Business without any strategy to tackle the future changes in the government regulations & policies is always at huge risk for losses. Government reforms are one of the key elements in macroeconomic factors affecting a company severely.
GST has been always been in news since its establishment as is a very significant step in the field of indirect tax reforms in India. In general words, Goods and Services Tax (GST) are a proposed system of indirect taxation in India merging most of the existing taxes into a single system of taxation. It was introduced by The Constitution (One Hundred and First Amendment) Act 2016. By amalgamating a large number of Central and State taxes into a single tax, it would mitigate cascading or double taxation in a major way and pave the way for a common national market. From the consumer point of view, the biggest advantage would be in terms of a reduction in the overall tax burden on goods, which is currently estimated to be around 25%-30%.
In order to understand the details about the GST & its effect on the corporate world a guest Lecture on “Business Strategy in GST & Trading strategies” was organized at RNB Global University for Management Students of Master of Business Administration (MBA) on 3rd January 2016. The speaker of the guest lecture was Mr. Arvind Prem, GM-Accounts, Radico Khaitan Ltd., New Delhi who has more than 14 years of experience in Finance & Management.
During the interactive guest lectures, several questions related to GST and its effects on business were raised by the MBA students which were duly answered with business & trading strategy examples. At the end, students understood what and how GST would bring in significant changes in doing business in India. Advocacy for best practices, gearing up for changes in processes, training teams and developing IT systems for being GST compliant were also discussed as part of the guest lecture.