On 5th November 2016, the School of Management & School of Law organized a seminar on can GST increase competitiveness and invited the students from IGTC Bangalore to join this educational event.
This seminar was looking for an answer to the question, what would be its impact on economic growth and on the general public, once GST is in place.
After lighting the ceremonial lamp the seminar started with a speech given by Prof. Ghosh Ray, dean of Presidency University, who enlightened everybody with a basic introduction to the topic GST and introduced the speakers.
It was spoken about theoretical aspects of the GST, about the goods and service tax and about what the government of India is doing for the successful implementation of GST. Overall one can say that the topic GST was covered in detail, with eminent speakers such as C.A. K Raghu, immediate Past-President of the Institute of Charted Accountant of India, Mr. K Ravi, Sr. Vice-President of FKCCI and Ms. Samriti Goel, Joint Commissioner of Central Excide and Service Tax.
The organizers provided some tea and coffee for the audience so that everyone could follow the next session refreshed.
The seminar was divided into two technical sessions. The first one was a presentation about the challenges in implementing GST. It was talked about the different aspects of GST, like what challenges one have to face or what advantage one have to do. India is among 150 countries to implement GST, but the Indian GST draft is a difficult topic to discuss. There are many things, such as the central GST and the state GST, which need to be explained to common people.
The second session was a panel discussion about GST as competitive advantage of India, anchored by Prof. Nambiar. The speakers discussed what competitive edge will be there in the Indian Market for the people after the implementation of GST. It was a wide discussion, every speaker shared their own perceptions and also the audience could ask their questions or explaining their point of views.
It turned out that the government declared four slabs for GST tax but it is still not clear what items fall into which category and what will be coming under exempted things.
As the students of IGTC are in the learning process of the taxes right now, the seminar was in any case a very informative experience for them and they got a good exposure to the topic. This event gave them a holistic approach towards how this will be when they will start working with corporates as they are budding managers.