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Indian Express
18-07-2025
- Business
- Indian Express
GCCI appoints Himanshu Patel as chairman of Vibrant Gujarat (Regional) Taskforce
The Gujarat Chamber of Commerce and Industry (GCCI) on Friday appointed Himanshu Patel, Senior Vice President of Vadodara Chamber of Commerce and Industry (VCCI) as the chairman of the Vibrant Gujarat (Regional) Taskforce of GCCI for 2025-2026. The Taskforce is a global forum for knowledge sharing and business partnerships that strategizes for the Vibrant Gujarat Summit. The appointment, made by Sandeep Engineer, President of the GCCI, states that Patel's 'vast experience and leadership skill will be a great asset to GCCI'.
Time of India
03-07-2025
- Business
- Time of India
Gujarat chief minister launches GCCI's book on Hindu Succession Act
Ahmedabad: Gujarat chief minister Bhupendra Patel launched a book about the Hindu Succession Act published by the Gujarat Chamber of Commerce and Industry (GCCI) on Wednesday. GCCI direct tax committee chairman CA Jainik Vakil said, "We regularly organise programmes about direct taxation, budget discussions, books, and open houses. This book, Hindu Succession Act, is written by Upendra Bhatt and it gives in-depth knowledge about the act. Traders find it difficult to understand the complexity of tax assessment under HUF, but it is explained well in the book." GCCI President Sandeep Engineer, author of the book Upendra Bhatt, and Jainik Vakil participated in the book launch with the chief minister. You Can Also Check: Ahmedabad AQI | Weather in Ahmedabad | Bank Holidays in Ahmedabad | Public Holidays in Ahmedabad
Time of India
12-06-2025
- Business
- Time of India
GST filing gets tougher: No room for error in GSTR-3B from July
Ahmedabad: From July onwards, taxpayers will no longer be able to edit auto-populated tax liability in their GSTR-3B returns — a major change in the Goods and Services Tax ( GST ) framework. The GST Network (GSTN) has rolled out this update, aiming to curb misuse and plug revenue leakages. However, tax experts warn that this will warrant higher accuracy from suppliers and could trigger cash flow challenges for buyers. Taxation experts say that to address discrepancies in GSTR-1 filings, a new form—GSTR-1A—has been introduced but it isn't real-time. This means any corrections made through GSTR-1A could delay Input Tax Credit (ITC) for buyers, potentially leading to working capital issues. "This is a major structural shift," said Deep Thakkar, chartered accountant and co-chairman of the Indirect Tax Committee at the Gujarat Chamber of Commerce and Industry (GCCI). "Currently, suppliers file GSTR-1, which auto-populates their GSTR-3B and also feeds into the buyers' GSTR-2B. If suppliers make an error or want to adjust their tax liability, they currently edit GSTR-3B directly. That option will no longer be available,," says Deep Thakkar, chartered accountant and co-chairman of the Indirect Tax Committee at the Gujarat Chamber of Commerce and Industry (GCCI). From July, if a supplier makes a mistake in GSTR-1, the only way to correct it is by filing GSTR-1A—before the GSTR-3B deadline, which is the 20th of every month. However, since GSTR-2B (used by buyers to file GSTR-3B) is generated on the 14th, late corrections may only reflect in the next month's ITC cycle, delaying credit and tying up funds. Explaining the rationale behind the decision being taken, a senior GST official said on condition of anonymity, "The decision to restrict editing in GSTR-3B has been in the pipeline for nearly 18 months. When a supplier files GSTR-1, the output tax liability gets auto-populated into the system and becomes part of the buyer's Input Tax Credit (ITC). This happens by the 10th of every month, with GSTR-3B due by the 20th. If a supplier defaults on tax payment, the entire recovery chain is impacted. Allowing edits in GSTR-3B was leading to misuse—essentially allowing ITC to be passed on without corresponding tax being paid. At some point, the system needs to be secured to protect government revenue." Chartered accountants claim that the decision while making way to curb fraudulent claims will certainly increase the compliance burden of taxpayers. "This change will certainly reduce fraudulent ITC claims and plug revenue loss. But it also increases the compliance burden. Even genuine mistakes in GSTR-1 can be rectified only through GSTR-1A which needs to be streamlined as it is essential to avoiding penalising honest taxpayers," said Thakkar. Another Chartered accountant Karim Lakhani echoed the concerns, stating, "The margin for error has shrunk dramatically. Every supplier will now need to file GSTR-1 with utmost accuracy. Any lapse can impact their clients' ability to claim timely ITC. This is one of the most significant changes to the GST regime since its inception." Ahmedabad: From July onwards, taxpayers will no longer be able to edit auto-populated tax liability in their GSTR-3B returns — a major change in the Goods and Services Tax (GST) framework. The GST Network (GSTN) has rolled out this update, aiming to curb misuse and plug revenue leakages. However, tax experts warn that this will warrant higher accuracy from suppliers and could trigger cash flow challenges for buyers. Taxation experts say that to address discrepancies in GSTR-1 filings, a new form—GSTR-1A—has been introduced but it isn't real-time. This means any corrections made through GSTR-1A could delay Input Tax Credit (ITC) for buyers, potentially leading to working capital issues. "This is a major structural shift," said Deep Thakkar, chartered accountant and co-chairman of the Indirect Tax Committee at the Gujarat Chamber of Commerce and Industry (GCCI). "Currently, suppliers file GSTR-1, which auto-populates their GSTR-3B and also feeds into the buyers' GSTR-2B. If suppliers make an error or want to adjust their tax liability, they currently edit GSTR-3B directly. That option will no longer be available,," says Deep Thakkar, chartered accountant and co-chairman of the Indirect Tax Committee at the Gujarat Chamber of Commerce and Industry (GCCI). From July, if a supplier makes a mistake in GSTR-1, the only way to correct it is by filing GSTR-1A—before the GSTR-3B deadline, which is the 20th of every month. However, since GSTR-2B (used by buyers to file GSTR-3B) is generated on the 14th, late corrections may only reflect in the next month's ITC cycle, delaying credit and tying up funds. Explaining the rationale behind the decision being taken, a senior GST official said on condition of anonymity, "The decision to restrict editing in GSTR-3B has been in the pipeline for nearly 18 months. When a supplier files GSTR-1, the output tax liability gets auto-populated into the system and becomes part of the buyer's Input Tax Credit (ITC). This happens by the 10th of every month, with GSTR-3B due by the 20th. If a supplier defaults on tax payment, the entire recovery chain is impacted. Allowing edits in GSTR-3B was leading to misuse—essentially allowing ITC to be passed on without corresponding tax being paid. At some point, the system needs to be secured to protect government revenue." Chartered accountants claim that the decision while making way to curb fraudulent claims will certainly increase the compliance burden of taxpayers. "This change will certainly reduce fraudulent ITC claims and plug revenue loss. But it also increases the compliance burden. Even genuine mistakes in GSTR-1 can be rectified only through GSTR-1A which needs to be streamlined as it is essential to avoiding penalising honest taxpayers," said Thakkar. Another Chartered accountant Karim Lakhani echoed the concerns, stating, "The margin for error has shrunk dramatically. Every supplier will now need to file GSTR-1 with utmost accuracy. Any lapse can impact their clients' ability to claim timely ITC. This is one of the most significant changes to the GST regime since its inception."
Indian Express
18-05-2025
- Business
- Indian Express
B'desh easing visa policy for Pak business leaders to boost trade: High Commissioner
Bangladesh is easing its visa policy for Pakistani business leaders, the country's top envoy in Islamabad has said, adding that the move aims to foster economic growth between the two countries and across the region. Speaking at a reception hosted by the Gujarat Chamber of Commerce and Industry (GTCCI) on Saturday, Bangladesh High Commissioner to Pakistan Iqbal Hussain Khan said Dhaka views Pakistan as a gateway to Central Asia. 'We believe in stability and economic growth in the region, which is why we are easing the visa regime for Pakistan, particularly for businessmen,' Khan said. 'Both countries have started granting visas to trade delegations,' he added. He also said bilateral trade between the two countries is expected to cross USD 1 billion this fiscal year, expressing hope that trade will continue to grow as both nations remain committed to strengthening cooperation. Speaking at the event, GTCCI President Bau Muneer said that Pakistan and Bangladesh, being the largest economies in SAARC (South Asian Association for Regional Cooperation) after India, should utilise regional trade opportunities for mutual benefit. He said that Bangladesh's GDP has reached USD 437 billion while Pakistan's GDP stands at USD 373 billion. 'It is time we join hands to maximise the trade potential.' After Sheikh Hasina's ouster as the prime minister of Bangladesh last year, the bilateral relations witnessed a thaw with high-level exchanges between the two nations.
Time of India
15-05-2025
- Business
- Time of India
GCCI leadership likely to serve another term
Ahmedabad: The executive committee of the Gujarat Chamber of Commerce and Industry (GCCI) on Thursday approved the proposal for the continuation of the current president, senior vice-president and vice-president for another year. Earlier, the constitution committee of the apex trade and industry body of the state approved the proposal. Now, an extraordinary general meeting (EGM) will be held on May 26, and if the proposal is approved, it will be sent to the empowered apex committee of the GCCI. According to sources, a large section in the GCCI believes that continuing for another year with the top office-bearers is necessary because they have taken initiatives for infrastructure development at GCCI and for the growth of MSMEs in the state through exhibitions like GATE-2025. "Currently, businesses are putting up with geopolitical tensions and a tariff war, and in this situation, continuation of discussions with the state and central govt is required. So, there was a proposal to re-appoint president Sandeep Engineer , senior vice-president Rajesh Gandhi and vice-president Apurva Shah for one more year. The most recent executive committee meeting approved the proposal and sent it to the constitution committee," said a senior member of the GCCI. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Khám phá bộ sưu tập sofa giảm giá đẹp cho phòng khách hiện đại southermore Tìm Ngay Undo "The current office-bearers will file nomination forms in the election, and if no other nominations are received for the senior VP and VP posts, they will continue in the new term," said sources. "The GCCI president traditionally serves for a one-year term, but many members believe the current team should continue to lead for one more year to streamline and complete the ongoing work," said a senior GCCI member.
