Expert Talk by Dr. Gireesh Chandra Tripathi for PG Mgmt. Students.

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I.T.S Ghaziabad organized Guest lecture by Dr. Gireesh Chandra Tripathi, on 25th October, 2017, on the topic “GST & Demonetization: Implications on India”. The guest Dr. Gireesh Chandra Tripathi, Deputy Director General (Academics), NTPC School of Business talked about the concept of GST and Demonetization in India.

He said that Demonetization is a generations’ memorable experience and is going to be one of the economic events of our time. Its impact is being felt by every Indian citizen. Demonetization affects the economy through the liquidity side. It was a bold step by the Govt. as nearly 86% of currency value in circulation was withdrawn without replacing bulk of it. As a result of the withdrawal of Rs 500 and Rs 1000 notes, there occurred huge gap in the currency composition as after Rs 100; Rs 2000 is the only denomination.

Month Of Events:

october

Date Of Events:

Year Of Events:

2017

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Full Date Of Event:

Wednesday, October 25, 2017

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Absence of intermediate denominations like Rs 500 and Rs 1000 will reduce the utility of Rs 2000. Effectively, this will make Rs 2000 less useful as a transaction currency though it can be a store value denomination. Talking about GST, he said that the Goods and Services Tax (GST) is a game-changer that is expected to provide the much needed stimulant for economic growth in India by transforming the existing base of indirect taxation towards the free flow of goods and services. GST is also expected to eliminate the cascading effect of taxes. India is projected to play an important role in the world economy in the years to come. The expectation of GST being introduced is high not only within the country, but also within neighboring countries and developed economies of the world.

By merging a large number of Central and State taxes into a single tax, GST is expected to significantly ease double taxation and make taxation overall easy for the industries. For the end customer, the most beneficial will be in terms of reduction in the overall tax burden on goods and services. He further added that introduction of GST will also make Indian products competitive in the domestic and international markets. Last but not least, the GST, because of its transparent character, will be easier to administer. Once implemented, the proposed taxation system holds great promise in terms of sustaining growth for the Indian economy.

Students participated with full zest & zeal in the discussion and asked several questions they had in mind regarding GST & Demonetization. The deliberation was highly valuable for the students.