The Engineering Export Promotion Council of India (EEPC India), in collaboration with the Orissa Small Scale Industries Association (OSSIA), successfully conducted an insightful Awareness Session on Recent Developments in GST and the Way Forward on Wednesday, September 11th, 2024, at the OSSIA Conference Hall, Industrial Estate, Cuttack, Odisha.
This session brought together industry leaders, GST experts, MSMEs, and exporters to discuss the latest amendments in GST, their implications on businesses, and practical solutions for compliance and tax optimization. With GST laws evolving rapidly, the session provided valuable clarity on regulatory changes, compliance best practices, and strategic insights to help businesses stay ahead in the dynamic taxation landscape.
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Key Highlights of the Session
✔ Latest GST Amendments & Policy Updates – A detailed breakdown of recent changes and their business impact.
✔ GST Compliance for MSMEs & Exporters – Essential guidelines to ensure smooth adherence to tax regulations.
✔ E-invoicing, Input Tax Credit (ITC), and Refund Mechanism – Insights on optimizing tax benefits and improving financial efficiency.
✔ Common Compliance Challenges & Solutions – Addressing key issues faced by businesses and ways to mitigate them.
✔ Best Practices for Effective GST Management – Strategic approaches to streamline tax compliance and enhance business efficiency.
✔ Interactive Q&A with Industry Experts – Lively discussions where participants got their GST-related queries resolved.
Key Takeaways & Industry Insights
The session witnessed active participation from business owners, financial professionals, exporters, and MSME stakeholders, all eager to gain expert guidance on adapting to GST reforms. Industry leaders emphasized the importance of proactive compliance, digital tax filing, and leveraging government schemes to optimize tax efficiency.
A major takeaway from the discussion was the increasing role of technology in GST compliance, with e-invoicing and automated tax reporting emerging as critical tools for businesses to enhance accuracy and minimize risks.
