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Seminar for Analysis of Tax Proposals in the Union Budget 2024-25

On 25^th July, 2024, COSIA and TSSIA hosted a comprehensive seminar titled “Union Budget 2024 – Detailed Review of Tax Proposals” following the Union Finance Minister’s presentation of the Union Budget on 23^rd July, 2024. The seminar aimed to equip businesses with a thorough understanding of the proposed changes in Direct and Indirect taxes, facilitating effective implementation strategies. 

The event commenced with a warm welcome address by Mrs. Sujata Soparkar, President of TSSIA. She emphasized the significant of the Union Budget and its impact on various stakeholders within the business community.

Mrs. Soparkar highlighted the need for a collaborative approach to navigate the evolving tax landscape and emphasized the importance of the insights that would be shared throughout the seminar. 

Following the welcome address, Mr. Sandeep Parikh, President of COSIA, introduced the distinguished panel of speakers from Lakshmikumaran & Sridharan Attorneys (LKS). Each speaker brought a wealth of knowledge and experience in tax law, ensuring and insightful discussion. The panel included: 

Mr. Ratan Jain –Executive Partner, LKS 

Mr. S. Sriram-Partner, LKS 

Mr. Nirav Karia – Partner, LKS

Mr. Chaitanya Bhatt – Partner, LKS 

Key Discussion Points The seminar provided an in-depth analysis of the key proposals in income tax, GST, and customs law. The speakers delved into: 

·  Legislative History: A review of the background and evolution of the proposed tax changes. 

· Court Interpretation: Insights into how previous court rulings may influence the implementation of new tax laws. 

·  Need for Amendments : The rationale behind the proposed changes and their necessity in the current economic climate. 

· Implications for Stakeholders: A discussion on how these changes will affect manufacturers, service providers, traders, exporters, and importers. 

Each speaker offered their expertise, highlighting the potential impacts of the proposals and providing practical advice for stakeholders to prepare for upcoming changes. 

An interactive Q & A session followed the presentations, allowing participants to engage directly with the experts. The audience raised various questions regarding specific provisions and potential challenges in compliance, which the panel addressed thoughtfully, ensuring clarity and understanding. 

The seminar concluded with Mr. Sandeep Parikh delivering a heartfelt vote of thanks. He expressed gratitude to the speakers for their valuable insights and to the participants for their engagement and interest. Mr.Parikh reaffirmed COSIA’s commitment to supporting its members in navigating the complexities of tax regulations. 

The seminar attracted a total of 45 participants, including business leaders, tax professionals, and industry stakeholders, all eager to gain insights into the Union Budget’s implications.

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