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| Workshop on GST organised | | | EARLY TIMES REPORT
JAMMU, Aug 7: The J&K Branch of Northern Indian Regional Council of Institute of Chartered Accountants of India conducted a workshop on "Goods & Services Tax (GST)" and "Revised Direct Taxes Code" here today.
The Chairman, J&K Branch of NIRC of ICAI in his inaugural address highlighted the need for such workshop.
CA. Avinash Gupta while deliberating on goods and services tax said that the proposed date of implementation of GST was April 1, 2010 which has been deferred to next fiscal, or may be even later. The new system envisages the importance of uniformity of tax rates across India and also meant to put a check on cascading effects of the existing Central & State VAT system.
With the implementation of GST, the assessee base would increase manifold and hence the challenge is to have better administration, proper accounting system, management of Input Tax Credit and to create suitable information technological structure. In GST regime, the need to define taxable event, dispute related to differential threshold for Goods and Services and application of destination principle is essential for a litigation free GST environment.
CA. Puneet Agrawal while deliberating on Revised Direct Taxes Code(DTC) said that the DTC will come into effect from April 2011 and will replace the Income Tax Act of 1961.
The revised Discussion Paper on Direct Taxes Code has been released by the Central Board of Direct Taxes on June 15, taking into account the vital and critical issues raised by the various stakeholders on the DTC.
The new Direct Tax Code is expected to change the income tax calculation of corporate as well as individual assessees.
However, for individual assesses, the retention of exemption on savings and home loans has brought cheers.
The Government has amended the DTC to the effect that withdrawals from pension funds, provident funds and life insurance schemes will not be taxed. However, there are still some prints that lack clarity.
The workshop was addressed by leading professionals of National repute from ICAI CA.Avinash Gupta and CA.Puneet Aggarwal. The workshop was attended by a large number of Chartered Accountants. CA.Deepak Kapahi, Secretary conducted the proceedings of the seminar & CA.Ajay Sawhney, Vice Chairman of the Branch presented vote of thanks.
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