‘Transition to GST regime to be smooth’

Meetings held by industry bodies

Speakers at different seminars and workshops aimed at improving awareness among the business community about the current VAT regime and the proposed Goods and Services Tax (GST) expressed that the transition would be smooth.

Meetings were organised on Friday by the ASSOCHAM and Federation of Telangana and Andhra Pradesh Chambers of Commerce and Industry (FTAPCCI) and the Confederation of Indian Industry, together with Hyderabad Software Exporters’ Association.

Ready for change

Additional Commissioners Sudha Koka (Customs, Central Excise and Service Tax) and Revathi Rohini (Commercial Taxes), chairman of CII-Telangana V. Rajanna and FTAPCCI president Ravindra Modi, among others, said a majority of traders and the business community were already geared up for the transition.

Ms. Revathi Rohini said the Telangana Legislature was among the first in the country to pass the necessary amendments and forward the same to Parliament. It was thus in the forefront as far as GST was concerned, she said, adding that the State Government had set up a cell to address grievances of the business community and increase awareness.

Smooth rollout

At a seminar held by the Hyderabad branch of South Indian Regional Council of the Institute of Chartered Accountants of India, Assistant Commissioner of Central Excise D. Anudeep, Chartered Accountants M. Devaraja Reddy, Y.V. Bhanu Narayana Rao and chapter chairman R. Chengal Reddy spoke. They explained the salient features of the GST and said the onus was on the fraternity of CAs to rise to the occasion.

‘One nation one tax’ was the basic principle of the GST legislation, they said. The entire fraternity of CAs, they said, was working towards the smooth rollout of GST that was likely to come into place from July 1.