ICSI Seminar on Indirect Taxes ONE DAY SEMINAR ORGANISED
ONE DAY SEMINAR ORGANISED BY NORTHERN INDIA REGIONAL COUNCIL OF INSTITUTE OF COMPANY SECRETARIES OF INDIA ON ‘INDIRECT TAXES – ISSUES & PROSPECTS’ ON 22ND JUNE, 2013 AT HOTEL LE-MERIDIEN, JANPATH, NEW DELHI.
Inaugurating the Seminar Shri Manoj K Arora, Additional Director General of Export Promotion Department of Revenue, Ministry of Finance said that major source of revenue of Central Government come from Direct and Indirect taxes. Various reforms are taking place in these areas. On the Direct taxes side it is Direct Tax Code which takes almost 60 years old system to a new system where the efforts are being made to keep the system transparent and efficient. On the Indirect taxes side it is Service tax in which more than 120 services are under tax net. Only seven services are under negative list. After coming of GST there would be major transition, most of the issues in Sate Government have been resolved and Department is prepared for the new system of Tax Administration. There is going to be huge challenge of Compliance after coming of new tax regime and the professionals like Company Secretaries have to resolve these challenges. For ensuring Compliance in fair manner under Central Excise and Service Tax there is a dearth of serious Professionals like Company Sectretaries.
CS M G Jindal, Chairman Northern India Regional Council of ICSI, delivering his Welcome Address said thatthere is an immense scope for professionals in indirect taxation. He said that Company Secretaries can provide various services in Central Excise, VAT, Service Tax etc. and play a vital role for ensuring the various regulatory compliances. He said that only such professionals can deliver best to their clients or industry, who keep pace with the fast changing Corporate World and keep on updating themselves regularly.
CS Vineet Chaudhary, Chairman, Professional Development & Programs Coordination Committee, NIRC, Welcomed the dignitaries and conducted the proceeding of the program.
CS Manish Gupta, Treasurer, NIRC, also spoke on the Occasion.
CS Shyam Agrawal, Vice-Chairman, NIRC, proposed vote of thanks at the end of the inaugural session of the program.
The technical session was chaired by Shri Upender Gupta, Additional Commissioner, Central Board of Excise and Customs who also gave the overview of GST and mentioned that it is a destination based tax. He informed that various committees have been formed by the Government to sort out the unresolved issues between the Centre and the State. The Technical sessions were addressed by Ms. Anjalika Chopra, Director, Delloite Touche Tohamtsu India Pvt. Ltd.on the topic Important Obligations & Input Tax Credit Mechanism under VAT. Mr. Rakesh Garg, Chartered Accountanton the topic Procedural & Practical Aspects of VAT. CS Bimal Jain on the topic Overview of New Service Tax Regime / Major Changes, VCES 2013, Reverse/Joint Charge and Directors/Partners Service. Mr. R Krishnan, Advocate on the topic Search Seizure proceedings, replying to show cause notice; adjudication of show cause notices, filing of appeals/stay applications,/ misc. applications - covering practical and procedural aspects - role of practising company secretaries as counsel or authorised representatives in the above eventualities. Mr. Puneet Agrawal, Partner, Athena Law Associates on the topic New Penal provisions & Practical Aspects of Handling Adjudication & litigation Under Service Tax Law. Mr. Siddharth Srivastava, Managing Partner – SKS Associates – Law Firm on the topic Business Impact of changing valuation principles under Central Excise & Service Tax.
The Seminar offered a great learning opportunity for professionals.