Business Thought Leadership-II
Mr. Siddhartha Ranjan
CFO, Kalinga Hospital
The Goods and Services Tax Bill or GST Bill, officially known as The Constitution (One Hundred Twenty Second Amendment) Bill, 2014, proposes a national Value added Tax to be implemented in India from 1 April 2017. Well, we all know about it, but in the series of Business Thought Leadership, IMI was delighted to have Mr. Siddhartha Ranjan, CFO, Kalinga Hospital. He shared his valuable insights related to taxes like, tax structure, tax payment and compliance.
"GST will be a game changing reform for Indian economy by creating a common Indian market and reducing the cascading effect of tax", he quoted emphatic enough for the last benchers to pick up what he implied.
As Per Mr. Ranjan, removal of tax barriers on introduction of uniform GST across the country with seamless credit, will make India a common market leading to economy of scale in production and efficiency in supply chain. It will expand trade and commerce. GST will have favourable impact on organised logistic industry and modernised warehousing. Among various points, Mr. Siddhartha had the prime inputs like GST will remove cascading effect of taxes imbedded in cost of production of goods and services and will provide seamless credit throughout value chain. This will significantly reduce cost of indigenous goods and will promote ‘Make in India’. The sectors which have long value chain from basic goods to final consumption stage with operation spread in multiple states such as FMCG, pharma, consumer durables, automobiles and engineering goods will be the major beneficiaries of GST. GST will facilitate ease of doing business in India. Integration of existing multiple taxes into single GST will significantly reduce cost of tax compliance and transaction cost. Stable, transparent and predictable tax regime will encourage local and foreign investment in India creating significant job opportunities.
During this interactive session, the students were plugged in with various aspects of GST which added a value and gave an extra edge to their personal profiles.