New Delhi [India], June 1 : In a view to generate awareness and educate retail partners around GST implications, ASSOCHAM and the leading consumer electronics and home appliances company Videocon organized the first-of-its-kind GST Summit for Traders on Thursday.
The daylong ASSOCHAM Videocon GST Summit for traders witnessed deep discussions around GST, addressing retailers' queries, and offering them a clearer understanding of the GST concept.
The seminar was inaugurated by the Chief Guest Arjun Ram Meghwal, Minister of State for Finance, Ministry of Finance.
The Seminar was also addressed by R. N Dhoot, Member of Parliament and Manish Sharma, President, CEAMA. Being the most pro-active Chamber of Commerce, ASSOCHAM has taken a step towards imparting knowledge on immediate as well as far reaching impact of GST on the businesses through the ASSOCHAM Videocon GST Summit.
Emerging as the fountainhead of Knowledge for Indian industry, ASSOCHAM has always worked towards creating a conducive environment for India business to compete globally.
"GST will be beneficial in promoting level playing field and giving an overall boost to supply. In the context of traders, GST will bring down logistics costs massively and bring us at par with the developed nations.
It will also simplify filling returns. With India's biggest tax reforms of the 21st century, the country will be known for its leadership, and the year 2017 will be marked for bringing wholesome economic betterment," said Union Minister of State for Finance Government of India, Arjun Ram Meghwal.
"Announcement of GST in the country has been a revolutionary step. Not only will it lead to lower tax burden on several commodities, but will also bring ease of doing businesses in the country.
I congratulate ASSOCHAM and Videocon to take this initiative and address retailer queries related to implementation of GST," said Member of Parliament, R.N Dhoot.
"It's a nationwide observation that in general, the trade (mostly MSMEs) are not in line with knowledge with GST.
Therefore, ASSOCHAM and Videocon have embarked upon the process of training and awareness of GST in a big way, which will be of paramount importance in the smooth roll-out of GST.
As the contours of GST law are more or less known, the purpose of such programs is to sensitize the trade across India to make them aware of the salient features of GST," said President ASSOCHAM, Sandeep Jajodia.
Understanding the industry ambiguities with regards to GST, Videocon organized the GST summit with ASSOCHAM to ensure that all members of the industry move positively at a pace which is in line with the nationwide rollout of India's greatest tax reforms.
"We are extremely happy to launch ASSOCHAM Videocon GST Summit which aims to bring the entire industry together on one platform.
As the GST date inches closer, Videocon hopes to equip all its partners and make them GST ready," said COO Videocon, C.
M Singh. The ASSOCHAM Videocon GST Summit provided a freewheeling dialogue between experts from Videocon and ASSOCHAM, and Consumer Electronic retailers on GST.
The session imparted knowledge on the fundamentals of GST and educated the retailers on the impact of GST on the consumer durables.
With the inaugural event in New Delhi, the ASSOCHAM Videocon summit will go to 200 cities ahead of its nationwide rollout on July 1.
The takeaways from the Delhi event will be utilized in other cities towards familiarizing the industry players on GST.