Fri, Apr 28, 2017 | updated 04:12 AM IST

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

Updated: Oct 10, 2016 18:20 IST      
PHD Chamber Organises Series of Educational Workshops on Goods & Services Tax
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], Apr. 28 (ANI): A high-level committee, headed by finance secretary Ashok Lavasa, submitted its report on Thursday, on allowances of 47 lakh government employees, to Finance Minister Arun Jaitely.

Full Story >>

New Delhi [India], Apr 27 (ANI-NewsVoir): Bengaluru is set to play host to national and international cosmetic dermatologists at the 12th Edition of World Congress of Cosmetic Dermatology (WCOCD) from May 4th to 6th 2017 at Dr. Babu Rajendra Prasad International Convention Centre, GKVK.

Full Story >>

New Delhi [India], Apr 27 (ANI-BusinessWireIndia): Mech Mocha, an India-focused Bangalore-based mobile gaming start-up, today announced that it has raised USD five million Series A funding led by Accel Partners and Shunwei Capital and with participation from existing investor Blume Ventures.

Full Story >>

Treebo makes business travel easy with 'Treebo for Business'

Updated: Apr 27, 2017 16:29 IST     

New Delhi [India], Apr 27 (ANI): Largest hotel chain Treebo Hotels has announced the launch of 'Treebo for Business' to offer a seamless booking experience to its corporate clients, which will allow the users to check real-time room availability, make instant bookings, avail the customized rates offered to them, make online cancellations and access booking history and preferred choices of employees.

Full Story >>

New Delhi [India], Apr 27 (ANI-NewsVoir): Shardul Amarchand Mangaldas and co. (SAM and Co.) acted in relation to the Rs. 1,193 Cr. Offer For Sale (OFS) of National Aluminium Company Limited (NALCO).

Full Story >>

New Delhi [India], Apr 27 (ANI): Missouri State University has announced special scholarships for Indian students. During his visit to India Colonel Stephen Robinette Associate Vice President, International Studies, MSU, USA, made a number of important announcements for Indian Students.

Full Story >>

New Delhi [India], Apr 27 (ANI): Though the government has come out with a National Intellectual Property Rights (IPR) Policy to promote a robust intellectual property (IP) environment across India, we need an ecosystem to take a good idea to a logical end even before it is commercialised, Union Railway Minister Suresh Prabhu said at an ASSOCHAM event held in New Delhi last night.

Full Story >>

New Delhi [India], Apr 27 (ANI): ExportersIndia.com, a B2B marketplace and exporters directory that connects manufacturers, exporters, suppliers and buyers to generate value from unlimited online trade opportunities and buyer enquiries on Thursday announced that, apart from India, countries like China, Sri Lanka and Taiwan are also witnessing a glaring surge in cooling products, this summer season.

Full Story >>

OYO launches its first hotel in Kathmandu

Updated: Apr 27, 2017 15:04 IST     

New Delhi [India], Apr 27 (ANI): Aiming to venture into the market in Nepal, budget-hotels network OYO announced the launch of its debut hotel in Kathmandu, following its successful venture into Malaysia in January 2016, where it has now grown to 200 hotels.

Full Story >>

Cash Suvidha strengthens financial access to Indian students

Updated: Apr 27, 2017 14:55 IST     

New Delhi [India], Apr 27 (ANI-Businesswire India): Cash Suvidha, one of India's fastest growing Fintech company has recently announced its partnership with KrazyBee, a Bengaluru based micro-lending platform, with an aim of facilitating easy and quick financing solutions for college students to pursue their passion.

Full Story >>

New Delhi [India], Apr 27 (ANI): On the occasion of Akshaya Tritiya, online payment platform Paytm on Thursday announced its collaboration with India's only Internationally Accredited Refinery MMTC-PAMP to launch Digital Gold, enabling Indians to buy, store and sell pure gold instantly.

Full Story >>

New Delhi [India], Apr 27 (ANI): According to the J.D Power 2017 India Two-Wheeler Customer Service Index (2WCSI) Study released on Thursday, when service dealers effectively communicate with customers at key junctures while servicing a two-wheeler at original equipment (OE)-authorised service centers, overall customer satisfaction notably improves.

Full Story >>

New Delhi [India], Apr 27 (ANI): Tata Motors on Thursday signed a contract for the supply of 3192 units of the Tata Safari Storme 4x4 to the Indian Armed Forces, under a new category of vehicles - GS800 (General Service 800).

Full Story >>

New Delhi [India], Apr 27 (ANI): Dismissing the proposal put forth by a member of NITI Aayog, Minister of State for Finance Santosh Kumar Gangwar on Thursday stated that no taxes will be levied on agricultural income.

Full Story >>

Vihaan Networks bags North East connectivity project of BSNL

Updated: Apr 27, 2017 13:08 IST     

New Delhi [India], Apr 27 (ANI): Indigenous telecom equipment manufacturer Vihaan Network Limited (VNL) bagged Rs. 1648 crore telecom infrastructure project of state-owned Bharat Sanchar Nigam Ltd for providing connectivity in over 4000 villages in remote areas of Arunachal Pradesh and Assam.

Full Story >>

New Delhi [India], Apr 27 (ANI): Edelweiss Tokio Life Insurance, the joint venture between the Edelweiss Group and Tokio Marine Holdings of Japan, on Wednesday obtained approval from the Insurance Regulatory and Development Authority of India (IRDAI) for 'POS - Saral Nivesh' , which will be sold over the counter for the first time in India under the POS (Point of Sale) guidelines.

Full Story >>

PVR Cinemas signs five-theatre deal with IMAX

Updated: Apr 27, 2017 10:12 IST     

New Delhi [India], Apr 27 (ANI): Multiplex chain PVR Ltd. on Wednesday signed an agreement with IMAX Corporation to add five more IMAX theatres in the Indian market. Through this rollout, PVR cinemas will reach a count of 10 IMAX screens and retain its position as the largest IMAX partner in India.

Full Story >>

New Delhi [India], Apr 27 (ANI): According to the real estate advisory firm PropTiger.com's findings, the real estate sector

Full Story >>

UN Global Compact's annual conference commences in New Delhi

Updated: Apr 27, 2017 09:50 IST     

New Delhi [India], Apr 27 (ANI): The United Nations Global Compact on Wednesday kicked off its two-day event, bringing together over 300 leaders from business, finance, civil society, government and the UN in New Delhi for its regional flagship event 'Making Global Goals Local Business - India'.

Full Story >>

UTStarcom to expand its footprint in India

Updated: Apr 27, 2017 09:21 IST     

New Delhi [India], Apr 27 (ANI-NewsVoir): UTStarcom India Telecom Pvt. Ltd., a global telecommunications infrastructure provider on Wednesday announced its plan to increase its investment in India at the 'Next Gen Innovation Summit 2017- and Beyond', an event organised by UTStarcom Inc.

Full Story >>