Manav Rachna organises workshops on GST compliance for businesses, students
>>Many policy makers, bankers and industry experts believe that implementation of the Goods and Services Tax (GST), which came into effect from July 1, will further strengthen India’s position in coming years
India has beaten China in recent quarters to become the fastest growing major economy globally. And now, India has emerged as outperformer in World Bank’s Ease of Doing Business rankings this year. The country jumped a whopping 30 places to bag 100th position in a research that ranks 190 countries.
Many policy makers, bankers and industry experts believe that implementation of the Goods and Services Tax (GST), which came into effect from July 1, will further strengthen India’s position in coming years. A sustained effort to simplify licencing and tax structures is expected to position the country as much more investment-friendly place to do business.
With improvement in trade and investment climate, select educational institutions have started training sessions for chartered accountants, businessmen and advocates on GST compliance. About 800 of them recently attended a seminar organised by Manav Rachna International University (MRIU) in association with its industry partners.
The university also participated in a series of workshops for 2,000 senior revenue officers grouped in six batches. Besides, 350 officers of the Central Excise Commissionerates in Faridabad and Ghaziabad attended ‘Train the Trainers’ sessions held by Dr. Monika Goel, who is leading the business incubation initiatives at Manav Rachna Research, Innovation and Incubation Centre (MRRIIC).
She elaborated on the procedural provisions of GST like issuance of tax invoice, credit and debit notes, receipt and refund vouchers, payment vouchers and delivery challan, electronic way bill, maintenance of records under GST, filling of different returns like return for outward supplies, return for inward supplies, final monthly return, annual return, and matching of input tax credit (ITC).
“The matching of ITC procedure will not only ensure that due revenue is transferred to importing state but also ensure that the importing taxable person can claim the ITC that he would be entitled to,” said Ms Goel. “The procedure thus sits of the heart of GST.”
She said a uniform taxation structure across the country will eventually lead to good governance. As all businesses in future will become GST compliant, students must acquire skills in tax planning, online filing of taxes under the new regime and data analytics.
To impart knowledge and insights into various business aspects, Manav Rachna Educational Institutions (MREI) signed a MoU with Bombay Stock Exchange (BSE) Institute to offer short-term courses for students and professionals. The third batch with 25+ candidates will undergo a three month training shortly.
“We want to promote an open learning environment that brings together students from diverse disciplines and ideas, equipping them with relevant training and helping transform organisations through innovative learning programmes,” opines Dr. Prashant Bhalla, President, MREI.