WZCC Explores ‘GST’

One of India’s major reforms which is the buzzword on most of our lips today – the Goods and Services Tax or GST, which is expected to transform India’s economy favorably, was discussed at WZCC’s (World Zarathushti Chamber of Commerce) event on 23rd June, 2017 at the Indian Merchant’s Chamber, Mumbai. Eighty participants increased their understanding of GST through a presentation by Xerxes Dastur who described GST as the single biggest tax reform providing a single framework, to replace existing indirect taxes, and offering a single levy, seamless tax credit with emphasis on digital self-compliance. It was interesting to learn that unlike most countries which adopt GST as a single tax-slab, India has opted for multiple tax-slabs, categorized under the 5%, 12%, 18% and 28% tariffs. Under GST, registered vendors are required to file tri-monthly returns in the State where they are registered, along with annual returns. Most importantly, GST brings significant reforms especially in terms of procedures for exports. The question-answer round proved to be illuminating and interesting as it highlighted the practical aspects of GST.


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