Minister

GST Cell Constituted

The GST Bill, which has made a successful passage through the Parliament in August 2016 and subsequently ratified by several state legislatures, is likely to take effect from 1st April 2017. The industry and business sectors expect the uniform tax structure that would replace the existing layered taxation to be largely beneficial to the MSME sector.

With a view to helping the MSMEs get in stride with the new tax structure, ni-msme has constituted a GST cell at its campus, which Mr. Manoj Joshi, IAS, Joint Secretary (MSME), Govt. of India inaugurated on 20th December 2017.

Speaking on the occasion Mr. Joshi observed that MSMEs will benefit the most from single tax system (GST). The GST cell will conduct awareness programmes, and will act as advisor for MSMEs. Mr. M Chandrasekhar Reddy, Director General enumerated the activities of the newly established GST cell which will be mentored by experienced senior chartered accountants.

Brainstorming on GST Migration

ni-msme had organised a two-day interactive seminar on GST, during 6-7 January 2017, at the Institute campus. The theme was What Needs to Be Done: Pre-GST Action Points. The intent of the programme was to evolve and initiate measures required to educate, elucidate and enlighten the businesses by providing them with clarity of insight into every aspect and feature of GST, its rationale and its ramification and implication, so that the businesses will migrate to GST regime with a clear perspective about the matter. This is even more relevant to the value additive aspects of the businesses.

Mr. B.H. Anil Kumar, IAS, Jt. Secretary (ARI), Ministry of MSME, Govt. of India was the Chief Guest. Inaugurating the seminar, he pointed out how GST would be more beneficial than the previous law especially for the MSMEs, that the roadmap to facilitate smooth transition from the current mode to GST is getting ready.Mr. M. Chandrasekhar Reddy, Director General, ni-msme, addressing the assemblage, observed that adoption of GST would greatly simplify their tax process. He said, newly set up GST cell at ni-msme will make all-out efforts to educate the entrepreneurs and help them.

Deliberations in the technical sessions illuminated the topics of “Overview of GST”, “Transitional provisions as per model GST law and key areas of immediate action points for businesses”, “Product pricing and anti-profiteering under GST” on the first day, while on the second day, “Immediate actions to be taken by various business departments”, “Migration of existing registration into GST”, “Opportunities for professionals in GST and role of professionals in GST and the role of professionals in smooth implementation of GST” were the topics discussed at length. The expert deliberations were followed by an open house session wherein the experts fielded questions from the delegates and clarified their ambiguities.

The Chief Guest also visited the Livelihood Business Incubator at the campus and interacted with the users there. He also met the ESDP trainees and enquired about the progress of their skill acquisition.

GST Workshop on 07 Jan 2017

A one-day workshop was organised on Goods and Services Tax (GST) for MUDRA Enterprises at ni-msme campus on 7th January 2017. A total of 41 delegates together with officials of nine nationalised banks had participated in the workshop coordinated by Dr. Shreekant Sharma, Faculty Member, and Mr. Vivek Kumar, Associate Faculty Member - both of ni-msme. The objective of the workshop was to motivate the MUDRA beneficiaries towards GST compliance. The programme was sponsored by the Punjab National Bank (PNB).

Speaking on the occasion, Mr. ChaturbhujaBarik, Chief Manager, PNB that the MSEs are finding it difficult to adjust to the rush of multiple reforms and fall in step with them. The workshop was organised to train them to speedily acclimatise to the changes ensuing from the reforms.

The theme sessions focused on impact of GST on MSME, migration from the existing tax system to GST, and expatiation of online GST portal. A session was given to interactive panel discussions in which experts had participated. The discussions elucidated the aspects of ease of compliance through cashless transactions, compliance mechanism and problems faced by the entrepreneurs in compliance. The presentations by the experts added clarity to the concepts discussed. Dr. Sharma clarified that GST compliance would mitigate the cascading effects and lead towards a common national market for the enterprises, making the products competitive in domestic as well as international markets; while for consumers it would result in reduced overall tax burden which is now ranging between 25% and 30%. Mr. Vivek Kumar advised the MUDRA beneficiaries to form into a forum and have frequent interactions.

The discussion panel was comprised of Mr. Y. Subba Reddy, entrepreneur; Mr. Barik, Chief Manager, PNB; Mr. V. Gopala Krishna (formerly banker, and faculty member at ICFAI); and Mr. P. Rajesh, Manager, Tamil Nadu Mercantile Bank Ltd.

By the end of concluding session the entrepreneurs had got acquainted with the process of registering in the GST portal and dealing with compliance mechanism. The event was appreciated as timely and useful.

GST Workshop on 14 Feb 2017

The GST cell of ni-msme had organised a one-day workshop on GST at the Institute campus on 14th February 2017. The theme principal theme was “Goods and Services Tax: A Way to Road Ahead”. A total of 42 delegates comprised of tax consultants, charted accountants, academicians and management professionals participated in the workshop, directed by Mrs. E. Vijaya, Faculty Member (SEM) and Mr. G. Sudarshan, Faculty Member (SEE) of ni-msme.

The main objective of the workshop was to provide illuminating insights into GST framework and challenges to its implementation. The workshop was designed with four technical sessions focusing on the topics of: understanding the structural changes in the current tax system in the perspective of GST laws, transitional provisions, process of registering in GST portal and implications of GST for different business segments. During the inaugural session, Mrs. Vijaya elucidated how GST would lead to transparency in governance and ease of doing business in India.

Dr. A. Srihari Krishna, Director, SEAGI deliberated on provisions that need to be considered during transition from current tax structure to GST regime, as also the implication of GST for various business segments. He interacted with the participants and explained how GST will simplify the tax compliance process. Mr. K. Obul Reddy, GST cell member, ni-msme expatiated on the practical application of GST laws, while Mr. K. Narendra, also GST cell member, explained in detail the process of registration with GST portal.

By the end of the workshop, the delegates got acquainted with the GST laws, process of registering in the GST portal and dealing with compliance mechanism. They appreciated the programme and requested that more such awareness programmes be conducted on the application of GST laws in different business segments.

GST Workshop on 10 Mar 2017

The GST Cell of ni-msme had conducted a one-day workshop on GST on 10th March 2017attheInstitutecampus. The theme was “Goods and Services Tax (GST) - for MUDRA Enterprises”. A total of 17 delegates comprised of MUDRA enterprises, chartered accountants, finance managers, advocates and management professionals participated in theprogramme, directed jointly by Mr. KoraObula Reddy and Mr. K. Narender, GST Consultants at ni-msme.

The main objective of the workshop was to focusonthe GST frameworkand implementational challenges. The workshop was structured with four technical sessions whichdeliberated on the topics of understanding the structural changes in the current tax system in the perspective of GST laws, transitional provisions, process of registering and return filing through GST portal,ways of availing the input tax credit and implications of GST for different business segments, especially to the MUDRA enterprises. During theopeningsession, Mr.Narender elucidated how GST would help make the Governancetransparent and resultin ease of doing business in India.

C.S. P.K. Singh, CA,addressinga session, discussedtransitional provisions and industry impact analysis. Mr. Narender explained at length howinput tax credit (ITC) can be availed.Mr. C.A. Sriram, anotherspeaker, deliberated on supply, and registration process in practical contexts, while Mr. Obula Reddy presentedan overview of GST.

By the end of the workshop, the delegates got acquainted with the GST laws, process of registering in GST, returns submission in GST portal, how to plan in transition period to avail the benefit andITC. They appreciated the programme and requested that ni-msme should conduct more such programmes on the application of GST laws in different business segments.

GST Workshop on 12 Apr 2017

The GST cell of NI-MSME has organised a one-day workshop with the theme “Goods and services tax: A road ahead” on 12th April 2017, at the Institute campus. A total of 76 delegates from various industry associations such as Federation of Telangana Small Industry Association, IDA–Balanagar, IDA–Jeedimetla, IDA–Patancheru, members from electrical and electronics manufacturing industries, plastic manufacturing industries, chemical industries and pharmaceutical industries, trade and services entrepreneurs, tax consultants, chartered accountants, finance managers, accountants and management professionals participated in the workshop, directed by Mrs. E. Vijaya, Faculty Member (SEM), and coordinated by Mr. K. Narender and Mr. K. Obul Reddy (GST Consultants)at NI-MSME.

The main objective of the workshop was to give insights into GST framework and implementation challenges in India. The workshop was designed with three sessions, focused on understanding the structural changes in current tax system with proposed GST regime, overview of GST and implications of GST for various business segments.

Mr. K. Sriram, CA and GST trainer gave input on supply of goods and services, place and time of supply and e-commerce operation as also on registration, filing of returns and other aspects. He interacted with the participants and explained how GST will simplify the tax compliance process. Mr. Narender highlighted business impact analysis, industry impact analysis and case study analysis on GST implementation. Earlier, during the inaugural session, Mrs. Vijaya expatriates on how GST leads to transparency in governance and ease of doing business.

During the valedictory session, Mr. M. Chandrasekhar Reddy, Director General, ni-msme, spoke about the Institute’s activities and emphasised the importance of awareness about GST law for industrialists, entrepreneurs and professionals. The participants appreciated the programme and requested to conduct more such awareness programmes on application of GST tax laws in various business segments.

For Further Details e-mail: evijaya[at]nimsme[dot]org or Phone: 040-23633242

GST Workshop on 12 May 2017

The GST cell of NI-MSME has organised a one-day workshop with the theme “Goods and services tax: A road ahead” on 12th April 2017, at the Institute campus. A total of 76 delegates from various industry associations such as Federation of Telangana Small Industry Association, IDA–Balanagar, IDA–Jeedimetla, IDA–Patancheru, members from electrical and electronics manufacturing industries, plastic manufacturing industries, chemical industries and pharmaceutical industries, trade and services entrepreneurs, tax consultants, chartered accountants, finance managers, accountants and management professionals participated in the workshop, directed by Mrs. E. Vijaya, Faculty Member (SEM), and coordinated by Mr. K. Narender and Mr. K. Obul Reddy (GST Consultants)at NI-MSME.

The main objective of the workshop was to give insights into GST framework and implementation challenges in India. The workshop was designed with three sessions, focused on understanding the structural changes in current tax system with proposed GST regime, overview of GST and implications of GST for various business segments.

The GST Cell of ni-msme had organised a one-day workshop on Goods and Services Tax: One Nation One Tax on 3rd May 2017. The programme was directed by Mr. G. Sudarshan, Faculty Member, SEE of ni-msme. The participants were comprised of AP Genco, Dr. Narla Tata Rao Thermal Power Plant (NTTPS), and Rayalseema Thermal Power Project. The workshop was designed with four theme sessions. Mr. Sudarshan d i s c u s s e d t h e o v e r v i e w a n d implications of GST for various business segments. Mr. P.K. Singh, Guest Speaker addressed the sessions on levy and exemption from tax; e-commerce, meaning; and scope of supply, registration, refunds, returns and recovery; and input tax credit.

Mr. Obul Reddy, GST consultant at ni-msme discussed transitional provisions and business impact analysis, followed by panel discussion chaired by Mr. G. Sudarshan, Mr. P.K. Singh and Mr. Obul Reddy. During the closing session, the participants expressed their views about the workshop. They said that the workshop was useful and provided comprehensive information on GST and its implications for the industry. They appreciated the faculty, the Institute and the speakers, and rated the programme as very good.

For Further Details e-mail: evijaya[at]nimsme[dot]org or Phone: 040-23633242

GST Workshop on June 2017

GST Initiatives

The GST Cell of ni-msme had organised a series of Tworkshops on GST during the month of June, some at the campus and some on location. The main objective of the initiatives was to provide detailed information on GST law and framework, place and time of supply, transitional provisions and input tax credit. By the end of each initiative, the delegates were acquainted with the GST laws, registration procedures, returns submission in GST portal, how to plan in transition period to avail the benefit and ITC. They appreciated the programme and requested that ni-msme should conduct more such programmes on the application of GST laws in different business segments.

In Kolkata

A one-day workshop on GST was conducted in Kolkata on 5th June 2017, sponsored by the Apparel Export Promotion Council. A total of 61 participants from the members of the AEPC Council, comprised of export business entrepreneurs, chief finance managers, accountants and advocates, attended the workshop. The programme was directed by Mrs. E. Vijaya, Faculty Member (SEM), ni-msme. The workshop was designed with five sessions, three of which were addressed by Mr. P.K. Singh, practising company secretary and member of the committee of GST Task Force of ICSI, New Delhi, while Mr. K. Narender, GST Consultant at ni-msmetook over the rest.

ni-msme, in association with the Indian Electrical and Electronics Manufacturers Association (IEEMA) had organised a workshop on GST on 2nd June 2017 at the Institute campus. A total of 75 participants from among the members of IEEMA and various other industry associations, finance managers and professionals had participated in the workshop directed by Mrs. E. Vijaya, Faculty Member (SEM) of ni-msme and coordinated by Mr. K. Narendra, GST Consultant, ni-msme. Mrs. Vijaya, workshop director; Mr. B. Venkateshwarlu, CMA; Ms. RadhikaVerma, CA; Mr. K. Obul Reddy, GST consultant addressed the technical sessions. A panel discussion followed, with Mr. R. Yedukondalu, Asst. Commissioner, Commercial Tax, Government of India and ni-msme GST trainers in the panel, to clarify the ambiguities. Mr. L. Haokip, Director, SME, Ministry of MSME, chief guest of the valedictory session, pointed out the necessity for the industries to be acquainted with GST. He called on the MSME sector to understand the GST policy implications and for the smooth implementation of GST. Mr. M. Chandrasekhar Reddy, Director General of ni-msme said that GST is the major economic reform that will make India into one nation and one market, with one-tax platform. He called on the delegates to ensure GST compliance in their business enterprises.

GST Workshop for KVIC

The GST cell of ni-msme had conducted workshop on GST for KVIC officials on 22nd June, at the campus. A total of 100 KVIC officials and beneficiaries participated in the programme directed by Mrs. E. Vijaya, Faculty Member (SEM) of ni-msme, and coordinated by Mr. K. Narender and Mr. K. Obul Reddy, GST consultants at ni-msme. The focus was on the implication of GST for KVIC products. Mr. Vinay Kumar Saxena, Chairman, KVIC, Chief Guest of the inaugural ceremony, stressed on the need for awareness of GST and advised them to ensure transition from current regime to GST. Mr. Guruprasanna, Deputy CEO, KVIC, guest of honor also stressed on the need for basic understanding of GST law as it will impact the KVIC segment too. Mr. M. Chandrasekhar Reddy, Director General of ni-msme, presiding over the ceremony, reiterated the need for transition to GST which is beneficial to the entrepreneur as well as the consumer. Mr. P.K. Singh, practising company secretary and member of the committee of GST Task Force of ICSI, New Delhi; Mrs. Vijaya, Mr. Narender and Mr. Obul Reddy addressed the theme sessions. Mr. Singh discussed how businesses are going to be impacted in the new tax regime. KVIC products such as handlooms, handicrafts, small and medium scale mills would now find their goods competitive and this protected sector would join in tax contribution. The smaller players in textile processing, job work, fabric manufacture, garment units would have to maintain scrupulous accounting discipline.

Interacting with the participants, he explained that GST is going to simplify the tax compliance process. Mr. Obul Reddy deliberated on registration mechanism, practical aspects of migrating to GST, registering and its prerequisites, amendments to and cancellation of registration, and resolving related issues. Mr. Narendra expatiated on filing the returns, illuminating with a case example and enumerated the precautions to be taken while filing, penalties and other legal issues related to delay in filing and so on. During the valedictory session, the KVIC beneficiaries requestedfor guidance inresolving their tax relatedproblems under thenewregime.Theissuesweremainlyinthenature of identification of taxable event, compulsory registration and place of supply regarding theirproducts. The experts advised them to send the queries to the GST cell, ni-msme for further clarification. The programme was well appreciated, with requests to conduct more programmes with detailed explanationofGSTimplicationforKVICproducts.

For Further Details e-mail: evijaya[at]nimsme[dot]org or Phone: 040-23633242

GST Workshop on July 2017

GST Workshop for Jute Entrepreneurs

The GST cell of ni-msmehadorganised a workshop on GST Impact Analysis and Transitional Provisions for Jute Entreprenuers, on 28th July 2017 at the Institute campus. Sponsored by the National Jute Board, Ministry of Textiles, Government of India, and directed by Mrs. E.Vijaya, Faculty member (SEM) of ni-msme, the programme was attended by a total of 43 National Jute Board Members. The main objective of the workshop was to provide the trainees with insights into GST framework and its implication for jute products, registration mechanism and precautions to be taken while filling the returns, invoices and valuation mechanism under GST. During the inaugural session, Mr. B. Narsimulu, Market Promotion Officer, National Jute Board, Hyderabad addressed the participants and pointed out the need for understanding the new tax law and advised them to take necessary steps for smooth transition into GST regime. During the technical sessions, Mrs. Vijaya focused on the need for understanding the new tax reforms and how the tax benefits can be passed on to the final consumer in the GST regime. Mr. Rohit Kumar Singh, Head, GSP, Karvy Data Management Services was the eminent speaker of the technical sessions. He elucidated how businesses are going to be impacted in the new tax regime, about basic requirements for availing ITC, action points to be considered for smooth transition into new tax regime and expatiated on the implication of GST for jute products. He interacted with the participants and explained how GST will simplify the tax compliance process. Ms. Akshatha, C.A. addressed the issues concerning registration mechanism, migration to GST, pre-requisites for GST registration, amendment to registration, cancellation of registration, how to resolve issues related to migration and registration, and so on. Further she explained the process of filling of returns, due dates and other aspects of compliance. Mr. K. Narendra, GST Consultant, ni-msmediscussed valuation of supply under GST, with case examples. During the valedictory session, most ofthe jute entrepreneurs requested for solutions to their tax related problems under the new tax regime. The participants appreciated the programme and requestedformoresuchprogrammeselucidatingGSTimplicationfor juteproducts.

Interactive Meet on GST

ni-msme, in association with NSIC-ECMDBP, organised an interactive meet on Goods and Services Tax (GST): One Nation One Tax: Implications of GST on MSMEs at the Conference Hall, NSIC-Exhibition-cumMarketing Development Business Park (ECMDBP), Hyderabad on 20th July 2017. A total of 90 officials and beneficiaries from industry associations in and around Cherlapally, Nacharam, Mallapur and Kushaiguda participated in the interactive meet. The programme was directed by Mr. B. Vishnu Murthy, Deputy General Manager, NSIC-ECMDBP, and coordinated by Mr. J. KoteswaraRao, Associate Faculty Member of ni-msme, with the objective of providing insights into GST framework and its implication for MSMEs, registration mechanism and precautions to be taken while filling the returns.

Mr. SubodhJaiswal, General Manager, NSIC (TSC), was the ChiefGuestofthe inaugural ceremony.Duringhisaddress,he stressed on the need for adopting theGSTlawby MSMEs and advised them to take steps necessary for transition from current indirect tax regime to GST law. Mr. Prabhu Raja, General Manager, NSIC (TSC), the guest of honour, pointed out that MSMEs will also be affected in the GST regime, thereforetheyhavetogainbasicunderstandingofGSTlaw. Mr. J. KoteswaraRao, Associate Faculty Member of ni-msme, presiding over the meet, said that GST will have wide ramification for business processes and there is agrave necessity for the industry members, entrepreneurs of Industry/Trade, to ensure compliance with the Act, and benefit from the seamless pass through of tax to the final consumer. During the technical session, Mr. K. Narender (GST Consultant) of ni-msme discussed the need for understanding the new tax law and how the tax benefits can be passed on to the final consumer in the GST regime. He explained that MSMEs availing composite scheme under GST need not maintain tax invoices and books of accounts, but they would be ineligible for input tax credit. Those who are registered as taxable under GST, whether in processing, job work or manufacturing would have to compulsorily maintain invoices and proper books of accounts. Mr. K. Obul Reddy, GST consultant focused on registration mechanism, how to migrate in to GST, Register in GST, prerequisites for GST registration, amendment toregistration, cancellation of registration, how to resolve issues related to migration and registration and so forth. He elucidated the points with the help of case examples. During the valedictory session, the participants requested for solutions to their GST related problems such as identification of taxable event, compulsory registration and place of supply regarding their products. The panel of experts advised them to send the queries to the GST cell, ni-msme for clarification. The programme was well appreciated and request was made for more such interventions.

GST Initiatives in July

Goods and Services Tax (GST) is a game changing reform for the Indian economy through creation of a common Indian market and reducing the cascading effect of tax on the cost of goods and services. It will simplify and harmonise the indirect tax regime prevailing in the country. To impart knowledge about procedures for GST implementation, the GST cell, ni-msme had organised nine workshops on GST in the month of July 2017. A total of 424 participants from various industry associations and organisations such as fibre glass industry, coir industry, jute industry, entrepreneurs from trade, industry and services segments, chartered accountants, finance managers, management professionals and administrative staff of ni-msme were trained in these workshops. They mainly focused on creating awareness about GST law, supply, registration, return filling and transition provisions for the Industry members, entrepreneurs. The purpose of the workshops was to enable seamless pass through of tax to the final consumer.

For Further Details e-mail: evijaya[at]nimsme[dot]org or Phone: 040-23633242