Guest lecture report on Income tax law and GST

Title: Guest lecture report on Income tax law and GST

Date : 18th September, 2019

Organized By : School of Commerce

School of Commerce, REVA University had organised a guest lecture on ‘INCOME TAX LAW AND GOODS AND SERVICES TAX’’. The resource person of the session was ‘Dr.Sairam A, Assistant Professor, Government First Grade College, Vemgal, Kolara, Karnataka. It was conducted on 18th September, 2017 at J.S.Hegde Seminar hall from 1.30 pm to 3.30 pm for UG and PG students of Commerce.

The lecture was organised with an objective to familiarize students about the basics aspects of the most important reform in the field of Indian Taxation i.e., Income Tax Law and Goods and Services Tax Law. In the session the resources person has covered Income tax, PAN, TAN, different Heads under Income tax and Tax evasion, Tax Planning, Tax Avoidance and importance of taxation, e-filing of income tax and penalties non- filing tax.

The speaker also covered features of G.S.T., its need, its functioning, difference between G.S.T. and existing tax structure, G.S.T. at international level, forms and returns to be filed under G.S.T and the impact of implementation of G.S.T. on Indian economy. A number of important topics were discussed including the direct as well as indirect tax, basic concept of taxation, necessity to pay tax, computation of taxation, current rates of tax, authorities for tax collection etc.

Under GST, the taxation burden will be divided equitably between manufacturing and services, through a lower tax rate by increasing the tax base and minimizing exemptions. It is expected to help build a transparent and corruption-free tax administration. GST will be levied only at the destination point and not at various points (from manufacturing to retail outlets).Currently, a manufacturer needs to pay tax when a finished product moves out from a factory, and it is again taxed at the retail outlet when sold. V semester B COM & I, III Semester M.Com. students are benefited with of guest lecture.

The Vote of Thanks given by Dr.Harani.B, Assistant Professor, School of Commerce, REVA University.