CMS Business School Organizes a Session on Impact of GST on Startups
13 Jul 2017
As a university initiative, CMS Business School, J P Nagar organized an interactive session on “Impact of GST on Startups” in the college premises on June 27, 2017.
Mr. Gagandeep, a Chartered Accountant (CA) and Lawyer, graced the session with his presence. He briefed the students on Goods and Services Tax (GST) and how it is going to be a momentous tax reform in India by subsuming as many as 17 Central and State taxes and 23 cesses, ushering in a single and uniform market of the country.
He illustrated with examples how GST would be applicable across the manufacturing and services value chain and also explained the mechanism of input tax credit to offset output tax liability. He also spoke about the Harmonized System of Nomenclature (HSN) which will be now from a manufacturer and service provider to that of a supplier, registered under the new tax regime and Time of Supply of Goods for the payment of GST. Therefore, for a manufacturer to get the input tax credit, all the suppliers associated with it should comply with the GST.
The students of CMS Business School were enlightened by the talk which was concluded with a Q&A session.