BMPA organizes Impact Summit in Mumbai

Knowledge sharing exercise

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Pathik Shah, partner at BP Shah.

The Bombay Master Printers’ Association (BMPA) organized an impact session in the evening of 4 April for its members at the Sunville Banquets in central Mumbai business district of Worli. The knowledge sharing exercise saw experts talking about topics such as GST, labor laws, importance of good electricity management and food safety. The event was supported by Kotak Mahindra Bank and Toyo Ink.

Pathik Shah, partner at BP Shah & Co. and a chartered account by profession, spoke about the various amendments that have taken place in the GST and have come into effect recently. Some of the amendments he threw light upon were verification of application for grant of new registration and scheme of 6% for supplier of service under which GST council has now decided to provide a benefit of composition scheme to service providers also. The threshold limit of turnover in the preceding financial year would be Rs 50 lakh for supplier of services or mixed suppliers with a tax rate of 6% (3% CGST + 3% SGST). There will be liability of filing one annual return with paying taxes on quarterly basis with a prescribed declaration. 

Shah also spoke about the Input Tax Credit related changes, amendments in eWay bill and MVAT amnesty scheme. Elaborating on the MVAT amnesty scheme, he said that the scheme will enable the taxpayers to settle tax disputes before the Goods and Services Tax (GST) came into effect. This is aimed at recovering the revenue that the government was losing due to litigation and clearing backlog of cases.

Hiral Chheda of Chheda Management Consultants enlightened the delegates about the recent Supreme Court ruling on allowances and provident fund. The Supreme Court has taken the view that universally paid allowances would be treated as part of ‘basic wages’ for the purpose of provident fund payments. This ruling can have a significant financial impact on organizations, since it lays to rest a long-standing controversy as to which components of pay are amenable to PF contributions, Chheda said.

He also spoke about changes in Employee State Insurance Act 1948, the Maternity Benefit Act 1971 and Payment of Bonus Act 1965.

Correct power management is vital for the life and longevity of printing and related machines. Sridhar of Online System dwelled on this very topic and spoke about the role of active voltage conditioners, UPS systems and various other power management systems that printers can utilize to keep their equipment safe and productive.

Finally, the event came to a close with a presentation by the team of Toyo Ink on the topic of safe packaging and food safe inks. The team talked about various regulations that are in place globally, types of migration and the impending FSSAI regulation that will come into effect in July this year.

The Covid-19 pandemic led to the country-wide lockdown on 25 March 2020. It will be two years tomorrow as I write this. What have we learned in this time? Maybe the meaning of resilience since small companies like us have had to rely on our resources and the forbearance of our employees as we have struggled to produce our trade platforms.

The print and packaging industries have been fortunate, although the commercial printing industry is still to recover. We have learned more about the digital transformation that affects commercial printing and packaging. Ultimately digital will help print grow in a country where we are still far behind in our paper and print consumption and where digital is a leapfrog technology that will only increase the demand for print in the foreseeable future.

Web analytics show that we now have readership in North America and Europe amongst the 90 countries where our five platforms reach. Our traffic which more than doubled in 2020, has at times gone up by another 50% in 2021. And advertising which had fallen to pieces in 2020 and 2021, has started its return since January 2022.

As the economy approaches real growth with unevenness and shortages a given, we are looking forward to the PrintPack India exhibition in Greater Noida. We are again appointed to produce the Show Daily on all five days of the show from 26 to 30 May 2022.

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– Naresh Khanna

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