Roundtable Discussion on GST, Credit Concerns, Advance Ruling and Audit – Latest Developments, Impact Areas and Way Forward
AMCHAM’s Eastern Region, and its knowledge partner, EY, hosted a roundtable discussion on GST on 23rd October, 2018 at TCG office in Kolkata. Ms. Amada Kidwai, Regional Director – Eastern Region, AMCHAM, welcomed members and Mr. Dinesh Agarwal, former Chairman of the Eastern Region, ER Executive Committee member and Partner, EY Tax and Regulatory Service, gave opening remarks which was followed by a presentation on GST updates by Mr. Sidhartha Jain, Partner, EY and Mr. Vijay Chhangani, Director, EY.
EY updated the participants about the GST annual return, audit requirements and steps required to be followed for preparation of the annual return (GSTR 9) and GST audit (GSTR 9C), as the due date for these compliances is Dec, 2018. Various GST challenges that members face and queries generated during interactive sessions were clarified by the EY team. In the very vibrant and conducive Q&A session, members shared their experience over the past one year on the GST implementation.
The session concluded with a vote of thanks by Mr. Dinesh Agarwal, who suggested members should start working on the annual return and audit requirements, as only two months were left and the same involves a mammoth exercise of detailed state level bifurcation of financial statements and reconciliation of the same is GST returns filed so far.