6 Years of GST - Issues, Challenges and Way Ahead

20/07/2023 | Completed Event

World Trade Center, on the 6th anniversary of GST implementation held an online session “6 Years of GST - Issues, Challenges and Way Ahead”.  Speakers from Lakshmikumaran & Sridharan Attorneys – Mr. Ravi Raghavan, Senior Partner; Mr. Brijesh Kothary, Partner, Mr. Vishwanath K, Associate Partner engaged the session Mr. Ravi Raghavan explained the timeline of GST implementation in India - from the constitution amendment in 2017 to the 50 council meetings held over the years until recently. He stated that GST has many benefits including - reduction in compliance costs to businesses, seamless flow of ITC, reduction in transportation & logistics cost, defined treatment of e-commerce operators, uniform rates, higher revenue efficiency, boost to 'make in India' initiative etc. There are still open issues with GST like its effect on Employee Stock Option Plan, impairment of Goodwill, levy of interest and other refund related challenges. Mr. Brijesh Kothary touched upon the transfer of data from ICEGATE to GST portal. He cited various case studies to describe this. He mentioned the prominent updates at the 50th GST Council Meeting as well. Mr. Vishwanath K. covered the reasons for ITC mismatch between 2A and 3B. He also gave the summary of the 48th GST Council Meeting and its recommendations. Predictions for the future such as mandatory e-invoicing for companies with annual turnover less than 5 crore, representations from industry & amnesty schemes, portal changes functioning of section 38 etc were discussed. The event was an opportunity for the participants to take up their queries with the experts. Mr. Vivek George, World Trade Center delivered the welcome address and Mr. Sandeep Raj, Coordinator, World Trade Center Kochi proposed the vote of thanks.