Indian Footwear Components Manufacturers Association (IFCOMA) in association with FDDI, NOIDA organized a seminar cum workshop on Goods & Services Tax (GST) on the 15th February-2017 at the Yoga Room, FDDI, New Building at NOIDA.
Eminent CA Shri Chitresh Gupta also an Author to “An Insight into Goods & Services Tax” & member of Indirect Tax Committee – PHD Chambers of Commerce took charge of the Seminar proceedings highlighting the features of GST.
Seminar was attended by a large audience including eminent members of the Industry from the Footwear, Component and allied sector along with Senior students of FDDI. Shri Puran Dawar, Regional Chairman,CLE graced the workshop as the Chief Guest . He was presented a bouquet by the IFCOMA President Shri Vipan Seth .
Mr Chitresh Gupta discussed the GST with complete overview on its emergence, need of GST, implementation status & way forward. He defined the GST as a comprehensive Value Added tax on supply of goods services or both; levied at every stage of production –distribution chain ; will ensure seamless input tax credit throughout the supply chain at all stages of production and distribution.
He informed the members regarding the major impact areas and the preparations the companies need to undertake for smooth transition into the new system that is likely to be in place by 1st July 2017.
Mr Gupta explained that GST will simplify the process as it will bring uniformity on taxation all over India with one single point levy of GST elimination multiplicity of duties & taxes. He opined that most of the duties & taxes shall be subsumed into GST as one tax. He also cited examples on how the GST will work for the Industry and impact on footwear Industry. HE educated the audience on the Registration process, Invoicing structure and modalities of Returns to be filed. He stressed on the precautionary measures the companies need to take as the transition.
The workshop was appreciated by the Audience for its usefulness, nuances and importance. The Chief Guest Shri Dawar & the presenter Shri Chitresh Gupta were felicitated with a memento by FDDI and IFCOMA.
Vote of thanks was presented by Shri SK Verma, Deputy Director , IFCOMA and the attendees were invited for hi-tea.