President’s Message | Dec 2018
Dear Professional friends,
KSCAA wishes all its members a Merry Christmas and Happy New Year. It’s that part of the season in a year which wraps our efforts and consciously takes us to next part of our journey with gut, for the glory ahead.
We wish all the candidates best for the recently concluded regional and central election, and its result will elevate our own members to represent ICAI in the council. The percentage of voting, particularly at Tier 1 cities was disheartening to watch, especially considering the turmoil of events at national level. As Mr. George Jean Nathan said “Bad officials are the ones elected by good citizens who do not vote”.
With a great sense of joy and satisfaction, we inform that our maiden attempt of organizing Sports and Talent meet simultaneously across different parts of Karnataka was a mega success. Over 400 young members participated in outdoor sports meet at BEL Grounds, Bengaluru, showcased their talents and exhibited excellent sportsmanship and camaraderie. We are really humbled and overwhelmed by such great response received from members and their families for outdoor and indoor activities. This will definitely boost our enthusiasm to conduct more such events, scale our events to newer heights and take it to places in years to come. Truly these memories will be treasured and cherished for long. Some memorable and enjoyable moments of the event are captured and presented to you elsewhere in the News Bulletin.
The Finance Ministry has extended the last date for filing annual GST return forms by three months until March 31, 2019. The annual return forms in which businesses registered under the GST have to provide consolidated details of sales, purchases and input tax credit (ITC) benefits accrued to them during the financial year 2017-18 was notified in September. The last date for filing was set at December 31, 2018. In a statement, the Central Board of Indirect Taxes and Customs (CBIC) said, the competent authority has decided to extend the due date for filing Form GSTR-9, GSTR-9A and GSTR-9C till March 31, 2019. The requisite Forms shall be made available on the GST common portal shortly.
As per the Companies (Registered Valuers and Valuation) Rules, 2017 issued by the Ministry of Corporate Affairs in October 2017, a Chartered Accountant with three years of post-qualification experience could become a Registered Valuer if she/ he is a graduate. Since the scheme of Chartered Accountancy course has been approved by the Ministry of Corporate Affairs wherein a Chartered Accountant may or may not be a graduate, ICAI had represented the Government with its request to remove the criteria of graduation for becoming a Registered Valuer. The Ministry considering the request of ICAI, has amended the said Rules and revised the concerned prerequisites. Now, any Chartered Accountant with three years of post-qualification experience as Chartered Accountant can become a Registered Valuer, even if she/he is not agraduate.
ICAI Council has also decided that based on the conflict in roles as statutory and internal auditor simultaneously, the bar on internal auditor of an entity to accept tax audit under Income-tax Act, 1961 will also be applicable to GST audit under Central Goods and Service Act, 2017. Accordingly, the internal auditor of an entity cannot undertake GST audit of the same entity.
In representations segment, I wish to appraise our members that our timely representation on extension of due date and due early release of annual GST form was well taken by the finance ministry. They have immediately responded with an extension of due date up to 31st Mar 2019. We wish to extend our appreciation and sincere thanks to the finance ministry for understanding the difficulties of the dealers, trade and practitioners and rolling out much needed extension. We appeal to our members to populate matters of importance requiring representation before regulators and administrators so that we can continue on the good work for the larger benefit of our members.
Upcoming Events and programs
We are organizing workshop on IND AS on Thursday 3rd January and Friday 4th January2019 at Vasavi Vidyanikethan Trust Bengaluru. I earnestly request members to actively participate in our programs and make use of it.
For registrations, please visit www.kscaa.com.
CA. Raghavendra Shetty