BMPA organizes Impact Summit in Mumbai

Knowledge sharing exercise

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.

2023 promises an interesting ride for print in India

Indian Printer and Publisher founded in 1979 is the oldest B2B trade publication in the multi-platform and multi-channel IPPGroup. While the print and packaging industries have been resilient in the past 33 months since the pandemic lockdown of 25 March 2020, the commercial printing and newspaper industries have yet to recover their pre-Covid trajectory.

The fragmented commercial printing industry faces substantial challenges as does the newspaper industry. While digital short-run printing and the signage industry seem to be recovering a bit faster, ultimately their growth will also be moderated by the progress of the overall economy. On the other hand book printing exports are doing well but they too face several supply-chain and logistics challenges.

The price of publication papers including newsprint has been high in the past year while availability is diminished by several mills shutting down their publication paper and newsprint machines in the past four years. Indian paper mills are also exporting many types of paper and have raised prices for Indian printers. To some extent, this has helped in the recovery of the digital printing industry with its on-demand short-run and low-wastage paradigm.

Ultimately digital print and other digital channels 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. For instance, there is no alternative to a rise in textbook consumption but this segment will only reach normality in the next financial year beginning on 1 April 2023.

Thus while the new normal is a moving target and many commercial printers look to diversification, we believe that our target audiences may shift and change. Like them, we will also have to adapt with agility to keep up with their business and technical information needs.

Our 2023 media kit is ready, and it is the right time to take stock and reconnect with your potential markets and customers. Print is the glue for the growth of liberal education, new industry, and an emerging economy. We seek your participation in what promises to be an interesting ride.

– Naresh Khanna

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