VIA Taxation & Corporate Law Forum, Nagpur organised a session on “Business Growth, Planning & Restructuring Under GST Regime” VIA Auditorium recently.
CA Ashok Chandak in his opening remarks said that this unique kind of programme was organised by VIA with a clear view to see how and how much benefit trade and industry can take in development and business growth through proper planning under GST law. He added that since GST is a progressive tax system and reduces that cascading effect it will definitely give benefits to businesses under proper planning.
Gaurav Sarda Secretary VIA in his welcome address insisted that if trade and industry has concerns related to GST they should send it to VIA. Since VIA is proactively taking GST matters to GST department, GST Council, State Finance Minster and Union Finance Minister.
CA Anil Kagathara highlighted on value addition in input tax credit. He emphasised that trade and industry are taking input tax credit however skip taking input credit for areas like insurance premium, travelling expenses, internet expenses, company law compliances fees, bank charges payments etc. which cumulatively result in savings GST. Here he asked trade and industry to ask for GST invoice for all such GST payments. He further added that sales returns should be properly booked and output GST should be reversed. CA Anil Khagatara also added that optimisation of GST set off mechanism where in input IGST credit should be best utilised in wherein cash outflow is minimum. This will help in saving working capital. He explained how GST planning be done using Input Service Distributor mechanism with various examples. He cautioned GST dealers to match input tax credit available in
2A with the input tax credit claimed in returns.
CA Naresh Jakhotia, Treasurer VIA concluded the session stating persons can save tax under GST too with proper planning. He further added that every penny saved through tax planning amount to penny earned, thus people should adopt ethical tax planning instead of looking unethical ways.
CA Sachin Jajodia has conducted the programme and CA O S Bagadia Past Vice President VIA chaired the question answer session.
Live from VIA – Taxation & Corporate Law Forum a session on "Business Growth, Planning & Restructuring under GST regime.
Posted by Vidarbha Industries Association on Friday, February 28, 2020