GST brings reforms in indirect taxation: CM Naveen Patnaik

BHUBANESWAR: Chief Minister Naveen Patnaik on Saturday said the recent introduction of Goods and Services Tax (GST) has brought major reforms under indirect taxation in the country.

Inaugurating the two-day National CA Conference-2017 hosted by Institute of Chartered Accountants of India (ICAI), the Chief Minister said though the GST has put a challenge before the chartered accounts for its adaptability and acceptability by the business community and people, the organisation will play an active role in successful implementation of the taxation reform.

“Since CAs maintain transparency and their contribution to the society is unparalleled, I am confident that the institute and its members would continue to meet the expectations of the Government to bring transparency in governance and delivery of various services to the citizens,” Naveen added.

Starting with a widely discussed subject ‘Direct Tax - Provisions relating to Benami Transactions and Cash Transactions’, the conference deliberated on the modus operandi of Income Tax (IT) Department regarding all benami transactions and the subsequent reports like the Annual Information Report, Cash Transaction and Suspicious Transaction.

ICAI president Nilesh Shivji Vikamsey said India is changing at a rapid pace post-GST. “We have been conducting seminars for the last seven months and about 1.7 lakh members are imparted training.