A two-day workshop on “Goods and Services Tax (GST) - An overview” for the fourth and fifth-semester students of B.Com. was conducted by the Department of Management and Commerce, School of Arts and Science, Mysuru campus, from February 5-6, 2018, at the campus. This workshop was conducted with the main objective to educate the students regarding GST. Four eminent resource persons, Mr. Vagesh Hedge, Mr. Keshav Dongre, Ms. Shudhashree and Mr. Srikanth, Chartered Accountants, conducted four different sessions in the two days. The resource persons shared their views that the implementation of Goods and Services Tax (GST) in India is a noteworthy footstep in the direction of the reformation of indirect taxation. GST is an all-inclusive indirect tax on the manufacture, sale and consumption of goods and services throughout the country, substituting the taxes levied by the Central and State governments. This method of indirect taxation merges most of the existing taxes into a single system of taxation.
On February 5, 2018, Mr. Vagheesh Hedge, Chartered Accountant, explained to the input tax credit and supplies. He also continued with this topic on the next day first session providing in-depth information to students. During the afternoon session, Mr. Keshav Dongre enlightened the students with a practical session on how to register for GST to get the GST number. He also showed how to record income and expenditure under GST for business and trade and underlined the topic of the responsibilities which have to be fulfilled under the GST system.
On the second day, Ms. Sudhashree and Mr. Srikanth, conducted a practical session on how the manufacturing industries are facing the challenges and getting the benefits from GST. The workshop provided knowledge to students on the forthcoming important changes across the entire country in terms of indirect taxation and also presented clarity on the key aspects of GST.