Seminar held on GST

A seminar to disseminate information on the GST was held at the SIDCUL at Haridwar today. Bimal Jain, Chairman of the Indirect Tax Committee of the PHD Chambers, presented a 5-point presentation to Finance Minister Prakash Pant at the seminar. He gave suggestion to set up a notification wing at the council level so that there were no lapses due to difference in the dates of notifications from the state and Centre. He also suggested abolishment of Section 9(4) of the GST Act. It was also suggested facility to revise GSTR 3B and GSTR 1. Jain also raised industry’s concern over excise exemption under special industry package and suggested the state government to follow Jammu and Kashmir for committing 42 per cent share of the state. However, Finance Minister Prakash Pant clarified that with an almost 50 per cent reduction amounting to Rs 1000 crore loss in revenues due to GST, it was difficult for the state to make such commitment for contributing 42 per cent towards residual exemptions. — TNS