Mumbai based Trade Association of Information Technology (TAIT) recently organized an awareness seminar on GST. As a part of its series of seminars on GST, the association organized the event to educate members on the new tax regime.
In his keynote session, Sukhjit Kumar, additional Commissioner of Service Tax, Mumbai, gave valuable insights into the GST tax regime and also cleared doubts of the members. Kumar touched upon various minute but crucial components of GST. He also cleared various misconceptions of people in terms of stock clearance, service tax, input credit and tax computation.
“This seminar was a part of our continuous efforts to educate our members and make them GST ready. We have already done two seminars on this topic and we will have another small capsule for GST updation just before the GST roll out”, said Rushabh Shah, president of TAIT.
Talking about the preparedness of TAIT members for GST, Shah said that members were gearing up in terms of getting the registration and SHN codes done in GST and rightsizing their stocks and preparing their software on the compliant side and on business side.
“We have done enough education in that direction. We are also talking to vendors to help our members as much as possible for adjusting the stocks so that they would not get any negative financial impact for the stocks”, Shah said.
Tally Solutions unveiled the updated version of Tally 6 for the GST computation in the event. This new version is currently in the beta phase and a couple of certified Tally partners are conducting a test run of the software with their few customers. Tally has announced to release the new version in the last week of June. The domestic accounting software provider currently has about 11 lakh customers in India.
TAIT has requested Tally to assist its members in the smooth migration in the new version of Tally 6. “We expect Tally should come and assist our members in the smooth migration into the new version so that we will not need to take help of external consultants. We are already investing in the Tally technology so they can also help TAIT members,” Shah said.
There is still a lot of confusion among traders on the new tax regime. However, Alok Kumar S Pansari, CA of ASL & Co. said that it is a great opportunity for IT traders to explore different prospects such as software and application development.
“IT hardware business will get huge benefits from GST if they explore different business avenues. They have huge scope in the software and application development but they should explore opportunities to sustain in the business,” Pansari said.
The seminar received an overwhelming response from TAIT members and over 100 members marked their presence in the event.