Sat, Mar 25, 2017 | updated 05:07 PM IST

PHD Chamber Organises Series of Educational Workshops on Goods & Services Tax

Updated: Oct 10, 2016 18:20 IST
New Delhi [India], Oct.10 (ANI-Newsvoir): With the objective of analyzing in detail the GST provisions vis-a-vis the present indirect tax provisions and understanding the GST Impact on different industry sectors, PHD Chamber is conducting a Knowledge Series on Goods & Services Tax. The Knowledge Series is the second series of GST Workshops conducted by PHD Chamber on Draft Model GST Law, wherein the entire GST law was deliberated in detail.

The first workshop in the above series held here today acknowledged that the Centre is completely geared up and prepared to implement GST whereas the adequate preparations for its execution by assesses is half way through and thus called upon them to gain in pace for this unprecedented indirect reform.The Workshop deliberated in detail the recently released Draft GST Rules & Formats on Registration, Payment, Invoice, Return and Refund, Supply and Time / Place of Supply & Valuation of Goods & Services.

Eminent faculty who addressed and interacted with the participants included Mr. Bimal Jain, Chairman, Indirect Taxes Committee, PHD Chamber; Mr. N K Gupta, Co-Chairman, Indirect Taxes Committee, PHD Chamber; CMA Ashok Nawal, The Institute of Cost Accountants of India; Mr. B L Narasimhan, Lakshmikumaran & Sridharan; Mr. Sudipta Bhattacharjee, Advaita Legal, CA Atul Gupta, ICAI and CA Jayesh Gogri, GSC Intime Services Pvt. Ltd.

Mr. Bimal Jain, Chairman, Indirect Taxes Committee shared certain contentious issues that may arise under the GST. He observed that supply is a taxable event under GST. Even FOC supplies and stock transfer have been made chargeable to GST. This will be a game changer for the industry which at present is not paying any tax on such mechanisms.

The timing of supply of Goods & Services will assume a lot of significance under GST as GST will be chargeable on the advance money collected for supply of goods & services. It is a normal practice in any business to collect advance money from customers for supply / sale of any goods. Collection of advance is the timing of supply of goods, resulting in payment of GST on advances.

Also, at present inter-State supply of goods attract Central Sales Tax. The GST Law provides that an inter-State supply of goods and / or services will attract IGST ((i.e. CGST plus SGST). Thus, it would be crucial to determine whether a transaction is 'intra-State' or 'Inter-State' as the applicability of GST will be determined on the basis of place of supply.

The Govt. has recently released the Draft GST Rules & Formats on Registration, Payment, Invoice, Return and Refund and sought suggestions from the industry in a day's time. It is practically difficult for the industry to understand and comprehend the Rules in such a short time and give inputs. PHD Chamber will be shortly sending a detailed Memorandum with a set of suggestions on the new Rules released. The Chamber has earlier submitted a detailed Memorandum of suggestions on the Draft Model GST Law. (ANI-Newsvoir)

New Delhi [India], Mar 25 (ANI): In yet another fun filled afternoon for fashion and sports enthusiasts, India's leading fashion e-tailer, Jabong, hosted a launch event with the legendary Indian Cricket all-rounder Yuvraj Singh unveiling his sports lifestyle brand YWC on the portal.

Full Story >>

New Delhi [India], Mar 25 (ANI): To bridge the huge infrastructure gap, India will need much more participation from the private sector and for these conventional modes of healthcare funding will need to be aided by innovative modes funding to improve healthcare investments in India, reveals a NATHEALTH-PwC Report which was released here today at NATEv2017, an annual seminar organized by the Healthcare Federation of India (NATHEALTH).

Full Story >>

New Delhi [India], Mar 25 (ANI): Oxigen Services, India's largest payment solutions provider, today signed a Memorandum of Understanding with the Department of Tourism, Arunachal Pradesh for becoming the preferred partner for providing digital payment solution to the residents and tourists visiting the state.

Full Story >>

New Delhi [India], Mar 25 (ANI): Union Finance Minister Arun Jaitley on Saturday approved the re-organization of the field formations of the Central Board of Excise and Customs (CBEC) for the implementation of Goods and Services Tax (GST).

Full Story >>

New Delhi [India], Mar 25 (ANI): India and World Bank on Saturday signed a financing agreement for IDA credit of USD 100 (equivalent) for the "Uttarakhand Health Systems Development Project".

Full Story >>

New Delhi [India], Mar 25 (ANI-NewsVoir): Shardul Amarchand Mangaldas and Co. (SAM & Co) acted as the legal advisor to Coal India Limited and its subsidiaries, in the matter involving imposition of a fine on CCI of INR 1773. The Competition Appellate Tribunal (COMPAT) had set aside the order of the CCI imposing a fine on CIL, as well as two related orders and has remitted the matters back to the CCI for fresh consideration.

Full Story >>

New Delhi [India], Mar. 25 (ANI): The Securities and Exchange Board of India (SEBI) has barred 13 companies, including RIL, from dealing in equity derivatives in the Futures and Options (F&O) segment of stock exchanges, directly or indirectly, for a period of one year.

Full Story >>

New Delhi [India], Mar. 25 (ANI): Arundhati Bhattacharya, Chairman, State Bank of India (SBI) has been ranked 26th in the fourth edition of Fortune's 'World 50 Greatest Leaders' list.

Full Story >>

Kantar Millward Brown Media Conclave 2017

Updated: Mar 24, 2017 18:27 IST

New Delhi [India], Mar 24 (ANI-BusinessWireIndia): WPP -Kantar's brand, communications and media research unit Kantar Millward Brown conducted its annual Media Conclave 2017 in Mumbai. This year's Media Conclave focused on the impact of various media Ad Formats on campaign performances. The conclave played host to some of the country's top most Marketing, Media and Media Insights leads.

Full Story >>

New Delhi [India], Mar 24 (ANI): International Monetary Fund (IMF) which has 189 countries as member for Global Monetery co-operation in its conference called the Indian Government to share the success story of Demonetisation.

Full Story >>

New Delhi [India], Mar 24 (ANI-NewsVoir): It has been 24 hours since Layla last had cocaine. Now on a flight to New Delhi with her children, all she can focus on is how quickly she can hook up with her friend and drug baron Leonardo so he can provide her with her next fix unaware of the intergenerational damage her choices will cause.

Full Story >>

New Delhi [India], Mar 24 (ANI): With the immense success of the first edition of India Expo Shop Summit, The Indian Exhibitions, Conferences and Events Services Association (IESA), an apex organization working towards the development of the exhibitions, conferences and events services sector in India, in collaboration with key industry bodies, government organizations including Department of Commerce, Ministry of Commerce and Industry, Government of India, Confederation of Indian Industry (CII), and Services Export Promotion Council (SEPC), is organizing the second edition of the India Expo Summit 2017 (IES 2017) at India Expo Centre and Mart, in Greater Noida, Uttar Pradesh on 17th April 2017.

Full Story >>

New Delhi [India], Mar 24 (ANI): Online connecting portal for women looking to restart their careers JobsForHer marks the end of its successful two years and the beginning of its buoyant third year operations this month.

Full Story >>

New Delhi [India], Mar 24 (ANI): In ICRA's view, the demand for fertilizers in H1 FY2018 will witness moderate growth, given the lower base for H1 FY2017 and improved spending power of the farmer community with higher MSPs for rabi crops and strong sowing witnessed during the season.

Full Story >>

New Delhi [India], Mar 24 (ANI-NewsVoir): Marking its presence in Gujarat, All India Rubber Industries Association (AIRIA), the august body of Rs. 85,000 crore rubber industries in India has opened its Gujarat chapter in Ahmedabad. As representative body of over 5,000 rubber products manufacturers in the country (largely MSMEs), AIRIA already has offices in Mumbai, Delhi, Chennai and Kolkata with a chapter office in Pune.

Full Story >>

Will make Goa beggar-free state: Parrikar

Updated: Mar 24, 2017 15:23 IST

New Delhi [India], Mar 24 (ANI): Chief Minister Manohar Parrikar on Friday emphasized on making Goa the first ever beggar-free state.

Full Story >>

New Delhi [India], Mar 24 (ANI): With the announcement of Rs. 978.84 crore for the social sector, Chief Minister Manohar Parrikar on Friday said that Goa will be made a garbage free state by 2020.

Full Story >>

New Delhi [India], Mar 24 (ANI-BusinessWireIndia): Tata Capital, the financial services arm of the Tata Group, today, announced the launch of 'myLoan' - a first-of-its kind Mobile App by the company to extend its existing personal loan offering to the emerging younger and mobile savvy audience.

Full Story >>

New Delhi [India], Mar 24 (ANI-NewsVoir): Recent research by World Animal Protection across local dairies within the city limits of six major metropolitan areas in India, has exposed the in humane living conditions and shocking treatment of dairy cows and buffaloes.

Full Story >>

New Delhi [India], Mar 24 (ANI): FreeCharge on Friday announced that it will now enable e-wallet payments across leading outlets with Arvind Lifestyle Brands, one of India's largest and leading lifestyle brands.

Full Story >>