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04 Jul 2020, 11:50 HRS IST
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Source:Gazelle Information Technologies
Category:Metals and Mining
GST Could Have Avoided Gems & Jewellery Industry's Loss of Rs 1 Lakh Crore: Arvind Kumar

GST Could Have Avoided Gems & Jewellery Industry's Loss of Rs 1 Lakh Crore: Arvind Kumar

NEW DELHI, July 6, 2016/PRNewswire/ -

A stitch in time saves nine, and GST in time could have saved the loss of Rs 1 Lakh Crore, says Arvind Kumar the Co-author of new book 'GST: Plan Your Future Tax Journey Now!'.  The Gems & Jewellery industry lost 42 working days due to the strike against imposition of 1% excise duty on gold and diamond jewellery. The strike's main reason as per the industry spokesperson was the fear that the compliance will fuel excise inspector Raj or in other words will empower excise field officers to visit shops, with powers to seize goods and arrest.

This fear is a common belief shared between the Gems & Jewellery, Branded Readymade Garments and Pharmaceutical industries where increased excise tax has been imposed.

Kirit Goyal, Co-author added, "The problem is not in the various tax increases but the fear of the unknown from the industry due to compliance issues and fear of the increase in costs by the consumer."

The authors added that putting GST in place would make the whole system more transparent and efficient, and will take most of these fears away. In fact, GST or Goods and Service Tax is the most business-friendly tax regime ever introduced by governments across the world. From the start, it will help businesses substitute excise duty or central excise duty as it is called along with VAT or Value Added Tax, service tax, the octroi and luxury tax and so on with one Goods and Service Tax or GST.

What all entrepreneurs can look forward to is a hassle-free, easy-to-understand, single form of tax with transparency and non-discrimination built into the system which shall bring about efficiency of time and resources. The only people who should fear the GST are the ones who have not been paying any form of taxes or have been evading them by various means.

The team of Mr. Arvind Kumar and Kirit Goyal can be labeled the dream team for businesses to understand anything and everything about GST and its impact. Arvind Kumar has handled the GST subject for the past six years and is well conversant with the government's intent of this policy, while Kirit Goyal has actually worked in GST environments at multiple countries, including India and advises businesses on logistic designs for optimizing resources.

With a mission on educating businesses and eliminating their fears, both authors wrote the book for mass consumption. This book intends to help the readers understand GST better and prepare them effectively for proposed GST regime. It removes the uncertainties around the tax policies and empowers the reader to implement the benefits due to this policy change.

To take this mission one notch further, both authors are reaching out to various businesses and educating them on the impact of GST on various industries by their 'Impact of GST in India' series of free webinars. The first of the webinars will be 'Impact of GST on Retail Companies and Establishments' followed by 'Impact of GST on e-Commerce Companies'. Post the webinars, there will be a question and answer session wherein the businesses can get all their queries answered live.

The details of the free webinars have been mentioned below and the authors have rolled out an open invitation to all businesses for participation and availment of benefits. In case businesses are not able to register for free live webinar, they can follow the link and take benefit of the same with recorded version which will be published after 48 hours of the webinars.

Webinar details:

Webinar: Impact of GST on Retail Companies and Establishments

Date and Time: 9th July, 10:30 AM

Registration: Register at http://goo.gl/25N2Cm

About Gazelle Information Technologies

Gazelle Information Technologies, one of India's leading supply chain consultancy, strives to help businesses plan their supply chain and logistics post GST regime.

About the authors 

Mr Kirit Goyal: 

Mr. Kirit Goyal is the founder of Gazelle Information Technologies. His experience in ERP with specific interest in supply chain optimization, in countries like Australia, Singapore, Canada, where GST is already implemented gave him a good background on how taxation affects supply chain design. In India, he helped an American tyre company redesign their supply chain with the impending GST in 2010. Subsequently, he worked with other large auto ancillaries in this field.

Mr Arvind Kumar: 

Mr Arvind Kumar is presently serving the government of India as Deputy Secretary posted in the Ministry of Heavy Industries, where he is in the BOD of many Public Sector Enterprises like HPC, NEPA paper Mills, Hindustan Salts, etc.

With Graduation and Masters in Economics, an MBA (Marketing) & LLB, he is pursuing a PhD in GST and its Impact of Trade logistics. In past, he also has worked as Under Secretary in Ministry of Finance and has initiated the first file on GST in MOF which led to announcement of rollout of GST in India. From thereon, in next six years, he has dealt with GST on all its aspects and is fully aware of the intent and the objectives of almost every aspect of GST. He will be a great help to industry as well as the policy makers in case of any ambiguities on GST.

Website: http://www.gazelle.in | Webinar: GST: Utility in India | Find the book on GST: Plan Your Future Tax Journey Now

Media Contact:
Kirit Goyal
Director, Gazelle Information Technologies

Arvind Kumar



Media contact details:
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