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GST will benefit common man a lot, opine experts.
The Goods and Services Tax Bill (GST Bill) if implemented in India would give genuine benefits to the common man, opined experts at a seminar titled ‘GST-Challenges and its Impact on Indian Society.’
Warangal: The Goods and Services Tax Bill (GST Bill) if implemented in India would give genuine benefits to the common man, opined experts at a seminar titled ‘GST-Challenges and its Impact on Indian Society.’
The seminar was organised by the Department of Management and Business Administration (MBA) of Kakatiya Institute of Technology and Sciences (KITS) in Warangal on Saturday to delve into the GST Bill, officially known as The Constitution (122nd Amendment) Bill, 2014.
Addressing the gathering, Prof P Surender highlighted the implications of GST regime in India and explained in detail the challenges facing the nation in implementing the GST.
He pointed out that the new GST regime would benefit the consumers with ‘one tax on one country’ by knocking down the all other taxes.
“For instance, in the current Indian corporate world, if a manufacturer fixes the cost of a product at Rs 100 it reaches with price Rs 208 to the consumer. But if the GST is implemented, the price might be Rs 160 instead of Rs 208,” he said.
Presiding over the seminar, Director of KITS Y Manohar said the college has been organising these kind of seminars under the aegis of its ‘Knowledge Sharing Centre.’ Referring to the GST, he said lot of loopholes could be plugged and transparency would be increased if the GST was implemented.
Head of the Department of Management Studies G Rathnakar noted that GST’s implementation would subsume all other taxes like Excise Tax, VAT, Entertainment Tax, Tax on Lotteries and other indirect taxes.
Under the proposed GST Act benefits could reach Indian citizens buying Fast-moving consumer goods (FMCG) products, he added.
MBA faculty members from various colleges, KITS’ faculty and PRO D Prabhakara Chary were present on the occasion.
