CII Eastern Region, today, facilitated an interactive session with Shrawan Kumar, IRS, chief commissioner, CGST & Central Excise Kolkata and Manoj Kumar Kedia, IRS, principal commissioner, CGST & Excise Kolkata, with various industry stakeholders in Kolkata.
Shrawan Kumar broadly discussed few sections, which have been introduced in GST recently, namely sec 11A, 16(5), 74A and 128A, which are now operationalised, and the process and procedures are set in place so that the actual benefits of the changes can be implemented. He further stated that even in the recent Union Budget several key updates have been addressed to simplify EODB, dispute resolutions and past demand of the industry.
Furthermore, Shrawan Kumar highlighted that there are issues with 2 to 3 per cent of GST tax payers, which are generally selected to verify the compliances with their submitted data. He also said that the IMS (Invoice Management Service) is the new feature by GSTN, inside the GST portal, which will simplify the process of assessing every inward invoice and take individual action on them. IMS helps recipient taxpayers efficiently manage decisions on each inward invoice from a single interface.
Sanjay Budhia, chairman, CII National Committee on EXIM and managing director, Patton International Ltd, asserted that GST, as a tool, has played a pivotal role in making Indian businesses more competitive in the international trade. Aligning India’s tax system with global best practices has improved the ease of doing business. Many of the trading partners, such as the European Union and ASEAN (Association of Southeast Asian Nations), have similar VAT-based tax structures, making it easier for Indian businesses to engage in cross-border transactions.
Sumit Goyal, chairman, CII ER International Trade Committee & president operations, Patton International Ltd, pointed out that the implementation of GST has played a crucial role in creating a more equitable competitive environment for industries in the eastern region of India. The unified tax structure has eliminated inter-state barriers, facilitating smoother movement of goods across state lines. This is particularly beneficial for industries such as manufacturing and textiles, which are present in this region. By lowering transportation costs and reducing delays, GST has enabled these industries to enhance their competitiveness both domestically and internationally.