July 10: The one-day interactive session on “Goods and Sales Tax” organised by S. Nijalingappa Sugar Institute at its premises in the city on Monday, facilitated the sugar industry owners and managers to take a threadbare stock of the advantages and disadvantages of the “GST”, new tax-regime brought in by the BJP-led NDA government.
Basavaraj Balekundargi, President, Karnataka State Federation of Co-operative Sugar Factories Ltd., who inaugurated the session, attended by about 140 delegates from the industry from across North Karnataka and other parts of Karnataka, called upon the industry to reorient their accounting system vis-a-vis GST system and start taking advantages from it at the earliest. He stressed that the co-operative factories be more pro-active in understanding the GST and implementing in their factories.
Dr.R.B. Khandagave, Director, SNSI, Belagavi observed that the industry should study and understand various aspects of the GST and the taxes applicable to at various stages of operations, right from inputs to outputs.
B.S. Harish, Managing Director, Karnataka State Federation of Co-operative Sugar Factories Ltd., said that the co-operative sugar factories need to take the advantage of the orientation programme on GST and respond to the new changes.
P.G. Ghali, Charted Accountant explained norms of GST and details of the Central Goods and Service Tax (CGST), State Goods and Service Tax (SGST) and Interstate Goods and Service Tax (IGST). He illustrated various applicable taxes for sugar industry compared to the previous tax regime. He depicted the inputs used and the output derived from the sugar industry and explained the applicable GST rates on different materials. Further, he has displayed the model invoice format applicable to sugar factory and elaborated the possible problems and suggested solutions.
Praveen Ghali, Charted Accountant, explained the different income tax and other applicable rules for the sugar industry. He also elaborated on filing of income tax returns by the sugar factories. Another Charted Accountant, Sudheendra Ghali advised the sugar factories to modify their accounting procedures considering the new changes incorporated in GST structure.
D.S. Girigoudar, HOD, Sugar Engg. & Co-gen, SNSI, Belagavi welcomed the delegates and Ramesh Hanasi, Manager, SNSI extended vote of thanks.