‘Indirect Taxation and GST- An Overview,’ on 24-07-2023 by B.Com (A &F)
The Fintech Club of SA College of Arts & Science organised a session on ‘Indirect Taxation and GST- An Overview,’ on 24th July 2023, from 10:00 a.m to 12:15 p.m. The session was hosted by Ms. Shipali Choudhary and Ms. Kavya G of III B.Com. Accounting and Finance. The session was graced by the presence of the guest, Mr. S. Rajagopalan, a retired IRS Officer. The session started with the Tamil Thai Vazhthu followed by the welcome address by Ms. Preethi of the III B.Com. A&F. An introduction of the chief guest was given by Ms. S. Harini of II B.Com. A&F. The Chief Guest was felicitated by Dr. G. Purushothaman, the HoD of the Department of Accounting and Finance. The session was then handed over to Mr. Rajagopalan.
The chief guest gave a talk on ‘Indirect Taxation and GST’ by giving a brief explanation about tax, its importance and the different types of taxes that are present in India. He stressed on Article 265 which states that ‘Taxes can be levied and collected in India only by the authority of law.’ He covered the concepts of taxes in modern times, difference between direct and indirect taxes, difference between tax and cess and also told us about the various taxes that are prevailing in India. He ventured the concept of GST. He covered the scope and coverage of GST, some major definitions like ‘Goods [Sec 366 (12)]’, ‘Services [Sec 366 (26A)]’, and ‘Supply [Sec 7(1)]. He explained about the GST council, the weightage in decision making regarding the taxes and how these taxes are being managed in a State and a Central level. He concluded his session by briefing about E-way bills, ITC and finally with the benefits of GST. The students were able to gather a lot of information through his speech and PPT. The students aired their questions and the Chief Guest answered them all in a simple and clear manner.
The session came to an end with the Vote of Thanks by Ms. Nageswari of III B.Com. A&F. The programme ended with the National Anthem.
