Seminar on GST Reforms Held Seminar on GST Reforms Held

A Major Step Towards Transparency and Good Governance

The Punjab Chambers of Commerce and Industries (PCCI) and Tax Trade and Services (TTS) jointly organized a seminar on the theme “GST Reforms – Enhancing Transparency and Good Governance” at Hotel Park Grand, Sector 43, Chandigarh.

The event was graced by eminent guests, including J.S. Negi (IRS), Chief Commissioner, CGST-Chandigarh; Manoj Kumar Shrivastava (IRS), Chief Commissioner, CGST-Panchkula; H.B. Negi (IRS), Retired Principal Commissioner, CGST-Chandigarh; Vikas Kumar (IRS), Principal Commissioner, CGST-Ludhiana; Rajan Datt (IRS), Commissioner, CGST-Panchkula; Hamid Gani, Commercial Tax Officer, SGST-Srinagar and Varinder Mehndiratta, President, YJCCI. The seminar facilitated extensive discussions on GST reforms and their impact.

As the keynote speaker, indirect tax expert CS Sanjay Malhotra highlighted the recommendations made in the 54th and 55th meetings of the GST Council. He informed that taxpayers could make payments under Section 73 of CGST act for FY 2017-18 to 2019-20 until March 31, 2025, with interest and penalties being waived.

He also stated that the government has simplified the export refund process by removing Rules 96(10) and 89(4A), (4B), enabling businesses to encash refunds promptly.

CS Sanjay Malhotra emphasised on Invoice Management System (IMS), which will curb fake invoices and prevent fraud in Input Tax Credit (ITC). IMS will also help the government effectively combat tax evasion.

Manoj Kumar Srivastava (IRS), Chief Commissioner, CGST-Panchkula, stated that GST reforms are not only making the tax system transparent but also fostering trust between taxpayers and the government.

Vikas Kumar (IRS), Principal Commissioner, CGST-Ludhiana, highlighted that the objective of GST reforms is not just to increase compliance but also to make the system simple and fair. Initiative like the Invoice Management System will enhance trust between traders and buyers, benefitting honest taxpayers while ensuring transparency and accountability in tax policies.

Sh. Rajan Datt (IRS), Commissioner, CGST-Panchkula, mentioned that new systems like IMS play a pivotal role in preventing tax evasion. Furthermore, the government is making continuous efforts to support small and medium enterprises. These reforms will improve taxpayers’ experiences and accelerate the nation’s economy.

Varinder Mehndiratta, President of YJCCI, expressed that GST reforms mark a significant change for the business sector.

Young moderators Ms. Kanwalpreet Kaur and Ms. Ritika Malhotra, Saksham Malhotra, warmly welcomed the members from CGST offices and industry stakeholders.

The event provided a vital platform for tax professionals, CA, CS, CMA, industry stakeholders, and lawyers to deeply understand GST reforms and improve compliance. All dignitaries present praised the seminar as informative and valuable.