With the passage of the GST constitutional bill in Parliament in August, India is at the cusp of finally implementing one of the biggest tax reforms in the post-Independence era. Various Indian states have ratified the GST constitutional amendment bill and therefore the Government of India is confident of getting 15 states to ratify the bill within the next few weeks. While companies are busy analyzing the provisions of the draft law in detail and its impact on their businesses, it is also essential to ensure that timely representations are made to the government, as well as to identify key implementation requirements as part of the preparations for transition from the existing indirect tax regime to GST regime.
In view of the above and to understand the preparedness required for industry for the transition, AmCham Karnataka Chapter, in association with PwC, organized an interactive session with Dr. Parthasarathi Shome on GST rollout – industry preparedness on 6th September 2016, in Orchid, The Oberoi, MG Road Bangalore.
Opening remarks were made by Mr. Pradip Dutta, Chairman, AmCham Karnataka Chapter. He introduced the well-known Dr. Parthasarathi Shome, Chairman, International Tax Research & Analysis Foundation (ITRAF).
Dr. Parthasarathi Shome spoke about tax revenue and administration indicators, GST countdown, ideal structure of GST, concerns with India’s GST framework, GST concerns, GST council, why administrators like GST and its revenue productivity, and key changes proposed by the 2016 amendments to the constitution. The discussion continued with remarks by Kunal Wadhwa, Partner, PWC on the various impacts of GST on industry. The evening ended by presenting a small token of appreciation to Dr. Parthasarthi Shome.
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