GUEST LECTURE BY DR. BARENDRA KUMAR BHOI

Date:31^stAugust, 2019 Time: 11.00 am to 1.00 pm

Venue: Seminar Hall, 1^st Floor Participants: BA LL.B. & BBA LL. B. (I year and II year)

Guest Name: Dr. Barendra Kumar Bhoi

Designation:Former Economic Advisor, RBI

Topic: Goods and Services Tax

Dr. Bhoi conducted a very informative session on Goods and Services Tax (GST) in India. The complexities of the topic were simplified to a great extent by the guest for the benefit of the students.
Dr. Bhoi began by giving an overview of the GST scenario by first tracing the history of GST in India briefly. He mentioned that taxes like VAT and Central Sales Tax are all predecessors of GST and that it was enacted through a Constitutional Amendment Act and effective from 1^st August 2018.
Dr. Bhoi took the students through the conceptual basics of GST about the rationale of the ta, the mode of computing the tax and the mode of implementing the same. He then explained the varieties of GST – CGST, SGST, IGST and UTGST and their importance.
Dr. Bhoi apprised the students with the mode of filing GST through various instruments such as GSTR-1, GSTR-2 and so on. An in-depth explanation of the concept of input tax credit was also given to the students.
Then Dr. Bhoi pointed out the loopholes in the system and the steps being taken to plug the same. He concluded by saying that the road ahead is long but till the system has come a long way in attempting to fix the problems of the earlier indirect tax regime like tax evasion and corruption.The session concluded with sir answering the questions posed to him by the students on various aspects of Indian economy.

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