Mitra tips to industry on GST transition A Staff Reporter Calcutta, Sept. 14: Bengal finance minister Amit Mitra, who heads the empowered committee of state finance ministers on goods and services tax (GST), today urged industry associations to guide its members through the new tax regime once it comes into effect. At the annual general meeting of the Bengal Chamber of Commerce and Industry today, Mitra said the corporate sector needed to be prepared to make the transition to the new regime. "They (industry) would have to do a lot of work. We are relatively well-prepared because we have been working on the GSTN (goods and service tax network) for the last two-and- half years," Mitra said. He added that the Bengal Chamber could consider a specialised cell on GST to meet the requirements of its members. "I would request the chamber with all its intellectual capabilities, to create a cell for corporate houses to handhold them into moving to the GST regime whenever that happens. It would be of huge help to your membership," Mitra said. He added that several companies were seeking expert opinion on matters related to the new tax regime. Calcutta-based FMCG major Emami has reportedly sought advice from PricewaterhouseCoopers. A senior official of a consultancy company said there was a growing demand from the corporate sector for advice on GST from the four major consulting firms - PricewaterhouseCoopers, KPMG, Deloitte and Ernst & Young. "Companies are realising that they would have to move forward into the new regime as and when it comes into effect. But most of them are yet to get a grasp on what impact the new regime would have on their business and what steps need to be followed to comply with GST. This is creating a lot of advisory demand especially for the top four," the official said. Amit Mitra in Calcutta on Wednesday. Picture by Kishor Roy Chowdhury Focus areas Mitra said the state government was focusing on developing the proposed port at Tajpur and the Bengal Chamber of Commerce and Industry could play a key role in attracting investment. "Maritime revolution is about to happen in Bengal. I would urge the chamber to give us a push on that because a port will involve many connected nodes where a chamber can participate," he said. He also said ITIs, polytechnique, food processing, fisheries, animal husbandry, textile and garments were among the other areas where jobs could be created. He also urged the chamber to continue working on the analytics-themed township near Kalyani.