Minister

GST Cell Constituted

The GST Bill, which has made a successful passage through the Parliament in August 2016 and subsequently ratified by several state legislatures, is likely to take effect from 1st April 2017. The industry and business sectors expect the uniform tax structure that would replace the existing layered taxation to be largely beneficial to the MSME sector.

With a view to helping the MSMEs get in stride with the new tax structure, ni-msme has constituted a GST cell at its campus, which Mr. Manoj Joshi, IAS, Joint Secretary (MSME), Govt. of India inaugurated on 20th December 2017.

Speaking on the occasion Mr. Joshi observed that MSMEs will benefit the most from single tax system (GST). The GST cell will conduct awareness programmes, and will act as advisor for MSMEs. Mr. M Chandrasekhar Reddy, Director General enumerated the activities of the newly established GST cell which will be mentored by experienced senior chartered accountants.

Brainstorming on GST Migration

ni-msme had organised a two-day interactive seminar on GST, during 6-7 January 2017, at the Institute campus. The theme was What Needs to Be Done: Pre-GST Action Points. The intent of the programme was to evolve and initiate measures required to educate, elucidate and enlighten the businesses by providing them with clarity of insight into every aspect and feature of GST, its rationale and its ramification and implication, so that the businesses will migrate to GST regime with a clear perspective about the matter. This is even more relevant to the value additive aspects of the businesses.

Mr. B.H. Anil Kumar, IAS, Jt. Secretary (ARI), Ministry of MSME, Govt. of India was the Chief Guest. Inaugurating the seminar, he pointed out how GST would be more beneficial than the previous law especially for the MSMEs, that the roadmap to facilitate smooth transition from the current mode to GST is getting ready.Mr. M. Chandrasekhar Reddy, Director General, ni-msme, addressing the assemblage, observed that adoption of GST would greatly simplify their tax process. He said, newly set up GST cell at ni-msme will make all-out efforts to educate the entrepreneurs and help them.

Deliberations in the technical sessions illuminated the topics of “Overview of GST”, “Transitional provisions as per model GST law and key areas of immediate action points for businesses”, “Product pricing and anti-profiteering under GST” on the first day, while on the second day, “Immediate actions to be taken by various business departments”, “Migration of existing registration into GST”, “Opportunities for professionals in GST and role of professionals in GST and the role of professionals in smooth implementation of GST” were the topics discussed at length. The expert deliberations were followed by an open house session wherein the experts fielded questions from the delegates and clarified their ambiguities.

The Chief Guest also visited the Livelihood Business Incubator at the campus and interacted with the users there. He also met the ESDP trainees and enquired about the progress of their skill acquisition.

GST Workshop on 07 Jan 2017

A one-day workshop was organised on Goods and Services Tax (GST) for MUDRA Enterprises at ni-msme campus on 7th January 2017. A total of 41 delegates together with officials of nine nationalised banks had participated in the workshop coordinated by Dr. Shreekant Sharma, Faculty Member, and Mr. Vivek Kumar, Associate Faculty Member - both of ni-msme. The objective of the workshop was to motivate the MUDRA beneficiaries towards GST compliance. The programme was sponsored by the Punjab National Bank (PNB).

Speaking on the occasion, Mr. ChaturbhujaBarik, Chief Manager, PNB that the MSEs are finding it difficult to adjust to the rush of multiple reforms and fall in step with them. The workshop was organised to train them to speedily acclimatise to the changes ensuing from the reforms.

The theme sessions focused on impact of GST on MSME, migration from the existing tax system to GST, and expatiation of online GST portal. A session was given to interactive panel discussions in which experts had participated. The discussions elucidated the aspects of ease of compliance through cashless transactions, compliance mechanism and problems faced by the entrepreneurs in compliance. The presentations by the experts added clarity to the concepts discussed. Dr. Sharma clarified that GST compliance would mitigate the cascading effects and lead towards a common national market for the enterprises, making the products competitive in domestic as well as international markets; while for consumers it would result in reduced overall tax burden which is now ranging between 25% and 30%. Mr. Vivek Kumar advised the MUDRA beneficiaries to form into a forum and have frequent interactions.

The discussion panel was comprised of Mr. Y. Subba Reddy, entrepreneur; Mr. Barik, Chief Manager, PNB; Mr. V. Gopala Krishna (formerly banker, and faculty member at ICFAI); and Mr. P. Rajesh, Manager, Tamil Nadu Mercantile Bank Ltd.

By the end of concluding session the entrepreneurs had got acquainted with the process of registering in the GST portal and dealing with compliance mechanism. The event was appreciated as timely and useful.

GST Workshop on 14 Feb 2017

The GST cell of ni-msme had organised a one-day workshop on GST at the Institute campus on 14th February 2017. The theme principal theme was “Goods and Services Tax: A Way to Road Ahead”. A total of 42 delegates comprised of tax consultants, charted accountants, academicians and management professionals participated in the workshop, directed by Mrs. E. Vijaya, Faculty Member (SEM) and Mr. G. Sudarshan, Faculty Member (SEE) of ni-msme.

The main objective of the workshop was to provide illuminating insights into GST framework and challenges to its implementation. The workshop was designed with four technical sessions focusing on the topics of: understanding the structural changes in the current tax system in the perspective of GST laws, transitional provisions, process of registering in GST portal and implications of GST for different business segments. During the inaugural session, Mrs. Vijaya elucidated how GST would lead to transparency in governance and ease of doing business in India.

Dr. A. Srihari Krishna, Director, SEAGI deliberated on provisions that need to be considered during transition from current tax structure to GST regime, as also the implication of GST for various business segments. He interacted with the participants and explained how GST will simplify the tax compliance process. Mr. K. Obul Reddy, GST cell member, ni-msme expatiated on the practical application of GST laws, while Mr. K. Narendra, also GST cell member, explained in detail the process of registration with GST portal.

By the end of the workshop, the delegates got acquainted with the GST laws, process of registering in the GST portal and dealing with compliance mechanism. They appreciated the programme and requested that more such awareness programmes be conducted on the application of GST laws in different business segments.

GST Workshop on 10 Mar 2017

The GST Cell of ni-msme had conducted a one-day workshop on GST on 10th March 2017attheInstitutecampus. The theme was “Goods and Services Tax (GST) - for MUDRA Enterprises”. A total of 17 delegates comprised of MUDRA enterprises, chartered accountants, finance managers, advocates and management professionals participated in theprogramme, directed jointly by Mr. KoraObula Reddy and Mr. K. Narender, GST Consultants at ni-msme.

The main objective of the workshop was to focusonthe GST frameworkand implementational challenges. The workshop was structured with four technical sessions whichdeliberated on the topics of understanding the structural changes in the current tax system in the perspective of GST laws, transitional provisions, process of registering and return filing through GST portal,ways of availing the input tax credit and implications of GST for different business segments, especially to the MUDRA enterprises. During theopeningsession, Mr.Narender elucidated how GST would help make the Governancetransparent and resultin ease of doing business in India.

C.S. P.K. Singh, CA,addressinga session, discussedtransitional provisions and industry impact analysis. Mr. Narender explained at length howinput tax credit (ITC) can be availed.Mr. C.A. Sriram, anotherspeaker, deliberated on supply, and registration process in practical contexts, while Mr. Obula Reddy presentedan overview of GST.

By the end of the workshop, the delegates got acquainted with the GST laws, process of registering in GST, returns submission in GST portal, how to plan in transition period to avail the benefit andITC. They appreciated the programme and requested that ni-msme should conduct more such programmes on the application of GST laws in different business segments.

GST Workshop on 12 Apr 2017

The GST cell of NI-MSME has organised a one-day workshop with the theme “Goods and services tax: A road ahead” on 12th April 2017, at the Institute campus. A total of 76 delegates from various industry associations such as Federation of Telangana Small Industry Association, IDA–Balanagar, IDA–Jeedimetla, IDA–Patancheru, members from electrical and electronics manufacturing industries, plastic manufacturing industries, chemical industries and pharmaceutical industries, trade and services entrepreneurs, tax consultants, chartered accountants, finance managers, accountants and management professionals participated in the workshop, directed by Mrs. E. Vijaya, Faculty Member (SEM), and coordinated by Mr. K. Narender and Mr. K. Obul Reddy (GST Consultants)at NI-MSME.

The main objective of the workshop was to give insights into GST framework and implementation challenges in India. The workshop was designed with three sessions, focused on understanding the structural changes in current tax system with proposed GST regime, overview of GST and implications of GST for various business segments.

Mr. K. Sriram, CA and GST trainer gave input on supply of goods and services, place and time of supply and e-commerce operation as also on registration, filing of returns and other aspects. He interacted with the participants and explained how GST will simplify the tax compliance process. Mr. Narender highlighted business impact analysis, industry impact analysis and case study analysis on GST implementation. Earlier, during the inaugural session, Mrs. Vijaya expatriates on how GST leads to transparency in governance and ease of doing business.

During the valedictory session, Mr. M. Chandrasekhar Reddy, Director General, ni-msme, spoke about the Institute’s activities and emphasised the importance of awareness about GST law for industrialists, entrepreneurs and professionals. The participants appreciated the programme and requested to conduct more such awareness programmes on application of GST tax laws in various business segments.

For Further Details e-mail: evijaya[at]nimsme[dot]org or Phone: 040-23633242