Jalandhar 7 September (Jaswinder Azad)- Keeping pace with the latest developments and in an effort to update the students with latest current affairs, DAV College, a premier educational institution of North India arranged a seminar on topic "Expert Talk on GST- An Overview". Renowned Tax Expert and GST specialist CA. Punit Oberoi was the expert speaker on the occasion.
Principal Dr BB Sharma quoted “ GST is an emerging burning issue and I as a science student am very curious to know about it , and I heartily welcome our dear alumni CA Punit Oberoi , and I am sure of the fact his knowledge base would be very informative for us. Principal Dr B B Sharma, Vice Principal Professor Vijay Gupta , Vice Principal Professor Vijay Sareen President Commerce Forum Dr Rajwant Kaur PRO Professor Manish Khanna gave floral welcome to the honorable guest CA Puneet Oberoi. While addressing the audience CA Puneet explained in a very informative and simple manner the goods and service tax as an indirect tax under which uniform tax will be levied and all the goods and services , if the government passes this act then after 2017 a single uniform tax will be levied that abolishes other taxes like VAT, excise , service tax etc.
Talking about the advantages of GST he quoted that's till now the central and state government could levy taxes as per the discretion and if earlier any interstate transaction happened then the states had to pay so many sorts of taxes that resulted into inflated value of goods and services. But with the application of GST the value of goods and services is bound to get reduced and the biggest benefit will be the enjoyed by the common man and now to acquire any good or service we need to pay for just one sortt of tax in any part of the country and the value to be paid for the goods and services will be same anywhere and everywhere.
On being asked about which all items will be included under the levy of GST, CA Oberoi quoted that as per 122nd constitutional amendment about every sort of goods and services will be included under the purview , petrol , alcoholic beverages are out of GST . It was stated the that the Central Government is bound to earn profits with implementation of GST but the state government fear a loss because of the fact they that they won't be able to collect numerous amount of taxes that they could collect earlier . Under the GST is any State Government bears any sort of Loss, the Central Government will assist it for a period of 5 year.
Further he told that GST is divided into 3 parts- Central GST, state GST , and integrated GST and he for there is no sort of difference between VAT and GST but with the implementation of GST many sorts of taxes will be included in the GST so making it one country one taxbase. Not only this but with applications of GST the VAT and CENVAT will also vanish away.
Further he quoted that the GST is bound to bring uniformity and comprehensiveness in the tax infrastructure of the country and is bound to reduce tax evasion, black marketing , and tax conflict and the implementation taxes like entertainment tax luxury tax lottery tax etc will abolish. Presently about 28 to 30% taxes is been paid on goods and services but with implementation of GST the tax percentage will reduce 2 80 to 22%.
Principal Dr BB SHARMA Vice Principal Prof Vijay Gupta, Vice Principal Prof Vijay Sareen , dr Rajwant Kaur presented a token of gratitude for honouring the eminent guest . Vote of thanks was put forth by Professor Vijay Sareen and appreciated the great knowledge base of CA Puneet Oberoi and applauded him for his commendable knowledge delivery and congratulated doctor Rajwant Kaur and the students for the commendable effort. At the occasion Professor Rajiv Sharma, Professor Rajiv Puri , Professor Manish Khanna, Professor Amit Jain, Professor Priyanka , Professor rubal , Professor Sandeep , Professor bhuvan, Professor Isha were present.
Principal Dr BB Sharma quoted “ GST is an emerging burning issue and I as a science student am very curious to know about it , and I heartily welcome our dear alumni CA Punit Oberoi , and I am sure of the fact his knowledge base would be very informative for us. Principal Dr B B Sharma, Vice Principal Professor Vijay Gupta , Vice Principal Professor Vijay Sareen President Commerce Forum Dr Rajwant Kaur PRO Professor Manish Khanna gave floral welcome to the honorable guest CA Puneet Oberoi. While addressing the audience CA Puneet explained in a very informative and simple manner the goods and service tax as an indirect tax under which uniform tax will be levied and all the goods and services , if the government passes this act then after 2017 a single uniform tax will be levied that abolishes other taxes like VAT, excise , service tax etc.
Talking about the advantages of GST he quoted that's till now the central and state government could levy taxes as per the discretion and if earlier any interstate transaction happened then the states had to pay so many sorts of taxes that resulted into inflated value of goods and services. But with the application of GST the value of goods and services is bound to get reduced and the biggest benefit will be the enjoyed by the common man and now to acquire any good or service we need to pay for just one sortt of tax in any part of the country and the value to be paid for the goods and services will be same anywhere and everywhere.
On being asked about which all items will be included under the levy of GST, CA Oberoi quoted that as per 122nd constitutional amendment about every sort of goods and services will be included under the purview , petrol , alcoholic beverages are out of GST . It was stated the that the Central Government is bound to earn profits with implementation of GST but the state government fear a loss because of the fact they that they won't be able to collect numerous amount of taxes that they could collect earlier . Under the GST is any State Government bears any sort of Loss, the Central Government will assist it for a period of 5 year.
Further he told that GST is divided into 3 parts- Central GST, state GST , and integrated GST and he for there is no sort of difference between VAT and GST but with the implementation of GST many sorts of taxes will be included in the GST so making it one country one taxbase. Not only this but with applications of GST the VAT and CENVAT will also vanish away.
Further he quoted that the GST is bound to bring uniformity and comprehensiveness in the tax infrastructure of the country and is bound to reduce tax evasion, black marketing , and tax conflict and the implementation taxes like entertainment tax luxury tax lottery tax etc will abolish. Presently about 28 to 30% taxes is been paid on goods and services but with implementation of GST the tax percentage will reduce 2 80 to 22%.
Principal Dr BB SHARMA Vice Principal Prof Vijay Gupta, Vice Principal Prof Vijay Sareen , dr Rajwant Kaur presented a token of gratitude for honouring the eminent guest . Vote of thanks was put forth by Professor Vijay Sareen and appreciated the great knowledge base of CA Puneet Oberoi and applauded him for his commendable knowledge delivery and congratulated doctor Rajwant Kaur and the students for the commendable effort. At the occasion Professor Rajiv Sharma, Professor Rajiv Puri , Professor Manish Khanna, Professor Amit Jain, Professor Priyanka , Professor rubal , Professor Sandeep , Professor bhuvan, Professor Isha were present.
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