Tribune News Service
Ludhiana, June 30
The Fastener Manufacturers’ Association of India organised a seminar to apprise the members of various features of the Goods and Service Tax (GST).
Participants had an opinion that the GST was being imposed in haste. “The industry is not against tax reforms and is willing to comply with the regulations, but the line of action should be clear. The seminar was organised to cater to the doubts of the members in this regard,” said Narinder Bhamra, president of the association.
Chartered Accountant Amandeep Vats gave a detailed presentation on the GST. He discussed migration of existing Vat/ Excise dealers, registration of new units, invoicing under the GST, various reforms and restructure required in current accounting system, transition of existing credits in returns/ stocks, conditions to carry forward input tax credit, etc. Amandeep Vats was given the responsibility to help members with their problems at the time of implementation. The association is in the process to provide members with software at an affordable price.
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