The Cochin Chamber of Commerce & Industry will be organising an Exclusive Virtual Interaction with Dr. Thomas Issac, Former Finance Minister, Government of Kerala from 06.00 p.m. on Wednesday, 15th June 2022 on Zoom platform.
Dr. Thomas Issac will speak on “Future of One Nation One Tax under GST – Implications of Supreme Court Judgement”.
Since he was the former Finance Minister of Kerala during the implementation of GST, his views will have large impact
On the decision of the Supreme Court that State Governments are not bound by the decision of GST council and what effect this will have in the GST law going forward.
GST law had held out the theory of ONE PRODUCT ONE RATE OF TAX and this principle would be seriously affected if each State proposes its own rates for goods and services. It could also possibly lead to the same chaos what trade and industry underwent when VAT was in vogue
His advice to the State Governments in the formulation of GST laws in the future and
His advice to trade and industry if each State Government literally follows the SC decision.