BS Seminar on Direct Tax Vivad Se Vishwas Scheme, GST and Budget

BS Smart Business Seminar on Direct Tax Vivad Se Vishwas Scheme, Union Budget, and Recent Changes in GST was organised on 22nd Feb 2020 at CETA Hall, Kolkata. It was jointly organised by Business Standard in association with CETA, CMDA, CEDA and Concern for Calcutta.

Advocate and Tax Expert Mr Narayan Jain advised taxpayers to take benefit of settling disputes under Direct Tax Vivad Se Viswas Scheme. If the amount of Income Tax Demand is paid in time then one can get waiver of interest and penalty if appeal has been filed within 31st January 2020 or within time permitted for filing appeal.

Scope of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) has been extended to E-commerce transactions with Amazon, Flipkart, Snapdeal, etc., as well as on foreign remittance and on the amount paid to tour operators for travel abroad. It needs to be reviewed as such provisions were unfair where TDS or TCS is applied on a transaction which is not income of taxpayer, Mr Narayan Jain added.

CA Arun Agarwal and CA J Jatin Christopher highlighted the recent changes in GST and criticised the large scale notices being sent by GST officials. They advised dealers to not to have fear psychosis but they should make proper compliance of such notices. In case, a demand is disputed dealer should mention it in reply.

The Presidents of participating organisations were Mr LN Mundhra (CETA), Mr Sunil Singhee (CMDA), Mr C.S. Meghani (CEDA) and Mr KS Adhikari (Concern for Calcutta).

Some Joint Convenors who actively participated were Mr Kishan Mohta, Mr Jatan Bardia, Mr Sanjay Singhi, Mr Deepak Jain, Mr Pawan Paharia and Mr Ashok Purohit.