BCAS Vice President Sunil Gabhawalla's Message for the Month of May 2018

Date
May - 2018
Title
BCAS Vice President Sunil Gabhawalla's Message for the Month of May 2018
Details:

Dear Members

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 the near and dear. The objective is to increase the happiness levels. However, vacations today seem to be more complex than earlier days. The attempt is not only to increase happiness level 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?

The BCAS Referencer 2018-19 with the theme “Collective Enterprise – India’s Co-operatives” was released recently. This year’s Referencer dons a new look and comes in easily manageable five sets within a single attractive box packing. Members can take advantage of the collective and diverse knowledge contained in the publication.

GST will soon complete one year of its implementation in India. This period has seen both high as well as low moments. With the partial implementation of the return filing process and the phase wise realignment towards the matching principle, there appears to be temporary respite in the compliance burden. However, the period of anxiety continues and it is time the Government really specifies not only the way forward but also the impact for the financial year 2017-2018 including the audit formats.

GST Law prescribes for a mandatory audit in case of assesses having aggregate turnover above Rs. 2 crores. This audit represents both 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 substantial transactional volume. Initial months of GST resulted in a lot of chaos. The auditor will have to walk the tightrope of ensuring strict compliances as per the law as well as be sensitive to the ground realities 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 as well as the assesses. Once the audit formats are finalised, the Society will organise various programs to help the members to perform the duty diligently.

The renewal fees for ordinary memberships, subscriptions for journals (including new life members) and study circles has 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 Indirect Tax Residential Study Course being held in June has received excellent response and bookings are already closed. The ITF Conference to be held in August has also received excellent response and enrolments will close soon. Those who have missed to enrol are requested to enrol at the earliest to avoid disappointment. The preparations of the Jal Erach Dastur CA Students Annual Day event “Tarang 2K18” are in full swing. This event will be held on 9th June 2018, where about 500 CA students will showcase their talents in various extracurricular activities.

In addition to the above, your Society has lined up a series of educational programs, the details whereof are available below. I would request you to participate in large numbers and take benefit of the same.

You are aware that the Society has implemented a state-of-the-art e-learning platform. This platform enables a quick release of both free and paid courses for all our members. The e-learning platform includes video recordings of various programs conducted at BCAS along with the presentations and course materials. The platform also integrates within itself various quizzes and tests and can help to evaluate the learning outcomes. Members can participate in discussions, receive the latest announcements and also compete in friendly leader-boards for each course. I encourage you to log in and access the system in the coming days, and also to share your feedback on how we can make this initiative even better. The details of various free and paid courses available on the e-learning platform are available in the table below.

I would be happy to receive any feedback or suggestions on the activities that you would like to witness at the BCAS during the ensuing year. You may send these suggestions at vp@bcasonline.org.

With warm regards

 

Yours truly

CA. Sunil Gabhawalla