GST in India is a reality now and is going to subsume most of the Indirect Taxes of our country such as Excise & Customs, Service Tax, VAT & CST, Entry Tax, etc. and would bring in significant amount of change in the economy, trade & industry while moving towards a simplified tax structure.

Since the model GST law is already in place, complete preparedness is the need of the hour. A wide range of revamping in various segments of the business is required such as adequate training, augmentation of the IT systems etc. GST regime will require a complete coordination, adaptability & compatibility from various facets of the business including the supply chain management, costing analysis, invoicing methodology and the IT infrastructure.

Considering the importance of the subject, SADGAMAYA last month organized a much-awaited talk by V. Lakshmikumaran, Founder & Managing Partner, Lakshmikumaran & Sridharan. The talk was attended by a galaxy of general counsel, lawyers and students from Symbiosis Law School, Noida.

While speaking on the subject Lakshmikumaran emphasized upon the preparedness of the forthcoming GST regime in the country next year. He also highlighted the fact that how this legislation is important for the country to move towards a robust and stronger economy. The entire crowd was spellbound for almost two and half hour during the talk. He presented the talk in such a manner so that all the three segments of the crowd general counsel, lawyers and students had their key takeaways at the end of the session. He kept the audience mesmerized during the session.

He also took the audience through the various gamut of the legislation and gave a deep insight as to how this law is going to help the economy by creating a unified national market for India, giving a significant boost to the foreign investment, increased economic activity and other benefits. Further, he also highlighted the fact that this law will also significantly reduce the cost of compliance, boost to the IT industry and elimination of the double taxation on certain sectors. Certainly, this is going to be a simplified tax structure, he said. He also suggested the lawyers who are the tax practitioners to understand the law fully and be prepared for their contribution to the development of the law. Since the session could not be concluded on the same day, we will publish the second part of the talk series in the next issue.