An interactive session on GST (Goods and Services Tax) was organised by Department of Commerce on 17 October, 2019. The speaker for the session was FCA Varnit, Faculty, Institute of Chartered Accountants of India.
In his lecture, he gave an in-depth view of GST which is considered as a major reform in the Indian Taxation System. He began with an enlightening note emphasizing on the basics of revenue collection with respect to the Federal Structure of India. Taking real life situations as examples, he traced the development of the new tax regime and also explained the various tax concepts like direct/indirect taxes, regression/progression related to taxes, etc.
He discussed at length the challenges to the implementation of GST in the current economic scenario of the country. He elucidated the salient features of GST, such as it being a destination based taxation scheme, with a holistic view, embracing pros and cons of each. The lecture was enriching for the students and it ended up with question and answer session.