On 15 April 2017, the fourth year students attended an enlightening session on Goods and Services Tax (GST) conducted by Mr. Santosh Dalvi, Senior Partner at KPMG. Mr. Dalvi is an internationally renowned practitioner in Indirect Taxation matters. In the two hours session, Mr. Dalvi gave a detailed insight into the intricacies and legal viability of the GST regime.
The lecture began with a briefing and background of GST. It was pointed out how 17 Indirect taxes would be subsumed under the GST regime. A brief about GSTN (GST Network) was also given. The pressure on the Parliament for passing the GST was also discussed. The aspects of GST like its Valuation, Time of supply, Supply of goods and services and Place of Supply were discussed elaborately. This was followed by a sector-wise discussion of impact of GST. Questions on Input Tax Credit and other concepts were raised by the students. The factor of Excise Tax exemption given to different States was also discussed. And this discussion was coupled with the changes which GST would bring in. Government's scheme of Tax refund to the States was also discussed. The impact on different Sectors of GST was highlighted with reasons. For example- Banking and Retail sector would be the biggest beneficiary under GST. Thus, the Guest gave the students an overview of the current regime and relevant examples to make us understand the concepts.