BCAS President CA. Sunil Gabhawalla's Message for the Month of May 2019
One more month, one more opportunity for communication, in a slightly relaxed month of May, the preferred month for taking vacations. Vacation for anybody is a chance to take a break from work, see the world and enjoy time with your near and dear ones. Today’s world is full of choices – right from the choice of destination and accommodation to the travel options, the sight-seeing itinerary and the like. In an attempt to optimise the vacation benefits, at times, we cramp too many goals into one vacation. As if there is no tomorrow!
The objective of vacations is to increase the happiness levels. The attempt is not only to increase happiness levels but to portray happiness. Substantial time is spent in taking selfies, photographs and updating social media rather than really sinking into the new environment and enjoying the moment. In an attempt to capture and store the moments, do we compromise on the real feel of the environment?
A slew of notifications was issued under the GST Law to implement the GST Council recommendation of a lower rate of tax for builders and developers. The objective was to simplify, but a cursory look would suggest that the outcome is complex. The taxpayer is expected to procure at least 80% of goods and services from registered vendors. What is the genesis of such a provision? Is it the mindset of the taxpayer to use every possible opportunity to optimise tax outflows or is it reflective of the government mindset to not trust the taxpayers enough? Whatever may be the genesis, one thing is certain, we are back to the old days of complex laws, litigation and uncertainty. Before things really go out of hand, we need to bring back the much desired simplicity in the law.
GST Law prescribes for a mandatory audit in case of assessees having aggregate turnover above Rs. 2 crore. This audit represents an opportunity as well as a challenge. In view of the implementation of GST from the middle of the financial year and the concept of rectification in subsequent periods rather than revision of returns, the approach towards audit will have to be fine-tuned. At the same time, by its very nature there will be substantial transactional volume. Initial months of GST resulted in a lot of chaos. The auditor will have to walk the tightrope of ensuring strict compliance as per the law as well as be sensitive to the compliance and portal-related issues. With this challenge also comes the opportunity of showcasing the abilities of the members to rise to the occasion and provide valuable and balanced inputs through the audit report both to the government officials and the assessees.
The renewal fees for ordinary memberships, subscriptions for journals (including new life members) and study circles have become due and the Society has already sent emails in this regard. I am happy to inform that a substantial percentage of renewals are already effected. In case you have missed the email in view of your busy schedule, I urge you to kindly renew your memberships or subscriptions at the earliest.
The ITF Conference to be held in August, 2019 has already been announced. The preparations for the Jal Erach Dastur CA Students Annual Day event “Tarang 2K19” are in full swing. This event will be held in June, 2019 where about 500 CA students will showcase their talent in various extra-curricular activities. The Youth RRC, specially designed by young chartered accountants, has also been announced and is receiving encouraging response. In addition to the above, your Society has lined up a series of educational programmes, the details whereof are available alongside. I would request you to participate in large numbers and take benefit of the same.
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CA. Sunil Gabhawalla