Respected seniors and dear professional colleagues,
President Pranab Mukherjee signed the government's flagship Goods and Services Tax Bill, which will do away with a host of Central and state taxes and usher in one tax regime for the entire country. With this GST will be a reality.
The Union Cabinet in its meeting held on 12th September, 2016 approved setting-up of GST Council and setting-up of its Secretariat. The Council will make recommendations to the Union and the States on important issues related to GST, like the goods and services that may be subjected or exempted from GST, model GST Laws, principles that govern Place of Supply, threshold limits, GST rates including the floor rates with bands, special rates for raising additional resources during natural calamities/disasters, special provisions for certain States, etc. So, the FM is working very hard for implementation of GST on time.
A big surprise came to all when the due date for filing return & TAR for assessee (being Company, firms and others required to get accounts audited under income tax act or other law and working partners of such firm) is extended to 17th October 2016 from 30th September. CBDT said that extension is granted as last date for making declarations under the Income Declaration Scheme 2016 is also 30th September, 2016, in order to remove inconvenience and to facilitate ease of compliance.
Government is very keen to make the IDS (Income declaration Scheme) a success. The perception is that at 45% tax the scheme may not lure many but Government wants to achieve its target and therefore we are witnessing out of the way measures from the department including surveys / searches in full swing to sell the scheme. This however is not at all a healthy sign of governance.
Success is not a matter of chance, but the product of hard work. The associations programs during the last month continued to draw excellent participation. With the changes in form 3CD during last year, the Income Tax department has left us open for many challenges in the profession. To simplify the ambiguities and to make our audit work smooth during the season, a study circle meeting was held on Practical Issues on Tax Audit lead by CA Palak Pavagadhi. 2nd Brain Trust cum workshop meeting on "Business Income vis-à-vis current challenges" on 06.08.2016 led by very learned and experienced faculty CA N.C. Hegde, CCM, Mumbai, was well received and attended by members.
Again a very successful entertainment programme, yes; “The Talent Evening”! After a gap of 3 years we re-introduced the talent evening with a different shade. The huge gathering at the show speaks about the popularity of the program. The committee worked very hard including the participants who performed to make a talent evening a memorable evening. I am sure all will cherish the memories of the program for long-long time. Information Technology committee arranged “Unavailing Statutory power of Release 5.4 of Tally.ERP9” which helps generating Statutory Tax Returns through Tally directly.
It’s really a matter of great pride that we could arrange a Joint Seminar with BOMBAY CHARTERED ACCOUNTANTS SOCIETY, (BCAS) on “Internal Financial Control and CARO Reporting under Companies Act, 2013” which was very well attended by members. BCAS Publication “Reporting under CARO – A Compilation” – by CA. Viren Shah and CA. Jeyur Shah was also released at the program by worthy hands of CA. Sunil Talati, Past President of ICAI. Moreover the association is also working out another joint program with BCAS at Mumbai on 21st and 22nd October 2016. Details of the same will be finalised and informed to the members soon.
The team is poised to start the International Study tour during the first week of January 2017 and very soon it will be announced with detailed programme for the registration. I can only ask members to wait for making your international tour plans.
Managing change effectively is one of the greatest challenges today. To convert change into opportunity is an even a bigger challenge. A whole new way of looking at the world is required. As GST is now a reality, we as Chartered Accountants need to update ourselves and accordingly we are planning to have a series of educative programmes on GST. We have planned a Brain trust meeting on GST on 8th Octobher, 2016 and further working on a full day seminar on the subject in the coming days.
I would like to conclude with the thought, “ The wind may blow from any direction, but the direction in which you go depends on how you set the sails.”
Looking forward to your support and participation in future activities of the Association.
CA Raju C. Shah