Firstly, I wish you and your family a very happy new year. The Diwali get-together function was successfully organized wherein members gathered in large number to exchange Diwali Greeting amidst sumptuous food and the live music. I thank all the members for gracing the Diwali get-together function with their family members.
Finally, the heavy load of work relating to tax audit and pressure of GST filings and other compliances in October came to an end and now we will be busy with completing the assessment proceedings on or before 31st December, 2017. No matter how much you plan through the year and extensions you get, one still ends up racing towards meeting the due date.
With the revised GST rates coming into force, FMCG majors such as Hindustan Unilever (HUL) and ITC said they are in the process of reducing prices of commonly used items to pass on the benefits to consumers.
The Narendra Modi-led National Democratic Alliance (NDA) government is all set to revamp its 'Make in India' initiative and will come up with certain policy changes in important sectors to help fasten the process of creating jobs.
The Government of India launched an ambitious campaign 'Make in India' in September 2014 with an objective of reviving the growth of manufacturing sector in India. Make in India initiative has imprinted a positive image of the Indian economy on the global platform. It has helped to increase the flow of foreign funds in India. The Government of India has introduced a number of sector specific measures for attracting foreign and domestic investors and making the campaign successful.
While the Government of India is continuing its efforts in the necessary direction, the home grown shock of demonetization cannot be ignored. Demonetization has hurt the demand in recent months affecting consumer goods industry.
With the introduction of various new reforms and policies along with a tax and regulatory friendly environment, the Make in India initiative can be expected to create the necessary fertile ground to foster the growth of manufacturing sector and uplifting the Indian economy.
World Cup failure plunges Italy into a national existential crisis - Many tragedies have befallen Italy in the past 60 years. Dozens of governments have collapsed. Earthquakes and terrorism have shaken cities. But the failure of the national soccer team to qualify for the World Cup for the first time since 1958 seems to be taking a place in the pantheon of Italian disasters.
- Activities at the Association:
Proper Filing of information in the returns is a mandatory process for smooth flow of credit to the last recipient. Also documentation for RCM purchases and expenses will be important to claim their credits. Another important thing in this month is filing of Trans 1 to carry forward the credits of Excise, VAT and Service Tax. Keeping this in mind, CAA organized a seminar on Trans 1 and how to use Tally for GST especially for Lady Chartered Accountant members, lady Articles and their lady staff members. Despite the busy month of October, Ladies Wing Programme by young lady speakers was well attended by the lady participants.
Before I conclude this message, I would like to make this earnest request to all of you to join me in the CAA membership drive. The association needs to increase its membership, specially the youth. After all, numbers do matter. If every member can add one member, we can target to double our membership, which will be a big step forward.
I would like to conclude with the thought, "We live in a wonderful world that is full of beauty, charm and adventure. There is no end to the adventures that we can have if only we seek them with our eyes open." - Jawaharlal Nehru
"Failure comes only when we forget our ideals and objectives and principles." - Jawaharlal Nehru
Looking forward to your support and participation in future activities of the Association.
CA Kunal A. Shah
Chartered Accountants Association, Ahmedabad
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