WZCC Explores ‘GST’

One of India’s major reforms which is the buzzword on most of our lips today – the Goods and Services Tax or GST, which is expected to transform India’s economy favorably, was discussed at WZCC’s (World Zarathushti Chamber of Commerce) event on 23^rd June, 2017 at the Indian Merchant’s Chamber, Mumbai. Eighty participants increased their understanding of GST through a presentation by Xerxes Dastur who described GST as the single biggest tax reform providing a single framework, to replace existing indirect taxes, and offering a single levy, seamless tax credit with emphasis on digital self-compliance. It was interesting to learn that unlike most countries which adopt GST as a single tax-slab, India has opted for multiple tax-slabs, categorized under the 5%, 12%, 18% and 28% tariffs. Under GST, registered vendors are required to file tri-monthly returns in the State where they are registered, along with annual returns. Most importantly, GST brings significant reforms especially in terms of procedures for exports. The question-answer round proved to be illuminating and interesting as it highlighted the practical aspects of GST.