December 08, 2017 – Arvind P.Datar, Sr. Advocate and a keynote speaker talked about Key Legal Issues Emanating from the GST Constitutional Amendment Act. Mr. Datar mentioned that GST has been a brilliant example of cooperative federalism but the government should think of simplifying implementation of GST further to ensure greater compliance. He even suggested that it may be a good idea to levy a flat GST of 5% or 10% up to INR 5 Crores instead of bothering about multiple classification and filing multiple forms et al.
Sujit Ghosh, National Head &Partner, Advaita Legal spoke on International Jurisprudence around GST and Legal Issues Pertaining to Anti-profiteering. He provided relevant international examples and said that while Anti-profiteering is a good concept, clarity in the legislation is far important – expressing concern that too much power to the delegacy could also lead to potential abuse.
Pratik Jain, Partner and National Leader Indirect Tax, PwC said that more time should have been given to a massive initiative like GST for implementation as teething issues have led to a situation of uncertainty and has hurt some sectors – in particular the Exports and SMEs. Sanjiv Srivastava, Commissioner CBEC and Shashi Bhushan Singh, Vice President, GSTN also spoke during the event and emphasized on the need for businesses to be more transparent and compliant while assuring that the issues pertaining to smooth implementation are being looked into and addressed on top priority.
Justice Manmohan, Judge, Delhi High Court, delivered the valedictory address and said, “In my view India today is at cross-roads. A bold constitutional amendment and legislation has the potential to push India into a group of developed economies. But, any regressive step at this juncture of implementation can cost the nation dearly in the form of jobs and closure of start-ups and small-scale businesses. I only hope that the issues and the criticism that are being raised are only teething problems and with passage of time they will get resolved. Being an optimist, I believe the economy will grow many folds and all traders will come into the taxation stream and the cash economy will disappear.”
There were several other distinguished speakers such as senior partners from firms like Advaita Legal, Lakshmikumaran&Sridharan, Cyril AmarchandMangaldas and senior corporate professionals from Dell Technologies, Infosys, GMR, Hinduja Global Solution, CII and APRA Associates. CFOs, Tax Heads and Sr. Managersfrom prominent organizations like PepsiCo, Coca Cola, Mahindra & Mahindra, Discovery, Walmart, Aircel, Kuwait Airways, Timex Group, Tata Steel, ICICI Securities, HCL, IndiaBulls Housing Finance, Xerox and Oxford University Press were also present amongst several other eminent delegates.
The event attracted many partners and sponsors of high calibre and reach. Advaita Legal was the Knowledge Partner for the event. TaxSutra came onboard as the Online Partner, Witness was the Official Magazine Partner, ICCA – the Supporting Partner, Mind Quotient – the Learning Partner, and Exotic Vacationz was the Travel Partner.
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