President’s Desk

Dear Professional Friends,

It gives me immense pleasure to write my last President message to our august members! It is also with a heavy heart that I am writing this message as I am bequeathing this post which I will truly cherish for my life. It was a dream come true for me at this span of my career to lead this illustrious sexagenarian association!

As I reflect upon, I took guard at a time when GST dawned in and there were quite several headwinds on the radar of our elite profession. Chartered Accountants are looked up to for support and are go-to man, be it micro scale or large-scale entities though a sect of bureaucrats were painting a not so rosy picture. But, we have lived up to the expectations of the public perception.

An association of members, who stand united for a cause, always delivers par-excellence. An association of the members by the members is always for the cause of members. It is quite imperative on the part of our members to join in, give potent ideas, back it with participation to stand united and leave behind individualism for a bigger cause. Though KSCAA has its own set of issues to stay afloat with the amount of meagre resources, capital and participation, it can scale even farther only with adequate support of members especially in a dynamic landscape that we are in.

News Roundup:

A simple reworked form for filing Goods and Services Tax Returns may come by December, Finance Secretary Sri. Hasmukh Adhia said in an interview to Press Media explaining plans to fine tune the year old system that subsumed a plethora of indirect taxes and levies to create a unified market.

The Central Board of Indirect Taxes and Customs (CBIC) had developed and launched a mobile app named ‘GST Verify’ to protect the interest of consumers. The application is to verify if the person collecting GST from consumer is eligible to collect it or not. It also provides the details of the person collecting GST. It can used across the country and is presently available on Android platform for mobile phones.

A group of ministers under Bihar deputy chief minister Sushil Kumar Modi has recommended doing away with reverse charge mechanism, a key anti-evasion measure under goods and services tax (GST). Separately, another group of ministers has also recommended deferring a proposal to incentivize digital payments under GST by at least a year. A final decision will be taken by the GST Council at its next meeting on 21st July 2018. The discussion on GST Audit Report format is also likely to be taken up in the same meeting.

Representations:

Time and again we have proactively represented and at this hour of return filing season, we have submitted a representation to the Chairman, Central Board of Direct Taxes strongly urging to withdraw the unjust levy of late fee under Section 234F of the Income Tax Act, 1961 and also made an appeal to extend due date for filing income tax returns of individuals and small businesses on the back of various hardships caused to tax payers emanating from myriad administrative factors, technical glitches and GST compliances. This representation was published in prestigious tax search website www.taxguru.com and received more than 80,000 views on the very day. We are overwhelmed by the response received for this representation on social media and the praise heaped in from all over.

You can access all our representations at www.kscaa.com. We request our members to write to us giving pointers where they need support and we are more than willing to build around it and populate before right forums.

Upcoming events and programs:

KSCAA is organising a workshop on GST Audit ‘Are you ready for a GST audit?’ on Friday, 3rd August, 2018 at Vasavi Vidyanikethan Trust, Basavanagudi, Bengaluru and the details of the program is published elsewhere in this News Bulletin. I request the members to make the most of this event.

For more details on the upcoming programs, please visit at www.kscaa.com

It is with a great contentment that I end my tenure as President of the Association, one of the finest professional bodies I have been associated with in my life. I honestly believe that this Association with its proven credentials is on a solid foundation to embrace the future.

Before I signoff, I would like to convey my sincere appreciation to the many people who walked the talk with me. Immense thanks to Immediate Past President CA. Raghavendra Puranik and all my office bearers Raghavendra Shetty, Chandrashekara Shetty, Kumar Jigajinni and Chandan Kumar Hegde who worked meticulously with me to drive KSCAA on the way to success throughout the year. I also appreciate the intense efforts of all the Committee Chairmen, EC Members, Past presidents and well-wishers who have wrestled with troubled waters, tough timelines and resource constraints to come up with excellent programs during the entire year. Many, many thanks to all the conveners, coordinators, contributors and resource persons, it is your indefatigable efforts that have raised the benchmarks KSCAA is known for.

Last but not the least, I would like to thank whole-heartedly each and every member of the over 2,700+ strong KSCAA family for their profuse support and enthusiastic participation in all activities that have made the Association the proud winner it truly is! It was a great team effort true to saying, ‘Together we serve, together we grow’ and I truly believe we lived up to the expectations.

At the AGM of the Association on 21st July 2018, I will pass the baton to the new team. I convey my best wishes to them for the coming year.

I signoff for the last time by sincerely wishing that each one of you to celebrate life. The more you celebrate your life, the more there is in life to celebrate!

“Life should not only be lived, it should be celebrated.”

 

With warm regards,

Raghavendra T.N.

President