PHD Chamber organized an interactive session with GSTN today with the objective of providing an interface between industry and the GSTN

PHD Chamber organized an interactive session with GSTN today with the objective of providing an interface between industry and the GSTN to help the industry align its IT Systems under the GST regime of Indirect Taxation.

Officers from GSTN who were present on the occasion included Shri Prakash Kumar, CEO,GSTN; Shri Nitin Mishra, EVP, Technology, GSTN; Shri Praveen Kumar, AVP, GSTN; Shri K P Verma, VP(Services), GSTN & Shri Shashi Bhushan Singh, VP(Services), GSTN. Shri K R Srivats Finance Editor, Hindu Business Line was also present at the Conference. Shri Gopal S Jiwarajka, Sr. Vice President, PHD Chamber; Shri Anil Khaitan Vice President, PHD Chamber; Shri Bimal Jain, Chairman Indirect Taxes, PHD Chamber & Shri N K Gupta, Co-Chairman, Indirect Taxes Committee, PHD Chamber also presented their views on the subject.

Shri Prakash Kumar opined that GSTN is the IT backbone of GST. He discussed the GST IT strategy adopted by the government. He discussed the structure of registration process under GST. He shared that all the taxpayers who have valid PAN will migrate to GST. He discussed about filing of various return GSTR- 1, GSTR- 2and GSTR- 3, etc under GST law.

Shri Nitin Mishra presented how GSTN portal will provide for dashboard registration. He discussed the importance of uploading B2B invoice, Amended B2B invoice and B2B invoice for the supplier and receiver. Mr. Mishra elaborated the details of monthly return, turnover details, outward and inward supplies under GSTR-3.

Mr. Bimal Jain shared that GST will facilitate Make in India by making one India. He felt that certain issues need ironing out under GST including whether seamless flow of credit will be available under GST; how the matching of Input Tax Credit will be taken care under GST; how the registrations will be made under GST for service providers having multiple offices located across States within the country; how returns will be simplified under GST. He also emphasised preparedness required for industry to gear up for GST. He felt that the govt. is making all positive efforts for GST and it is expected that GST will turn out to be Good & Simple Tax for the benefit of trade & industry.

Shri Gopal S Jiwarajka feLt that timely GST preparedness is a key to smooth transition for industry. Shri Anil Khaitan shared that IT processes for every company would have to be customised as per the requirements under GSTN. Shri K R Srivats observed that GST will help industries in reducing cascading effects of taxes and will be beneficial for the industry.