Traders told to be aware of changes in GST

Vijayawada (NTR district): Traders and industry should continuously study the changes in Goods and Services Tax (GST), noted Vijayawada Chamber of Commerce and Industry president Konakalla Vidyadhar Rao.

He addressed the GST awareness workshop in the backdrop of changes and amendments on various taxes proposed in the latest Union Budget at the Chamber's office here on Sunday.

Key speaker and noted auditor MVN Ramachandra Rao elaborated on the changes in the tax system and the advantages in the selection of old or new tax regime.

Auditor Penugonda Satish Kumar gave details on various sections of GST for MSMEs, income tax on house rent, exemptions, insurance policy benefits and others.

Auditor Maddula Pratyush Kumar spoke on Section 54, electronic gold receipts, debentures, hybrid debentures, rules to be followed by Trusts and precautions to be taken while sending money abroad.

Auditor PVN Kaushik explained on the ever-changing amendments in the GST. Rules and regulations to be followed by composition dealers, prosecution problems regarding Section 132, cautions to be taken while filing GST returns, renewal of licenses, GSTR-9 and GSTR-4, ITC claims and others were discussed for the benefit of the traders and the industry.

Later, auditor Ramachandra Rao answered the queries of the members. Earlier, Chambers secretary PSLN Varaprasad introduced the speakers to the audience. Chambers members Pokuri Ganga Venkata Ramesh, Ponnuru Ram Kumar, Vakkalagadda Srikanth and others participated.