While talking to Chartered Accountant Professionals at Regional Tax Conclave on GST as a chief guest, Ajay Sancheti stated that Impact of GST will be felt for generations as GST being the need of time and the country needs to move forward in this new tax regime for economic growth & development.
Ajay Sancheti further stated that the roll out of GST was a great challenge for the government as anything new that needs to be initiated and implemented will have its own set of challenges and hiccups as processes are not refined and further lot many provisions are arbitrary. However with passage of time and with the help of Chartered Accountants being experts in this field, things have started falling into place and now I feel confident that in years to come this tax reform of GST will help stakeholders in much bigger way.
The tax is rolled out by central government but the federal structure of tax has been implemented giving the powers to states to implement it cohesively. Further the feedback of states finance ministers as well as advice of ICAI members is considered while making amendments to law as well as rates and thus making this tax implementation process a lot more assessee friendly.
Sancheti, went further to mention that the process of rationalization of GST is ongoing as our country is so diverse and streamlining such a big tax reform will take some more time. However with stable government at the centre, reforms are bound to come and they will be smoothened with the help of professionals like Chartered Accountants. Sancheti specifically mentioned that Chartered Accountants are always at the forefront when it comes to decoding any tax law and when it came to GST the entire business community of the country looked upon this profession to simplify the tax and help businesses to complete the compliance.
On this occasion Western India Regional Council (WIRC) office bearers CA. Umesh Sharma (Vice Chairman – WIRC) and CA. Yashwant Kasar (Treasurer – WIRC) were guests of honor. CA. Umesh Sharma in his address appreciated that the Nagpur Branch is the first branch which has released the book published by WIRC on GST Annual Return and GST Audit. He further stated that WIRC team this year had started on a positive note called JOSH that is Joy of Sharing (knowledge & resources) and helping students to accomplish their goals. Further CA. Sharma shared the theme of WIRC for the year 2019-20 which is “Powered by professionalism and driven by values”.
Yashwant Kasarwhile addressing the audience shared his thoughts and conveyed that these are changing times for everyone be it profession or government. These are times when the ICAI is also changing as there are many IT initiatives being taken up by the institute to safeguard and facilitate members at large. UDIN, e-learning portal & self service portals are few such steps in that direction. UDIN has been made mandatory on most of the certification work done by CAs and the same is accepted by members positively.
Till date more than 85000 CAs have enrolled at UDIN website and more than 11 lakh UDIN have already been generated. E-learning will be great resource for members who wish to learn online and self service portal will make the ICAI paperless in times to come. Thus as ICAI & government are changing, CA professionals should also change and start using various IT tools at their office to embrace the new technology and to move on to the next level in their profession.
Suren Duragkar, Chairman of the Nagpur Branch of ICAI, in his remarks extended due regards and welcomed all present. He extended warm welcome to Ajay Sancheti (Former MP – Rajysabha) and the speakers being CA. Keval Shah, CA. Jignesh Kansara & CA. Naresh Sheth all from Mumbai for their time and contribution. He further welcomed the WIRC office bearers CA. Umesh Sharma & CA. Yashwant Kasar on their maiden visit to Nagpur after assuming Charge. He further stated that Nagpur Branch is feeling proud to host the Regional Conclave allotted by WIRC in which participants have registered from all over Vidarbha. He thanked WIRC chairperson CA. Priti Savla for reposing faith in Nagpur Branch.
He further stated that people of our country have taken a wise decision by giving clear cut majority to one party, so that development and growth oriented decisions can be taken & implemented without any obstacles. He felt that good atmosphere will be created by this stable government for the trade & industry. So the role of CAs will get more importance for the citizen of this country.
Abhijit Kelkar, Regional Council Member from Nagpur in his brief remarks stated that such a full day conference was need of the hour as GST Annual Audit filing date is fast approaching. He further congratulated Nagpur Branch for taking such timely initiatives for the benefit of members at large.
Keval Shahdealt with the topic of Annual Returns very effectively and the same was highly appreciated by members at large. CA. Jignesh Kansara’s topic was ITC Reconciliation which he too dealt in much detail by referring to various provisions in the electronic form. CA. Naresh Shethcovered GST Audit, Form 9C & issues elaborately and shared his experience and expectations of the government from GST Audit. Jiten Saglani, Treasurer Nagpur Branch, coordinated the inaugural session. CA. Harish Rangwani & CA. Akshay Gulhane Executive Committee Members, Coordinated the technical sessions.
Prominently present on the occasion were CA. Kirit Kalyani, CA. Saket Bagadia, CA. Sanjay Agrawal, CA. Jaydeep Shah – Past President ICAI, CA. Julfesh Shah – Past Vice Chairman WIRC & CA. Umang Agrawal – Past Chairman. The programme was attended by over 400 CA Members from different cities of Vidarbha and concluded successfully.