Dear Professional Friends,
Let me begin with the saying of SunTzu,
“In the midst of chaos, there is an opportunity.”
As I write this September President’s Message from Bangalore turmoiled by severe rains to the extent of converting low areas to almost lakes and where road condition is somewhat like a village road, with much potholes, still it leaves an optimist with a glimmer of hope of positivity around the corner. Only with a positive frame of mind can one see emerging opportunities and take charge of himself to carve a niche for himself. In this direction, I call upon my dear members to identify professional opportunities lying in a pile of struggles and direct energies towards transforming the society and people around us.
I pay obeisance to the noted journalist turned social activist Gauri Lankesh, the indomitable spirit displayed by her will never die and shall be alive in the Bangaloreans forever. Hope her family members get justice and the journalism wins over the shoddy and dastardly act.
Moving to our sphere of activity, I salute the spirit of our professionals who are fire-fighting and lending their hands in whatever capacity to help the business community to face the challenges thrown in compliance regime of GST. Also, as partners in nation building, our members are working heart and soul towards leading India towards fair compliance of audit and tax laws.
The dual effect of demonetisation followed by introduction of GST to stem the menace of black money has of course been in the right direction. But the short-term effects have been far too much and the long-term benefits are yet to be gauged. The former RBI Governor has aired his views about the short-term effects of demonetisation and expressed his view on the right of Parliament to know about what went into the decision process of demonetization.
Post demonetisation, public sector banks are flush with funds. However legacy NPA issues have dampened the spirit of bankers and the tight lending norms have also added to the woes of credit offtake. There is glaring need for the banking sector to pump credit into the system to bolster the business in the wake of demonetisation and GST. The repo rate cut frequently has resulted in commensurate reduction of the benchmark rates. However, the deposits rates reduced in line with repo rate has deeply hit the senior citizens and those dependent on interest for their livelihood. A point highlighted by former RBI Governor Raghuram Rajan that banks should be consolidated when the assets position is strong to give impetus and help credit take off is definitely a point to be considered by the ruling Government. It has been a double-edged sword in terms of loans off-take being sluggish vis-à-vis the deposit rates lying low. The solution seems that Government spending on infrastructure and agriculture issues is to be expedited on war footing so that the benefits trickle down to the rural consumption and thereby uplifting the economy and achieving the objects of inclusive growth.
KSCAA has been robust in airing the troubles faced by the business and profession, and take it to the right forum for addressing and resolving the issues. Two representations were made – memorandum dated 19th August 2017 followed up with another memorandum on 30th August 2017 highlighting the practical hardships faced by businesses and professionals in GST compliances, which got published in nationally acclaimed tax solutions portal www.taxguru.com that saw more than 30,000 hits. It is encouraging to note that many of our recommendations were considered by the Finance Ministry like clarity on flow of ITC through GST TRAN-1, extension of due date for exercising the option of composition scheme by the migrated dealers, continuing of summary return in GSTR-3B till the resolution of teething issues, relaxing of due dates for filing GST R1, R2 & R3, hardships faced by small exporters etc. We firmly believe that our grievances should be populated before the right forum along with possible solutions through representation by the Association, which has greater chance of response and resolution of issues by the administration. In this light, we seek members to identify issues along with possible solutions, only through this vehicle can we make a meaningful difference.
We wish to inform you that we have constituted various committees like Taxation, Corporate and allied laws, Journals & Publications, Membership development and Public relations, Sports and Skill development, Mofussil programs, e-Initiatives and Social media to diversify the activities of the Association and to serve the members in a better way. To achieve this, we solicit seniors and members to join us in mentoring and building the committee activities and need valuable inputs to achieve the desired goal of ‘Grow, Share & Transform’ as envisaged motto of the term, and going forward. In this regard, we make an earnest appeal to the past presidents, subject experts and young chartered accountants who can devote their valuable time to support the Chairmen of respective committees towards this noble cause of our profession.
In the words of Pubilius Syrus- “Where there is Unity there is always victory”
May this Navratri light up for you the hopes of happy times and dreams for a year full of smiles. Happy Dasara and Navratri!!!
I wish to end my message with a thought:
“Only thing more expensive than education is ignorance.
If you think education is expensive try ignorance”.
– Benjamin Franklin
With warm regards,
CA Raghavendra T.N.