Experts dwell on GST, its various aspects

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The PHD Chamber of Commerce and Industry (CCI), in association with Konrad-Adenauer-Stiftung (KAS), Germany, organised a seminar on the recent developments, issues, audit and annual return under GST in which DS Garcha, Assistant Excise and Taxation Commissioner (AETC), Jalandhar, was the chief guest. In his address, Garcha appreciated the efforts of PHD chamber for organising the event and addressing the issues and concerns of the industry members pertaining to GST. He said bill-trading and claiming of input tax credits in cases of fictitious transactions was a serious fraud under GST laws. GST compliance systems were robotic and was capable of reporting, tracking and reconciliation of transactions due to which it is going to become very difficult for the tax payers to get scot free for fraudulent transactions, he added.

Pawan Kumar, chairman of Punjab Taxation Committee, PHD chamber, highlighted the various issues which still need to be addressed and if not clarified, could result in uncalled litigation. Earlier, while welcoming participants, Ajay Mahajan, convener of Jalandhar Zone, PHD CCI, Punjab chapter, said the seminar aimed at providing tax payers practical expertise to understand and analyze how to fill up the forms.

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