President’s Desk

 

Dear Professional friends,

Teachers play a significant role in the development of society and students. A good teacher always directs his students in the right path, just like a lighthouse guides ships through the darkness to its destination. In all, teaching is another profession and the teacher’s job is very great, and their contribution to society is unparallel and invaluable. The role of teachers is vital in our life. In any civilised society, teaching is counted at highest level and teachers exert tremendous vital influence upon the society. The community is entirely depending on the teachers because it is in his hand to create and destroy the society.

The relationship of the teachers with students is slowly deteriorating and now a days is not divine as it was before, many changes have taken place; a teacher is no longer a selfless guru. In the modern time, teacher’s importance is declined by favoritism towards few students with vested interests and is not helping the cause at all in any way. Also, some of the students make few teachers as favorite. Due to the punishment meted few times, students think that teachers are not good, but that think-tank leads to disaster to say the least. Punishment is many a time for the betterment of student and has to be taken in that way to help self-betterment of the student. It has turned a bit topsy-turvy and is hard to expect the society to honor the teachers. To resurrect, teachers must uphold their dignity and endeavor towards student guidance with larger interest of the nation. Every one of us must explain the importance of good teacher in one’s life and call upon the students to respect their teachers. With this I wish you all Happy Teachers Day.  CA article assistants are akin to students and their Principal is no less a Guru and has manifold influence on their career.

News Roundup

The GST Council headed by Hon. Union Finance Minister cleared as many as 46 amendments to GST Laws in its meeting held on 21st July 2018. The Union Cabinet headed by Hon. Prime Minister approved these amendments to Central GST, Integrated GST and Compensation Cess Laws on 1st August 2018. Further, the amendments received acceptance from the Parliament, and the Presidential assent on 29th August 2018. Some of the key amendments include modifications to reverse charge mechanism, allowing employers to claim input tax credit on facilities like food, transport and insurance provided to employees, option to obtain separate registration for additional places of business in the same State, new return filing norms and issuance of consolidated debit / credit notes covering multiple invoices. Besides, businesses with turnover up to Rs.1.5 crore would be eligible for availing composition scheme, as compared to the current limit of Rs.1 crore, e-commerce companies will not have to seek registration under GST provided their annual turnover is less than Rs.20 lakh and are not required to collect tax at source under Section 52. Now, these amendments will be placed before the State Legislatures for making changes in the State GST Acts.

The Central Board of Direct Taxes (CBDT) in its circular issued on 17th August 2018 said representations had been received by the Board that the implementation of reporting requirements under the proposed clause 30C pertaining to General Anti-Avoidance Rules (GAAR) and proposed clause 44 pertaining to Goods and Services Tax (GST) compliance of the tax audit Form No. 3CD may be deferred. Considering the representations received from various quarters, it has directed that the proposed GST and GAAR reporting under the amended tax audit form be kept in abeyance till March 31, 2019. This dispensation would be available for tax audit reports to be furnished on or after August 20 but before April 1, 2019.

Representations

Time and again we have proactively represented before various regulators on hardships faced by our fraternity and to seek meaningful resolutions. This time round, based on the grievances received from our members, we held a detailed discussion with Directorate of Municipal Administration on 20th August 2018 to impress upon certain pending grievances relating to certain terms and conditions of revised RFP relating to appointment of Financial Statements Auditor and made a follow-up written representation on the same. The outcome of the discussion was largely fruitful.

KSCAA jointly with Bombay Chartered Accountants Society, Chartered Accountants Association, Ahmedabad & Surat, Lucknow Chartered Accountants Society and IMC Chamber of Commerce and Industry made a detailed representation to the Chairman, Central Board of Direct Taxes on additional reporting requirements in revised Tax Audit Report Form 3CB for AY 2018-19 highlighting host of issues like untimeliness of amendments, GAAR, GST reconciliations and among other things.

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.

Appeal to members

Another point of important mention is our very core issue of principles and ethics, not just as envisaged under our Code of Ethics but more required, the ones which our forefathers and senior professionals had cherishingly adorned and upheld and wore this righteous attitude on their sleeves. We are a lot well-known in the society for the integrity and interminable persona.

This talk is on the wake of recent stray incidences of GST frauds bearing names of a few members from our fraternity. I call upon our members to exercise restraint in terms of resorting to such mal practices and think about our prestigious and noble past. I also seek our members to lead by example and guide their juniors and subordinates and not to cast aside the integrity and righteousness for any trivial and mundane needs.

It is of paramount importance to have a scale of fees depending upon the business district and for all our members to resort to it vehemently so that each practitioner derives commensurate fees and indirectly shield our fraternity to resort to unhealthy practices especially for youngsters who have less contacts and avenue initially.

Theme for the term: Together we serve; Together we grow

We, at KSCAA, pioneer the cause of identifying, ideating strategies and implementing solutions for the core problem areas at a grassroot level. All the more, we are a continuum of radical reforms carried out by predecessor Executive Committees right from Identifying, Ideating and Implementing to Grow, Share and Transform; the natural progression there from has been “Together we serve, together we grow.”

Growth is never by mere chance; it is a result of forces working together. If everyone is moving forward together, then success takes care of itself. In this earnest, and at this hour, we feel the immense need to get our members to cultivate the bonding inter se and take it to the next level by working coherently towards paradigm success.

Upcoming Events and programs

We are organizing a State Level Sports and talent meet across state on Sunday 11th November 2018 and Saturday 24th November 2018 outdoor games, Sunday 25th November 2018 indoor games at Bengaluru.

We are organizing workshop on ‘RERA Audit: Challenges and Preparedness’ on Friday 21st September 2018 in VVN at Bengaluru.

I earnestly request members to actively participate in our programs and make use of it.

The details of the programs are published elsewhere in the News Bulletin. For registrations, please visit www.kscaa.com.

 

Sincerely,

 

CA.Raghavendra Shetty

President