Seminar on GST and New Income Tax Restrictions on Cash Transactions
A Seminar on GST and Income Tax was organized on 26th May, 2017 at Rotary Sadan by Rotary Club of Calcutta jointly with Concern for Calcutta,; the Calcutta Citizens Initiative and Business Standard.
Narayan Jain explained the new Restrictions on cash receipts of Rs. 2Lakhs on one day in aggregate or for one event or for one transaction under section 269ST with effect from 1st April, 2016. The department may impose a penalty of 100 per cent in cash of any violation. Touching GST, Jain was of the view that though many Central and State taxes will be subsumed in GST, the compliance formalities will considerably increase. All transactions have to be recorded online. Even if the goods for more than Rs.50,000 are to be sent from one place to another, E way bill has to be printed from GST Website, he said.
Speaking on the occasion Mr. Arun Agarwal, Chairman, Indirect Tax Committee, MCC said that implementation of GST will change the way of life as all transactions are going to be transparent. The businessman will get input credit for all the taxes paid on previous purchases. There will be Central GST, State GST, as well as Integrated GST. These are scheduled to be effective from 1st July, 2017.
CA Vikash Parakh, said that business community should acquaint itself with the various rules and provisions of GST. The rate in some cases will be lesser than present aggregate rate of Excise duty, VAT and service tax etc. The maximum rate will be 28 per cent particularly on luxury goods and Air-conditioned hotels and restaurants.
Rtn. Nilima Joshi delivered welcome address and said GST is now being talked all over the country. The Seminar was moderated by Mrs. Ishita Ayan Dutt, Editor of Business Standard. Mr. Ashok Purohit summed up and thanked all. Many rotarians including Rtn. Vijay Bhandari, Rtn. Prabhat Rohtagi, Dr. SK Sharma, Rtn. Heena Gorsia, Rtn. Atindra Sen. The session was followed by question answer session. It was house full and attended by 111 participants. Media like DD Bangla, Business Standard, All India Radio, Sanmarg, Amrit Prabhat, Northen India Patrika and Akhbare Mashrique also coverd.
Rtn. Narayan Jain