2 days ago
GST Day celebrated in the city
Sridharan Rangarajan, Managing Director of Carborandum Universal Limited (CUMI) said the country having a federal structure, the Goods and Service Tax (GST) regime has been able to achieve 'one nation, one tax' promise which even the U.S. has not been able to achieve as also the digitisation in the form of e-invoicing of tax receipts which has become a role model similar to China. Mr. Rangarajan was participating in the GST Day 2025 celebration organised by Central GST Tamilnadu and Puducherry zone in the city on Tuesday.
However Mr. Rangarajan citing the country having overcome the implementation stage of the GST, a short list of tax rates with short list of exemptions like Australia would foster easier compliance and enhance ease of doing business. At present the country has four main tax slabs which adds to the complexity of the tax regime as also the need for bringing under GST both the oil and electricity sectors. He also wanted the Central government to go for strategic reform in GST to over one the operational challenges in the age of digital disruptions and new age business models along with operationalising the tribunals.
Ram Niwas, Principal Chief Commissioner of CGST of Tamilnadu and Puducherry zone, said the GST Council has helped in bringing the Central and States together in rationalising the tax regime. While the GST has been successfully implemented one of the serious issues which the officials have come across during audits is the fake input tax credit (ITC) where more than ₹1 lakh crore fake ITC has been detected with hardly 5% recovery done from these fake ITCs. Mr. Niwas also highlighted the need for preventing revenue leakages.
A.R.S. Kumar, Principal Chief Commissioner of CGST and Central Excise of Tamilnadu and Puducherry zone, also spoke on the occasion.
