Roundtable Discussion on “GST – Impact Areas and The Way Forward”
On 5th February 2016, the American Chamber of Commerce in India in partnership with Ernst & Young LLP organised a Roundtable on GST – Impact Areas and The Way Forward in Mumbai.
The session began with Ms. Surabhi Wahal, Regional Director- Western Region, AmCham India, welcoming the participants and the session’s speaker – Mr. Suresh Nair. It was followed by Mr. Sudhir Kapadia, National Tax Leader, Ernst & Young LLP, who ushered in the topic through his opening remarks stating that GST is indeed going to be a ‘game changer.’
Through a thoroughly insightful presentation, Mr. Suresh Nair, Tax Partner- Indirect Taxes, Ernst & Young LLP, shard his expert views on the impact areas and the way forward. With a focus on a holistic business impact, the presentation brought to light:
- Key drivers and challenges for the current Indirect tax structure in India
- Advantages of an ideal GST system in a federal structure
- A summary of changes in CGST, SGST and IGST
- The salient features of the proposed GST such as dual GST, interstate supplies, minimum exemptions, additional 1% tax and credits under the GST regime
- The central tax and state tax that will be subsumed in GST
- The current debates on the joint committee reports on business processes, the regulations, payment, refunds and returns, taxable base and exempt products among others
- Potential impact areas for business such as the procurement for manufacturing and services
Participants present engaged in an interactive Q & A session which answered several queries from challenges with vendors who are not highly IT enabled to compliances and disclosures in transactions.
The roundtable concluded with Ms. Shilpa Ramanathan, Head –Supply Chain, Bard India HealthCare Pvt. Ltd., giving the vote of thanks. While thanking AmCham and EY for hosting the event, she extended special gratitude to Mr. Hitesh Sharma, Tax Leader, Ernst & Young LLP, for creating this platform enabling AmCham members to begin preparing for the new law. Ms. Ramanathan also thanked Mr. Suresh Nair for the highly informative and interactive session that presented a closer look at the implication of the GST law. She also thanked the participants for engaging wholly, thus bringing in various industry perspectives to create a truly valuable session.
Ms. Surabhi Wahal also took the opportunity to informally invite those present to a post budget event that will be organized by AmCham in partnership with Ernst & Young on Wednesday 2nd March 2016.