SLS Mirror Sept - Oct 2017 | Page 21

Seminar on GST On 11th October 2017, Seminar on GST was organized by student volunteers, under the guidance of Abhinav Kapadia sir, Ashvin Dave sir and Ashish Joshi sir. Brief Introduction on GST was given by C.A. Jitendra Soni in the rst session. He started with the denition of GST and explained GST stands for 'Goods and Services Tax'. “GST is a value-added tax levied on most goods and services sold for domestic consumption”. It is an indirect tax applied to the cost of certain goods and services. CGST (Central goods and services tax) and SGST (State goods and services tax) are intrastate tax and IGST (Integrated goods and services tax) is interstate tax. Main objectives of GST are: - 1) Uniform tax across the country, 2) Reduce cascading effect of taxes, 3) Principle of 'destination based taxation' and 4) Free ow of tax-credit. There are four Acts to administer GST in India: - - Central Goods and Services Tax Act - State Goods and Services Tax Act - Central Goods and Services Tax Act - Integrated Goods and Services Tax Act - Union Territory Goods and Services Tax Act Taxes are subsumed in single GST which replaced several former taxes and levies which included: central excise duty, services tax, addition customs duty, surcharges, state level value-added tax and Octroi. Alcohol liquor, Electricity, Real Estate, Petroleum and Tobacco are not covered in GST. He also gave the information about Supply, Composite Supply and Mixed Supply. Supply includes: - - Sales - Barter - Transfer - Exchange - License - Rental - Lease and - Disposal C.A. Jitendra Soni sir concluded the session by discussing impacts of GST followed by addressing student queries. For the informative rst session Ms. Onam Joshi from SLS16 proposed a vote of thanks to VA Jitendra Soni sir. After the completion of rst session all the student volunteers, guiding professors and guest headed for lunch and second session was subsumed by 2:00 pm by host Priya Pahelwani from SLS15 by introducing CA Malav Shah sir and CA Sonal Jain ma’am for the second session. 19