Event Name

Highlights of the events:

Seminar Report on recent updates in GST

Organised jointly by Chamber of Small Industry Associations (COSIA) and The Small Scale Industries Association (TSSIA), the seminar titled "Seminar on Recent Updates in GST" took place on the 5th of December 2023. The event, in collaboration with legal experts from Lakshmikumaran & Sridharan, Attorneys (L&S), aimed to provide critical insights into the latest developments and legal nuances surrounding GST that impact MSMEs. This seminar was supported by Bank of Maharashtra.

The seminar commenced with an introduction to the session's objectives by Mrs Sujata Soparkar – President TSSIA, focusing on equipping MSMEs with up-to-date knowledge on GST regulations. Mr. Ninad Jaywant – Hon. Gen. Secretary of COSIA welcomed the participants and the speakers of this event. The esteemed speakers from L&S, Mr. Nirav Karia (Partner) and Mr. Chaitanya Bhat (Partner), delivered a series of insightful presentations tailored to address pertinent GST-related challenges faced by MSMEs.

The presentations encompassed key aspects of GST updates and implications for MSMEs, including:

v  Exports and supply to SEZ – zero-rated supply

v  Secondment of employees into India

v  Ocean freight

v  ISD vs cross charge – need for changing the practice going forward once law is aligned

v  Usage of brand name / logo

v  Corporate guarantee

v  Warranty obligations of OEM and need for documentation

v  Lease premiums – for construction, for setting up etc.

v  Applicability of interest on ITC utilization

v  Mismatch and wrongly availed and unutilized ITC in case of IGST

Approximately 40 MSME representatives actively participated in the seminar, demonstrating enthusiasm and engagement throughout the session. The interactive Q&A segment facilitated meaningful discussions and enabled participants to seek clarifications on specific GST-related queries relevant to their businesses.

Lakshmikumaran & Sridharan, Attorneys (L&S), acted as invaluable knowledge partners, providing expert insights and practical strategies to navigate the evolving landscape of GST regulations.

The seminar served as a comprehensive platform for MSMEs associated with COSIA and TSSIA to enhance their understanding of recent GST updates. Participants gained actionable insights into GST compliance and best practices, enabling them to make informed decisions and strengthen their businesses in alignment with regulatory requirements.

The seminar underscored the significance of staying abreast of GST developments and leveraging expert guidance to navigate regulatory complexities effectively.