Surat, May 30 – A joint seminar on direct and indirect taxation was organized on Thursday by the Southern Gujarat Chamber of Commerce and Industry (SGCCI) and the Southern Gujarat Income Tax Bar Association at Samruddhi Bhavan, Nanpura. The event was part of an ongoing study circle series aimed at equipping businesses and professionals with practical tax knowledge.
As per agency report, the seminar focused on two critical aspects under the Goods and Services Tax (GST) regime – the Invoice Management System (IMS) and the Reverse Charge Mechanism (RCM). The sessions were conducted by chartered accountants Parth Patel and Mihir Modi, who addressed the audience as expert speakers.
CA Parth Patel elaborated on IMS as a digital tool that streamlines billing and payment processes for businesses. He explained how platforms like Zoho Invoice, QuickBooks, TallyPrime, FreshBooks, and Vyapar are proving to be valuable for small and medium-sized enterprises, freelancers, and large corporations alike. These tools allow users to generate, send, track invoices, and confirm payment statuses with ease and efficiency.
Following this, CA Mihir Modi discussed the provisions and applicability of RCM under GST. He explained that unlike the usual practice where suppliers collect the tax, under RCM, the responsibility to pay GST shifts to the recipient. He cited the example of services received from unregistered transporters, where the recipient company must pay the tax.
He further referred to Sections 9(3) and 9(4) of the CGST Act and Sections 5(3) and 5(4) of the IGST Act to explain the legal framework governing RCM. Modi emphasized that while separate registration under RCM is not required, accurate payment and accounting of tax liabilities are mandatory. These transactions must also be reported in monthly returns such as GSTR-1 and GSTR-3B.
The event began with a welcome address by SGCCI managing committee member Viresh Rudlal. Advocate Amresh Upadhyay and honorary treasurer Advocate Nikhil Patkar from SGITBA introduced the speakers. The seminar was moderated by Deepesh Shakwala, co-chairman of SGCCI’s Income Tax Committee, while the closing vote of thanks was delivered by Advocate Babubhai Domariya.
The seminar provided valuable insights and practical guidance to local business owners and finance professionals, helping demystify the complexities of GST and enhancing compliance practices across the region.
