The IPM Industry interaction Cell conducted its first guest talk as a part of the Guest Lecture Series on 2nd August 2017 at IIM Indore. The talk focused on one of the most widely discussed topics of today – GST (Goods and Services Tax). The guest speaker was Prof. Lionel Aranha , FCA.
Prof. Lionel Aranha is a Chartered Accountant and an Adjunct Faculty at IIM-K since 1998. He is also Director, Triad Services Private Limited, since May 1994. He is a Solicitor with broad experience in all aspects of Accounting, Auditing, Financial Management and Business Laws which he teaches in various top B schools.
The talk gave the audience a holistic view of the new tax regime that came into force on 1st July 2017, thus replacing the indirect tax system. According to Prof. Aranha, “The GST system is actually good for the citizens of the country but only if the manufacturers, retailers and wholesalers pass on the tax benefit to the consumers.” Prof Aranha explained the difference between the old Indirect Tax regime and the current GST. He explained how the Indian states are trying to circumvent the tax laws in order to cover up for the revenue lost due to the implementation of GST.
If there is hope and optimism on one side, there is dismay on the other. GST will make filing of tax returns a completely computerized mechanism. This would affect crores of small businessmen with no access to computer or internet. “But things will gradually improve. That is what we all hope for”, concluded the professor.
The talk was attended by a hundred and twenty members of the IIM Indore Community and a number of faculty members like Prof. Rahul Nilakantan and Prof. Rajhans Mishra.
The two hour long lecture proved to be very informative and provided a balanced, holistic view of the new tax system. The student community was supplied with much needed information about GST. And thus the first chapter of the Guest Lecture Series of the IPM IIC was successfully completed.