The Goods and Services Tax will bring more assessees under tax net-It is the tax professionals who can play a proactive role in educating the taxpayers in explaining the various advantages of GST and to join the nation building process.
The Federation has played a proactive role by organising conferences on the subject of GST across the country. Members of the Federation had discussions with local consultants to understand the difficulties faced even by the smallest traders in our country who are conducting business in remote villages of our country where neither electricity nor internet connections are available. The members of the Indirect Taxation Committee of the Federation has had meetings with the Finance Ministers of respective States and also members of the GST Committee. The Federation has appreciated the positive response shown by the Government and GST Committee members who accepted various suggestions of the Federation. The Federation is of the well considered opinion that, GST will bring about a great revolution in tax compliance which will help in the development of the country and also in bringing more assessees under tax net. The Federation has many star professionals who are practising exclusively in the field of indirect taxes. To understand the various issues on GST, an attempt has been made to discuss the industry specific issues of GST in this issue of the journal. Learned authors have discussed provisions of the relevant laws, difficulties faced by particular industries and also suggested remedial measures. We are of the opinion that this issue will be a very useful reference for the tax professionals to understand industry specific issues. To understand the law and procedure of GST, the Federation is proposing to publish a publication titled “Law and Procedure of GST – Frequently Asked Questions and answers”. The said publication will be authored by experts from across the country. Federation is also considering the feasibility of publishing the said publication in various regional languages. We are sure that the said publication will serve as a useful reference for the tax professionals, traders as well as the Government. I believe that GST is an opportunity for young professionals to specialise in the field of indirect taxes, because all are learning, professionals with hard work and in-depth study of the new law will excel in the profession.
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Dr. K. Shivaram