New Delhi: In a move to address financial challenges arising from the evolving GST framework, the Standing Conference of Public Enterprises (SCOPE), in collaboration with the Institute of Cost Accountants of India (ICMAI), organized a workshop on “GST: Issues & Implications” at SCOPE Complex, New Delhi.
The workshop, inaugurated by Shri Sandeep Kumar Gupta, Chairman of SCOPE and CMD, GAIL, brought together over 60 representatives from various Public Sector Enterprises (PSEs). The aim was to empower organizations with critical insights on Input Tax Credit (ITC) optimization, risk mitigation, and compliance with recent GST amendments.
Key Highlights:
Financial Optimization: The workshop underscored methods to maximize Input Tax Credit (ITC), which can significantly reduce the financial burden on enterprises.
Navigating Risks: Experts discussed strategies to mitigate risks related to non-compliance and avoid penalties under the updated GST laws.
Adapting to Change: Sessions focused on integrating the latest GST amendments into financial systems to enhance cash flow and operational efficiency.
Expert Insights and Participation:
Addressing the participants, Shri Atul Sobti, Director General, SCOPE, along with CMA Manoj Kumar Anand and CMA Nisha Dewan from ICMAI, emphasized the importance of keeping pace with regulatory changes to safeguard financial health.
The workshop, marked by technical discussions, real-world case studies, and expert-led sessions, highlighted the financial implications of GST reforms and offered practical solutions to strengthen compliance in PSEs.
Why It Matters:
For PSEs, ensuring compliance with GST while optimizing financial resources is critical for sustainable growth. As regulatory updates continue, workshops like these become pivotal in bridging knowledge gaps and fostering financial resilience.
SCOPE’s initiative once again underscores its role in driving fiscal efficiency and strategic preparedness among public sector enterprises.