Union minister Smriti Irani chaired a workshop to assess the
readiness of the textiles sector PSUs, export promotion councils and
other stakeholders on the Goods and Services Tax (GST).
Several
transition issues relating to procedures to be followed on registration,
migration, refund, credit for duty paid on stock, etc were discussed in
detail during the meeting, which was also attended by Revenue Secretary
Hasmukh Adhia.
"During the one-hour talk by the Revenue
Secretary, he gave a brief overview and the philosophy behind the tax
structure for the textile sector and clarified the doubts raised by
industry participants," an official statement said.
On May 4, the
textiles ministry had directed all its export promotion councils and
public sector undertakings to conduct awareness camps on basic features
and procedures of the GST, set to be rolled out from July 1.
"Workshop
conducted today will further benefit officials, EPCs and PSUs in
spreading awareness among traders/ manufacturers across the country,"
Irani said in a series of tweets.
"Most PSUs have completed or are
at different stages of registration, migration/transition of their
software to a GST compatible software," she said.
The Clothing
Manufacturers’ Association of India (CMAI) made a presentation on a
software named ’Adhigam’, which has been developed by TCS, for use of
CMAI members.
The software offers multi-lingual solutions and
essentially aims at making the small manufacturers and traders GST
ready. The software also enables traders to scan the existing invoice
and translate it into a GSTN-compliant invoice.
It operates on the
principle of inter-locking and will enable matching and marrying of
Input Tax credit of invoices in the value chain, with automatic
reminders to the vendor to pay tax when he has not done so.
About 175 officials of the ministry, its PSUs and members of export promotion councils participated in the workshop.
The
workshop was held in partnership with the National Academy of Customs,
Excise and Narcotics under the Department of Revenue, the Ministry of
Finance.
23 Jun 2017, 06:59 AM