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With an objective to update knowledge and understanding of Goods and Services Tax on the education sector, IIM Indore conducted a workshop on the topic—‘GST- A Perspective of Education Sector’ on July 11, 2017. CA Arvind Chawla, Indirect Tax Expert was the speaker for the workshop. GST came into effect from July 1, 2017 and the wide ambit of taxation under GST also covers services provided in education sector. The workshop focused on the same subject with various interactive sessions for the participants as well.
The talk revolved around the salient features of GST, benefits, framework and its effect on the education sector. Mr. Chawla began deliberating about how GST is the biggest tax reform in the Indian Tax History, where Central and State taxes are subsumed into a single tax. ‘This would not only help in reduction of multiple taxes, but also avoid tax cascading and remove the double taxation, thereby maintaining the transparency in the taxation system of the country’, Mr. Chawla said. Making GST simpler for the audience, Mr. Chawla also conversed about the key definitions of Aggregate Turnover, Business, Business Vertical, Supply, Imports and Exports among various other important terminologies. He also discussed about the framework of GST and noted how, when, what, why and where to tax.
Mr. Chawla also discussed about various types of supplies—composite and mixed, and the time of supply. The talk also had discussions about IGST, Payment of Tax and Returns. He concluded his talk discussing about the exemptions provided to services of the educational institution and how it varies in schools and colleges.
The talk was followed by a Q&A session. The event helped the participants, faculty and staff of the Institute to know about GST in a better way and enhance their knowledge regarding tax system in India.