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The School of management of Sri Krishna College of Engineering and Technology (SKCET), Coimbatore, today had organized a discussion forum on the effect of GST Bill 2016 on the Indian Economy. Mr. K.Kumarasamy, Charted Accountant was the Chief Guest and participated in the meeting. Dr.K.Sundararaman, CEO of the Sri Krishna College initiated the programme.
The Chief Guest, Kumarasamy, stated that the GST Bill is the greatest reform in Indian economy in recent times, the new GST Bill 2016 will increase the India’s GDP up to 2 %. The following are some of the facts on GST that he shared with the students:
* The GST will be applicable to all the unorganized sectors and will not be applicable for goods and services exported out of India.
* This system will bring all the unorganized sectors liable to pay taxes.
* GST will help to reduce business costs thereby improving the production and also fixing the affordable market rates to the products which will increase the consumption of the products and eventually will lead to increase of nation's GDP.
* Non inclusion of certain industries like petroleum, alcohol, electricity, real estate sectors will lead to loss to the exchequer of India. Particularly the petroleum, electricity and alcohol industries are not included, which makes huge loss to the economy of the Government.
* The tax systems should properly include all the unorganized sectors, for this the department of taxes should introduce the new techniques which should go to the gross root levels, otherwise many unorganized sectors will not properly pay the taxes. The government should find out the best techniques to cover all the unorganized sectors.
Students remarked the session as very informative and they enthusiastically participated in the interactive session, as well.
Dr.S.Annadurai, Principal, Dr.Ramakrishnan, Director of School of Management, Professors and students attended the event.
The Chief Guest, Kumarasamy, stated that the GST Bill is the greatest reform in Indian economy in recent times, the new GST Bill 2016 will increase the India’s GDP up to 2 %. The following are some of the facts on GST that he shared with the students:
* The GST will be applicable to all the unorganized sectors and will not be applicable for goods and services exported out of India.
* This system will bring all the unorganized sectors liable to pay taxes.
* GST will help to reduce business costs thereby improving the production and also fixing the affordable market rates to the products which will increase the consumption of the products and eventually will lead to increase of nation's GDP.
* Non inclusion of certain industries like petroleum, alcohol, electricity, real estate sectors will lead to loss to the exchequer of India. Particularly the petroleum, electricity and alcohol industries are not included, which makes huge loss to the economy of the Government.
* The tax systems should properly include all the unorganized sectors, for this the department of taxes should introduce the new techniques which should go to the gross root levels, otherwise many unorganized sectors will not properly pay the taxes. The government should find out the best techniques to cover all the unorganized sectors.
Students remarked the session as very informative and they enthusiastically participated in the interactive session, as well.
Dr.S.Annadurai, Principal, Dr.Ramakrishnan, Director of School of Management, Professors and students attended the event.