A discussion on Goods Service Tax (GST) was organized by Central Excise and Service Tax Commissionerate, Faridabad -1 & Department of Commerce, Faculty of Commerce & Business Studies.
The program gave an in-depth insight into the features of GST, clearing the doubts over the issue. Inaugurating the session, Dr. Suresh Bedi, Dean, Faculty of Commerce and Business Studies said, “It’s a great day to discuss GST. It has been in the news for many reasons but it has happened for good for the Indian Economy. Goods Service Tax (GST) will help economy to grow, leading to Ease to Do Business in the country.” He also said that with the implementation of GST will rationalize the entire Taxing and curtail leakages in the system.
Further shedding light on GST, Eric C Lallawmpuia, Assistant Commissioner Central Excise & Service Tax, Faridabad -1, said, “Goods Service Tax is will be overhauling of Indirect taxes, which puts a pressure on a Income tax Payer. It will make taxing easy, boost the economy, and will also help reducing the economic variations in the taxes. A single tax system will replace multiple tax system. Moreover, GST will help streamline tax administration.
One of the most important salient features of the discussion was the exempted sector. Further informing on the Education, CS Dr. Monika Goel, HOD, Faculty of Commerce & Business Studies said that the Education Sector has not been brought into the purview of GST because of the Skill India initiative by Prime Minister Narendra Modi whch emphasizes upon vocational training. Moreover, Manav Rachna Educational Institutes run Electrical Council and Sports Council, which provides skill-based training to students.
The discussion was attended by Mr. Himanshu Khatri , Assistant Commissioner Central Excise & Service Tax, Faridabad -1; Shri Girish Arora, Superintendent, Central Excise & Service Tax, Faridabad -1 and Registrar R.K Arora, MRIU.