr. Sandip explained about registration style of GST and how invoicing is done for local supply of goods and services, Interstate supply of goods and services with Examples. Later to that, he talked about the impact of GST on pricing of product and services as prices may increase in the initial phase.
After Mr. Sandip Jain, Mr. Ravi Banthia took over the discussion and started with the talk about the practical implications of GST and how GST will help in improving the GDP of India. India needs GST to improve the productivity, when there is an improvement in the productivity of factors of production and capital, GDP of the country will increase automatically. GST eliminates the cascade of tax, i.e. tax is applied at every stage in the supply chain without deduction for the tax paid at earlier stage.
The last speaker, Ms. Soumya Suman spoke about career aspects of GST. As GST is greatest reform in Indirect tax, it brings ample opportunities to all the students of commerce. How commerce students should consider understanding the concepts of GST.
The panel discussion concluded on an interactive question and answer session. The students vented their opinions on GST and asked various interesting questions where all the speakers very courteously answered all the questions.