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CMDA Mumbai with the initiative of Samir Parekh, VP, FAIITA has organised interactive session for its members on Thursday 8th June 2023 from 7pm onwards in Mumbai. The session was in the form of open forum on GST. The meet started with National Anthem followed by offering condolence to the departed soul Saifee Merchant, Past President CMDA Mumbai.
The session was led by Kiran Garkar FCA, Chartered Practitioner. Garkar is consultant with various associations and speaker at different forums on the GST subject. His reach experience, knowledge was very much useful to the members. He has addressed the members queries on the subject matter aptly. His lucid way of interaction on the GST subject to be mentioned.
The session concluded with honoring Kiran Girkar. Samir Parkeh appealed to the members to get register to join the Webinar on “Explore and Expand Global Business Opportunities via Hong Kong organised by HKDC in association with FAIITA on 13th June 2023. The members appreciated the initiative of Samir Parkeh.
There have been some developments in the GST practice recently. The government is considering pre-filled consolidated GST return forms on the lines of Annual Information Statement (AIS) feature used by the Income tax department, which will allow taxpayers to view all their transaction details and E-invoices to arrive at exact tax liabilities.
The consolidated pre-filled form, being readied by Central Board of Indirect Taxes and Customs (CBIC), will also come with an e-verification feature to settle any discrepancies in data ahead of the filing of return, reducing the scope of any error.
Further, there have been media reports that thousands of companies have been created on fake Aadhar and PAN cards and these shell companies have done transactions of GST worth thousands of crores, as was found in government investigations.
In the light of evolving GST scenario, it is very important for the IT business leaders to keep themselves updated with the latest GST laws and to practise GST in accordance with the law. Such open forum as organised by CMDA Mumbai is of use to is association members.