BHUBANESWAR: President of Utkal Chamber of Commerce and Industry Ltd (UCCI) Prabodh Mohanty has said the revised GST framework is expected to benefit both the government and industry, particularly the MSME sector for the 5 per cent slab.
Speaking at an interactive session on ‘GST 2.0 analysis and GST tribunal’ here on Tuesday, he advised business houses to prepare proactively for the transition by reviewing supply chains, documenting input tax credits and monitoring notifications closely. “While GST 2.0 offers opportunities for simplification and growth, particularly for MSMEs, it also demands readiness, vigilance and adaptability from industry players,” he said.
Additional commissioner of state tax Nihar Ranjan Nayak elaborated on the key decisions taken during the 56th GST council meeting on September 3 and urged tax payers to comply with the provisions as per the proposed new slabs.
Chairman of UCCIL’s taxation committee L Gopal Shah provided a comprehensive analysis of the reforms, describing them as a critical milestone in simplifying compliance, resolving litigation and strengthening liquidity. Shah outlined the impact of inverted duty structure refunds and clarified the treatment of post-sale discounts via credit notes. He also explained the long-awaited relief for service exporters.
The programme brought together around 70 participants, including UCCIL members, industry stakeholders, policy experts, legal advisors and MSME entrepreneurs. A hand book on GST 2.0 compiled by Shah was released. UCCIL honorary secretary Sanjeev Mahapatra also spoke.