Respected seniors and dear professional colleagues,
There has been a good spell of monsoon in the month of July all over the country, except in Ahmedabad. Hope the rain gods will bless Ahmedabad soon. In the month of July Chartered Accountants are busy with filing of Tax returns. This time Government is working th proactively. As you know that on 29 July, 2016 there was a Bank strike and it was not possible to pay tax and file returns. Government has suo moto without wasting time extended the due date that too without waiting for the last day to come, a welcome step by Revenue Secretary Shri Hasmukh Adhiaji.
A Historic event at the Parliament.
The Rajya Sabha has passed the GST (Goods and Service tax bill) by full majority. Not only that, we have witnessed a cordial discussion across the party lines after a long time. The GST will reshape the indirect tax structure by subsuming majority of indirect taxes like excise, sales and services levies. This will do away with the complex indirect tax structure of the country, thus improving the ease of doing business. Exports will become competitive as the GST regime will eliminate the cascading impact of taxes. GST will lead to the creation of a unified market, which would facilitate seamless movement of goods across states and reduce the transaction cost of businesses. A Finance Ministry report said that the GST regime will boost the ‘Make In India’ programme as manufacturers will get input tax credits for capital goods. The service tax rate could shoot up from the current level of 15 per cent (including Krishi Kalyan Cess). Under the GST tax regime, this tax rate may go up to 18 per cent. This has led to fears that inflation could rise in the short term. Some of experts have fear regarding implementations of GST as it requires strong IT (Information Technology) infrastructure at grass-root levels. India essentially lacks this. This factor is going to be the bottleneck, if not addressed well in advance.
In a major movement in Gujarat, Chief Minister Smt., Anandiben Patel has resigned as CM because of age factor. New leader of Gujarat would be Mr. Vijay Rupani as Chief Minister and Mr. Nitin Patel as Deputy Chief Minister. Wishing them a successful tenure for the growth and development of Gujarat.
The activities of the Association are in full swing especially for the preparation of a TALENT Evening after gap of 3-4 years. I am thankful to the Chairman of Entertainment committee Ca Chandrakant Pamnaniji and his team for untiring efforts for the success of programme.
We have planned to have Brain trust meeting, Study Circle meeting and Information technology committee programme in the coming month. My sincere request to all to participate and take benefit of the programmes.
Interactive Session on "Income Disclosure Scheme" and "Dispute Resolution Scheme" on June 29, 2016 organised along with other professional bodies at Gujarat Chamber of commerce. Shri Balvir Singh, Principal Chief Commissioner of Income Tax (Gujarat) along with his esteemed team of Commissioners remain present and explain the Schemes in detail and interacted with the participants.
Information Technology Committee arranged a Seminar on “Uncoding Auditing through Mystical Audit features of Tally” & “VAT Compliance on Tally” on July 15,2016 large number of members and Articles assistants have attended programme. My compliments to CA SONAL Jain a young lady chartered accountant delivered a useful lecture and CA Ketan Mistry Chairman of Information Technology committee for arranging this seminar.
Seminar on "Personal Financial Planning" by Shri Apurva Gandhi on 21st July, 2016 at the association Office. My compliments to Hon. Secretary Ca Dilip Jodhani for arranging this seminar.
Swami Vivekanand said, “Stand up, be bold, be strong. Take the whole responsibility on your own shoulders, and know that you are the creator of your own destiny. All the strength and succor you want in within yourself. Therefore make your own future.” I am sure his thoughts and learning remain a continuous source of inspiration and motivation to us and would help us take our activities in the right direction.
Looking forward to your support and participation in future activities of the Association.
CA Raju C. Shah