One uniform tax, the Goods and Service Tax, went into force across all of India on July 1, 2017, as part of the Indian Taxation Reforms (GST). On June 29, 2022, IPS BUSINESS SCHOOL, Jaipur, hosted a nationwide workshop and seminar titled “Integrated Aspects of Goods and Service Tax” to inform students about the complexities of GST. F.C.A. Prashant Sipani, a renowned academician, consultant, and practitioner of Taxation and Financial Management, served as the day's guest speaker and subject-matter expert. The IPS BUSINESS SCHOOL MBA Second Semester students opened the seminar with brief presentations on several aspects of GST, which were warmly received by the day's guest speaker.
The speaker stressed the following concepts related to GST: the distinction between goods and services; GST as an indirect tax; the cascading effect present in the previous tax regime and how it affected people; businesses; and industries; how to generate invoice bills using GST slab rates; and the transition from origin-based to consumption-based taxation. The speaker went on to discuss the reasoning, complexities, and advantages of combining various taxes on the supply of goods and services, including state VAT, central VAT, luxury taxes, entry taxes (in all their forms), entertainment and amusement taxes, taxes on advertisements, purchase taxes, and state surcharges and cesses.
He also stressed the GST and its effects on a variety of industries, including education, textiles, logistics, e-commerce, real estate, services, the automotive industry, and the hotel sector. Additionally, he emphasized GST's advantages for new businesses and how India is using it to compete globally for greater investment.
Students found the seminar to be extremely beneficial in helping them comprehend the ideas of GST (Indian Taxation System) and its effects on the Indian economy. The conference gave a favorable impression of the GST, suggesting that it will revolutionize the Indian economy. The IPS Business School MBA students asked thoughtful questions during the Q&A that followed.
The Honorable Convener of IPS Business School, Prof. Sudhir Agarwal, noted that the market is quite demanding right now, and we frequently run into the problem of higher education levels falling short of what business needs. Seminars and workshops are crucial in bridging this gap and supplying the pupils of the present generation with cutting-edge technology. Seminars and workshops that ensure a healthy flow of knowledge encourage passionate conversation and active involvement, which helps students develop their knowledge and abilities. According to him, the main goal of seminars and workshops at IPS is to bring together like-minded intellectuals and professionals to exchange ideas, thoughts, and viewpoints about a certain issue.
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