In continuation of their joint efforts towards “Identifying implications of GST and facilitating adoption by MSMEs”, SIDBI the focal financial institutions for MSMEs and FISME, the leading federation of MSME Associations in India, organised a roundtable in Kolkata on 24th December, 2016.
The round table was organized jointly with Federation of Small & Medium Industries (FOSMI), West Bengal.
The programme was conducted by Mukesh Kalra, Joint Secretary, FISME.
Biswanath Bhattacharya, President, FOSMI in his welcome address described GST as the most significant tax reform of the county since independence.
FOSMI President’s welcome address was followed by SIDBI’s General Manager K. C. Vaid’s opening remarks.
He mentioned that this seminar was the 3rd round table awareness building seminar on GST in the series of 5 round table sessions.
He urged a free and frank discussion among the speaker and the representatives from MSME Sector present there.
Chief resource person, CA Bimal Jain, an eminent expert on Taxation and author of books on GST started the session with the need for implementation of GST and the tentative date of implementation.
He defined GST as the instrument to provide a level playing field to MSMEs to enable them to grow and do business on a PAN India scale. He remarked that in GST implemented India the main advantages would be that–
1) Multiplicity of taxes would go away
2) Cascading of taxes would be removed
3) Remission of double taxes
4) Adhocism at State Level VAT provisions would be abolished
He then explained methods and steps involving intrastate and interstate GST transactions by giving small examples. A lively question answer session followed and Mr. jain responded to the issues raised by means of actual examples.
The programme was widely participated by the MSME fraternity of Kolkata. (KNN/ DB)