News & Events

Seminar on Handling Demand Notices in GST

Oct 26, 2023

          The workshop on Goods and Services Tax (GST) provided a comprehensive overview of the transition from the old tax regime to the new GST regime, including a detailed discussion of the laws governing GST. It delved into the complex area of demand notice under GST, elucidating the process, reasons for issuance, and how businesses should respond. This report summarizes the key points and highlights of the workshop. The workshop aimed to educate participants on the transition from the old taxation system to the Goods and Services Tax, which was introduced to streamline and simplify the tax structure in India. It explored the historical context and the need for the new tax system. The workshop began with a discussion of the previous taxation system, highlighting its complexities and inefficiencies. Various taxes such as VAT, Central Excise, Service Tax, and others were explained in detail. The limitations of the old system, including cascading effects and multiplicity of taxes, were discussed. The participants were introduced to the concept of GST, which is a destination-based consumption tax designed to replace the old tax regime. The key features and benefits of GST, including the elimination of cascading taxes and a simplified tax structure, were discussed. A significant portion of the seminar focused on elucidating the various laws and regulations governing GST. This included an in-depth examination of CGST, SGST, IGST, the role of the GST Council, Input Tax Credit (ITC), GST rates, and the different GST returns. The workshop also covered the practical aspects of transitioning from the old tax regime to GST, including the registration process, filing returns, and compliance requirements.