Hyderabad, September 02, 2024: The Representatives of the Federation of Telangana Chambers of Commerce and Industry led by its President Sri Suresh Kumar Singhal, Sri Anil Agarwal, Past President of FTCCI, Sri Sushil Sancheti, Co-Chair of Energy Committee of FTCCI and Smt Sujatha, Senior Director, FTCCI met Sri D. Ronald Rose, Secretary, Energy Department and Chairman & Managing Director of TG Transco & TG Genco on Saturday evening at its office, Vidyuthsaudha, Khairtabad.
They discussed various industry issues with CMD and requested the cooperation of power utilities. The Energy Secretary assured to extend full cooperation to develop industries in the State.
In another program, FTCCI organised a Seminar on the
Latest Changes in GST Law – With practical implications for businesses. It was organised on Saturday in a late evening function on the Latest Changes in GST Law – With practical implications for businesses at Federation House, Red Hills
Giving his opening notes, Suresh Kumar Singhal, President of FTCCI said, Smt. Nirmala Sitharaman, Honorable Finance Minister, Government of India had presented the Union Budget for the Financial Year 2024-25 introducing many changes and amendments in the Finance Bill 2024 regarding GST Law. Also 53rd GST Council meeting was held on 22nd June 2024 and important recommendations have been made by the Council. Under this, several clarifications have been issued by the Central Board of Indirect Taxes and Customs (CBIC). We are here today to discuss these changes in GST Law from the Council Meeting and Finance Bill 2024.
After a long pause, the GST council met in July 2024 and made certain sweeping recommendations which were accepted and adopted and which were seen in the form of new Notifications and Circulars and Finance Act, 2024. While the council met for 4 times in 2023, in the current year this was the first meeting owing to elections. As per the recommendations, interest and penalty were waived on tax demands raised under Section 73 which is applicable for 3 years from 2017-18 to 2019-20 and also extended the date for availing the ITC up to 30.11.2021 for 4 years from 2017-18 to 2020-21. FTCCI has conducted a knowledge session for Industry players explaining various changes in the law. These practical sessions play a supportive role for businesses by taking necessary precautions and implementing them in their businesses so that interest and penalties can be avoided. The attendance was very healthy and many people attended enthusiastically and took several clarifications from the speakers, said Mohd Irshad Ahmed, one of the speakers.
Speaking on the occasion Mallikarajun Guptha, Tax and Technology Litigation Advisory and Advocacy said the Co-Chair for GST & Customs Committee Director for Indirect Taxes at Manohar Chowdhry & Associate, Chartered Accountants has discussed the recent changes announced in the GST on Telecom Sector, Insurance Sector, Infrastructure Sector and recent changes on GST. He has also explained the changes required in the business process to be GST-compliant.
Madhukar N Hiregange, Founder Partner of HNA & Co. LLP gave his insight on the challenges in GST law and the challenges of the biased approach of the law and the officers creating hardship to the Trade and Business, he opined that there is a need for revamping the GST laws and make the business flourish while collecting the tax.