Panaji: Goa Chamber of Commerce and Industry (GCCI) President Pratima Dhond has called for greater clarity and predictability in taxation, simplified compliance procedures and timely communication of regulatory changes to help businesses reduce costs, avoid disputes and focus on growth.
Speaking at a GCCI programme on the 57th GST Council decisions and the Foreign Exchange Management Act (FEMA) Regulations, 2026, Dhond said uncertainty in the interpretation of tax provisions could lead to disputes, additional costs and diversion of management time from productive activities.
Commissioner of Central Goods and Service Tax, Goa State, Subodh Singh was also present on the occasion.
Dhond said businesses needed to understand how changes in GST would affect their day-to-day operations, working capital, cash flows and future planning.
” Our expectation is that reforms will progressively simplify compliance, reduce avoidable litigation and create a more facilitative environment for honest taxpayers,” Dhond said, stressing the importance of timely implementation and clear communication to enable businesses to adapt to regulatory changes.
The programme, organised by GCCI in Panaji on Thursday, also focused on the implications of the new FEMA (Export and Import of Goods and Services) Regulations, 2026, for exporters, importers and businesses planning overseas expansion.
Dhond said Goa’s economic growth would depend not only on strengthening its domestic market but also on enabling local businesses to participate more effectively in international trade and investment.
She noted that entrepreneurs were increasingly exploring opportunities to export goods and services, establish overseas branches or subsidiaries, develop international partnerships and integrate with global value chains.
However, such expansion also brought compliance responsibilities relating to foreign exchange transactions, export realisation, import payments, documentation and regulatory reporting, she said.
For micro, small and medium enterprises (MSMEs), navigating foreign exchange regulations could be challenging, making timely information, professional advice and banking support particularly important, Dhond added.
She said businesses needed banking partners capable of understanding their commercial requirements, facilitating transactions and providing suitable financing solutions to support expansion.
For exporters and importers, timely transaction processing and access to appropriate trade finance could make a significant difference, while the availability of suitable financial solutions was equally important for businesses seeking to enter new markets, she said.
Dhond also underscored the importance of constructive engagement between industry and tax authorities, saying informed dialogue could improve mutual understanding and help create a more predictable compliance environment.
“Industry needs clarity and a predictable compliance environment, while the administration needs taxpayers to understand and fulfil their obligations,” she said, calling for continued interaction between businesses and the tax administration.
The programme brought together representatives of the tax administration, chartered accountants, banking professionals and members of the business community to discuss the practical implications of the regulatory changes.
The GCCI, Dhond said, would continue to facilitate engagement between industry, government, regulators, financial institutions and professional experts to help businesses remain compliant while maintaining their focus on growth, competitiveness and innovation.
