Trade assn hosts talk with GST, Income Tax officials

The Association of Trade and Industrial Undertakings (ATIU) organised an interactive session on recent developments and reforms in GST and the Income Tax with distinguished officers from the Central Government.

The session was attended by Sugrive Meena, IRS, Principal Commissioner, CGST, and Rajiv Wadhera, Additional Commissioner, Income Tax Department. The programme witnessed active participation from industrialists, tax professionals and members of the trade fraternity.

Welcoming the dignitaries, Pankaj Sharma, president, ATIU, highlighted major GST reforms undertaken by the Central Government in recent years and appreciated the continuous efforts being made towards simplification of compliance procedures and digitisation of the taxation system.

Addressing the gathering, IRS officer Sugrive Meena explained the latest amendments and policy initiatives introduced under the GST regime. He highlighted the Centre’s focus on strengthening compliance through technology-driven systems, including enhanced data analytics, AI-based scrutiny and stricter verification mechanisms. He informed the audience about the increasing use of e-invoicing, real-time invoice matching and interlinking of GST returns with e-way bills to curb fake invoicing and fraudulent Input Tax Credit (ITC) claims.

Meena emphasised that under the latest GST provisions and judicial pronouncements, the responsibility of dealing with genuine and compliant suppliers substantially lay upon the buyer as well. He cautioned industry members to remain vigilant while availing ITC and stressed the importance of doing one’s due diligence before entering into business transactions.

Meena further explained that the government had introduced stricter norms relating to ITC under Sections 16 and 74 of the CGST Act and had intensified action against non-genuine transactions. He also discussed the significance of maintaining proper documentation, timely reconciliation of returns and ensuring compliance with e-invoicing provisions to avoid future litigation and penalties.

Wadhera, Additional Commissioner, Income Tax, shared valuable insights on recent developments under the Income Tax regime, including the benefits and implications of the New Tax Regime. He elaborated upon tax planning measures available for businesses and individuals and encouraged taxpayers to maintain greater transparency and proper financial discipline. He also highlighted the increasing integration of digital information systems by the department for better compliance monitoring and urged taxpayers to ensure accuracy in financial disclosures and reporting.