The Goa Chamber of Commerce & Industry (GCCI), in association with S. S. Dempo College of Commerce and Economics, celebrated the 7th anniversary of the Goods and Services Tax (GST) with the event- ‘7 Years of GST- Evolution and Way Forward.’ Chief Minister of Goa and State Nominee at the GST Council, Dr Pramod Sawant was the Chief Guest and Bipin Kumar Upadhyay, CGST Commissioner-Goa, was the special invitee. The occasion was graced by Shrinivas Dempo, GCCI President; Manoj Kamat, Principal of S. S. Dempo College of Commerce & Economics; Rohan Bhandare, Chairman of GCCI Taxation & Financial Services Committee; and Yatish Pai Vernekar, Co- Chair of GCCI Taxation & Financial Services Committee.
Shrinivas Dempo, in his welcome address, expressed that GST has truly unified India as One Nation, One Tax and One Market. The digitisation of the indirect tax regime through the various measures in GST have facilitated the ease of doing business, and the notable efforts of the Government to enhance compliance and curb evasion have helped expand the GST net. Dempo thanked the Chief Minister for taking up the GST proposals suggested by GCCI at the recent GST Council Meeting and looked forward to the rationalisation of GST rates and the implementation of the sector-specific benefits suggested by GCCI for reducing the tax burden and enhancing the economic growth.
Rohan Bhandare, Chairman GCCI Taxation & Financial Services Committee presented an overview of the GST Anniversary event. He highlighted that the recent GST Council proposal of relaxation of timelines for availing input tax credit for past years would provide a big relief to the taxpayers who had faced challenges in the initial years of GST implementation. Further, the waiving off of interest and penalties of demand notices of past years showcased the government’s intent to reduce litigations.
Dr Manoj Kamat, Principal of S. S. Dempo College of Commerce & Economics, complimented the Government for successfully implementing GST and provided the statistical analysis of GST over the 7 years. Dr Kamat lauded the decisions taken at the recent GST Council Meeting and expressed that rationalization of taxes could further help reduce the cost of goods and services.
Dr Pramod Sawant in his keynote address complimented the GCCI and S.S. Dempo College for organising the GST event and emphasized the transformative impact of GST on India’s tax landscape. He said that the past seven years have witnessed significant strides in creating a more streamlined and transparent tax system which has contributed to the ease of doing business in India. GST was a destination-based tax and Goa being a consumer state had been a major beneficiary of the GST regime. Dr Sawant also stated that due to the robust and all-time high GST collections for Goa, there has not been any increase in taxes in the previous State Budgets, and Goa has been able to reduce its loans. Dr Sawant assured the industry that the concerns and suggestions of the business community will be presented and advocated for at the GST Council meetings to create a more efficient and business-friendly tax environment for all sectors in Goa. Dr Sawant complimented GCCI for its suggestions in refining the GST framework and its knowledge-sharing initiatives such as the recent 4-day GST Course for industry members.
CGST Commissioner Bipin Kumar Upadhyay highlighted the importance of the robust GST Network (GSTN) and the collective effort from all stakeholders to ensure the success of GST. The Commissioner assured the Department’s availability and support to the Industry in resolving grievances and implementing suggestions in the GST law for the benefit of Goa.
The event featured insightful panel discussions with experts from various sectors. Dr Jagannath Prabhudessai (Real Estate), Saurabh Khanna (Tourism) and Arman Bankley (Industry) and Prof Dr. Manoj Kamat (Economy) shared their insights on the impact of GST on various sectors, the key areas for improvement and the way forward for rationalisation of GST rates. The panel discussion was moderated by Yatish Pai Vernekar, Co-Chair of GCCI Taxation & Financial Services Committee.
The event also featured the prize distribution for the All Goa Essay Competition conducted by GCCI & S.S. Dempo College and a GST quiz conducted by Atindra Bhatikar.
Sanjay Amonkar, Director General of GCCI, extended the vote of thanks, appreciating the contributions of all participants and attendees.
The celebration of the 7th anniversary of GST underscored the collaborative effort between the government and industry to foster a more efficient and business-friendly tax environment.
