Ghaziabad based Institute of Professional Excellence & Management (IPEM), an ISO 9001:2008 certified, NAAC accredited & Ph.D. research centre of the Uttar Pradesh Technical University, conducted a national seminar on Indirect Taxes: Need for Change and its Impact on Society, with reference to Goods and Services Tax on April 5 at its campus. The much anticipated event had J. K. Mittal, chairman Indirect Tax Committee, PHD Chamber of Commerce & Industry as the chief guest and Bimal Jain, co-chairman of Indirect Tax Committee, PHD Chamber of Commerce as the guest of honour. The key note speaker at the event was Siddhartha Mehta, director – Indirect Tax, KPMG.
The broad objectives of the seminar included discussion on:
– Critical and important issues of indirect tax laws which has impact on trade and business decisions and also to generate a thought process on the proposed good & services tax regime in the country.
– Providing real time clarity to participants from senior tax administrator on the provisions of new indirect tax regime.
– The changes that have been done in the recent past and their impact on society, like inclusion of VAT.
– New concepts under GST.
– To understand the bottlenecks prevailing in the VAT system.
– To suggest new ways and means, to make the taxation system more effective.
Other prominent speakers at the event were Mukul Gupta, chairman, GST Committee of AIFTP, Atul Kumar Gupta, senior partner, Indirect Tax Services, APRA & Associates, Amrita Mitra, partner, DHC Consultants, Prashant Raizada, partner, Indirect Tax, BDO Advisory Services Pvt. Ltd., Abhishek Jain, partner, Taxation Ernst & Young LLP, Mukesh Goel, CA-Mukesh Raj & Co. and Harsh Kumar, consultant (Business Management), FDDI Business School.
The most prominent and relevant issues explored at the seminar include:
– The need for change in indirect tax regime and the role of GST.
– Switching to GST, implication, effects and opportunitie.
– Services to be exempted from.
– Procedures to be adopted for Audit, Investigation, Search & Inquiry.
– CENVAT Credit & Valuation Rulesunder Finance Act.
– Measures for effective utilization of revenue collected from Indirect Taxes.
– Penalties, prosecution and arrest in case of non-payment and default in Finance Act.
– Assessment and evaluation of VAT procedures.
– Taxation in service sectors with reference to Real Estate, Hospitality & Education.
– Comparison of the existing and proposed Indirect Tax System regarding contribution to GDP.
– Burning issues/ new concepts related to taxation rules under GST.
Institute of Professional Excellence & Management (IPEM), Ghaziabad made a modest beginning in1996 with a few Management and Computer Application programmes. Today, the IPEM Group of Institutions are in the forefront of imparting knowledge in the fields of Management, Information Technology, Education and Law. For more information, please log onto http://ipemgzb.ac.in.