- FTCCI organised a Conclave on GST and Globalization
- FTCCI demands Telangana State Government to increase the threshold limit for GST to Rs 40 lakh turnover as in many states from the current Rs 20 lakh: Meela Jayadev, President, FTCCI
- GST, the unified tax structure united the nation: Justice Challa Kodanda Ram, Retired High Court Judge, the Unified AP
- GST is a big success in India: M. Srinivas, Retired Principal Chief Commissioner, Central GST
- Don’t raise voice against GST but raise invoice and raise e-invoice: Experts gave a call
Justice Challa Kodandaram, retired Judge of the High Court of the unified Andhra Pradesh was the Chief Guest. Addressing the gathering of 250-plus delegates composed of Tax Practitioners, Consultants, Govt officials of IT and GST, and Industry representatives, he said, the GST which has completed 11 years of existence with a unified tax structure united the nation. The rule makers must have a practical approach for better compliance.
The GST rates in many countries vary from 3 to 5%. Whereas the rate of GST varies from 5% to 28% in India depending upon the category of goods, he said
Speaking further Justice Challa Kodandaram asked people to comply with GST and make our society a better society. You be honest in your compliance. The biggest crime in the USA is lying. In India, Satyameva Jayate (Truth alone triumphs) is inscribed as part of the Indian national emblem. The emblem and the words “Satyameva Jayate” are inscribed on one side of all Indian currency and national documents. But in reality, Asatyam (lie) only takes you forward. We have stopped teaching this important quality to our children. Parents do not practice, so also the children, he said.
France was the first country to implement GST. It was followed by 160-plus countries. GST was introduced as part of the “One nation one tax” concept to unite indirect taxes under one umbrella and facilitate Indian businesses to be globally competitive. The Indian GST regime is structured for efficient tax collections, reduction in corruption, easy inter-state movement of goods etc he said. GST in India is a huge success because of the Trade and Industry, he said.
GST has also helped to increase the number of Taxpayers from 63. 5 lakhs to 1.4 crore, which is a 120% growth he said. The revenue has also jumped from 82,294 crore to 1,67,000 crore which is a 100% jump.
Speaking on the importance of e-invoices, the retired Tax official said E-invoicing helps businesses in data reconciliation and accuracy during manual data entry. It allows interoperability across businesses. Don’t just raise your voice, but invoice, and not just invoice, e-invoice, he gave a call. The E-Invoicing initiative of the government of India goes a long way in ease of compliance and revenue collection. You can track the e-invoices in real time. The e-invoice details will be auto-populated on tax return forms and e-way bills, making the tax return process easy.
Speaking further he added that the synergy between GST and globalization is undeniable. GST, with its simplified tax structure and reduced barriers, has facilitated smoother trade flows across borders, fostering a conducive environment for international commerce. Conversely, globalization has exposed our businesses to a broader market, amplifying the benefits of GST and encouraging competitiveness and efficiency.
Amidst these challenges lies an opportunity—an opportunity to leverage the synergies between GST and globalization to propel our businesses towards sustainable growth and resilience.
The day-long conclave had several sessions and panel discussions. The conclave was organised with the support of several organisations.