With the implementation of Goods and Service Tax (GST) there are plenty of questions that requires answers. Even though one may be well versed with the concept, there are many who would need guidance and plenty of information to get them started. In order to help people understand GST, Garments Machinery Manufacturers & Suppliers Association (GMMSA) organised a seminar on Thursday, 8 June 2017 at Hotel Nagpal Regency, Ludhiana.
The seminar was held to help people understand the implications of GST law and how it affected the garments machinery manufacturers & suppliers. Since Ludhiana is one of the biggest hubs of garments machinery manufacturers & suppliers, it is very necessary for everyone to be well informed about the recent laws that have come into function.
Mr. Ram Krishan, Chairman, GMMSA welcomed the participants and said, this awareness event is going to be an eye opener for this industry & trade fraternity of ludhiana, which has become need of the hours. This GST Law to be discussed with deep penetration into the Laws(Sub Laws) so that nothing remains unnoticed.I hope this awareness event proves to be shot in this arm of the industry & will ease the tension free from hassles. I Congratulate team GMMSA for organising this event in advance before the GST is implemented.
Mr. Narinder Kumar President, assured the members of the positive measures from GMMSA from time to time for the benefits of the industry in general & particularly for the members. The key speaker at the seminar was Chartered Accountant Mr. Sanjeev Malhotra who gave the attendees an understanding of the GST laws and what, those who are to be governed by it, were required to do in regard to that. He spoke about how it was important to get all documents and formalities in place as it would make further functioning efficient and hassle free.
Chartered Accountant Sanjeev Malhotra, the key speaker, Said that Introduction of Goods and Services Tax (GST) is a step in the reform of indirect taxation in India. Amalgamating several Central and State taxes into a single tax would mitigate crusading or double taxation, defoliating a common national market. The simplicity of the tax should lead to easier administration and enforcement. From the consumer point of view, the biggest advantage would be in terms of a reduction in the overall tax burden on goods, which is currently estimated at 25%-30%, free movement of goods from one state to another without stopping at state borders for hours for payment of state tax or entry tax and reduction in paperwork to a large extent.
Also present during the event were Mr. Gurdev Singh, Mr. Robby Wassist, Mr. Amit Jain, Mr. Teja Singh, Mr. Pankaj Kalra, Mr. Sukhwinder Singh, Mr. Jatinder Sudhera and Mr. Rajesh Krishan.
