India has rolled out one of the biggest tax reform - the Goods and Services Tax (GST) - which has replaced the complex maze of Central taxes and duties such as Excise Duty, Service Tax, Counter Veiling Duty (CVD), Special Additional Duty of Customs (SAD), central charges and cesses and local state taxes that was Value Added Tax (VAT), Central Sales Tax (CST), Octroi, Entry Tax, Purchase Tax, etc. Coinciding with the new tax regime the Mumbai-based Trade Association of Information Technology (TAIT) organised their Knowledge Series events putting an emphasis on Input Tax Credit and the way forward in the GST regime for their members.
TAIT's past sessions/events on GST have been addressed by CAs and the Service Tax department. This time the association had invited Mr G V Bilolikar, Jt. Comm. of Sales Tax, Mumbai to address the members.
The event kicked off with a panel discussion on 'Road to Successful IPO' where panelist Mr Vinit Bolinjkar - Head, Equity Research, Ventura Securities Ltd., Mr Ketan Patel, President and CEO of Creative Peripherals and Distribution Ltd and Mr Nikit Rambhia, Joint Managing Director of Panache Digilife Ltd discussed aboutcurrent IPO market and checklists, filing requirements, role of advisors, bankers and exchanges, IR specialists and the media.
Taking it further, TAIT knowledge series also took up Input Credit Tax (ITC) under GST topic to develop better understanding and clarity to the members.
ITC under the GST framework is one of the core concepts which will help eliminate the cascading effect of taxes. Any manufacturer, supplier, agent, e-commerce operator, aggregator registered under GST are eligible to claim input credit for tax paid on their puechases. Addressing to the queries of TAIT members the panel discussed those conditions to claim ITC under the GST, which is one of the most critical activities for every business to settle its tax liability.