Taxation Awareness Session Held At Sri City
It was organised to help businesses understand impact of Union Budget
(From left) P Anand Kumar, Commissioner, Guntur Audit Commissionerate, and Dr Ravindra Sannareddy, Founder Managing Director, Sri City, addressing the gathering on Friday
Hyderabad: The Central Board of Indirect Taxes and Customs (CBIC), Ministry of Finance, Government of India, Confederation of Indian Industry (CII) and Sri City jointly organised a Post-Budget Interaction and Auditing Awareness Session in Sri City on Friday.
Led by P Anand Kumar, Commissioner, Guntur Audit Commissionerate, Central Taxes, Central Excise and Customs, Visakhapatnam Zone, the session aimed to enhance industry awareness of the latest taxation framework, compliance measures, and the impact of the Union Budget.
Welcoming Anand Kumar, Dr Ravindra Sannareddy, Founder Managing Director of Sri City, thanked him and CBIC for their proactive engagement with industries. He emphasised the importance of such interactive sessions in helping businesses, particularly those from other countries seamlessly adapt to policy changes.
Anand Kumar highlighted the role of audits in enhancing transparency and compliance, emphasising the impact of advanced technologies on efficiency. He outlined the government’s efforts to simplify GST, noting that the ‘One Nation, One Tax’ policy has doubled the taxpayer base from 70 lakh to 140 lakh and reduced the median tax rate from 14.5 per cent to 11.5 per cent, boosting economic growth. Addressing industry’s concerns, he assured a proactive approach with regular feedback mechanisms and dedicated support teams. He emphasised GST’s crucial role in establishing India as the third-largest economy in the world, in line with the Viksit Bharat 2047 goal.
