ICAI organizes seminar on ‘Goods and Services Tax’
The Kuwait Chapter of the Institute of Chartered Accountants of India (ICAI) as part of its Continuing Professional Education (CPE) session, organized a seminar on Sept 27 on the topic of “Goods and Services Tax (GST)” at the Indian Embassy Auditorium. HE The Ambassador of India to Kuwait, Sunil Jain, was the Chief Guest. Dr (CA) Rajkumar S. Adukia an eminent international forensic expert Business Advisor, Author, Speaker and an authority on GST, Indian GAAP, IFRS and Ind AS was the keynote speaker at the event. CA. Hormuzda Davar, Chairman of the ICAI Kuwait Chapter, welcomed Dr Rajkumar S. Adukia, Sunil Jain, members and guests. Jain, in his speech welcomed the introduction of this new Indirect Tax regime, which he said would significantly improve the ease of doing business in India. CA Noel Cherian, CPE Committee Chairman introduced Dr Adukia to the audience. The audience included around 150 Indian Chartered Accountants from various walks of Industry and Professional Firms as well as members from other Indian professional association in attendance.
The speaker opined that the introduction of Goods and Services Tax (GST) would be a significant step in the reform of indirect taxation in India. Amalgamating several Central and State taxes into a single tax would mitigate cascading or double taxation, facilitating a common national market. The simplicity of the tax should lead to easier administration and enforcement. The speaker also stated that GST will have a far-reaching impact on almost all the aspects of the business operations in the country, for instance, pricing of products and services, supply chain optimization, IT, accounting, and tax compliance systems.
CA. Sai Devata, Membership Committee Chairman of the ICAI Kuwait Chapter extended a vote of thanks, on behalf of the Kuwait Chapter to the speaker, sponsors and all those who assisted in putting together and publicising the event.
As a token of appreciation, a memento was presented to the speaker by CA Jagdeesh Joshi and CA Sanjiv Pabrai.