I am delighted to connect with you again through the Presidential message column. I aim to provide you with an overview of recent developments and upcoming events that will enable you to stay closely linked with us. The month ended, September, was demanding for many of our professional colleagues, due to the busy tax audit season. The newly introduced additional reporting requirement for Charitable Institutions added to the burden. On realising the complexity involved we did a meaningful representation of the challenges associated with complicated reporting in Form 10B and 10BB, to the chairperson of CBDT. Our voices were heard, and we received prompt relief immediately in the form of an extension and a subsequent clarification through circular.
The month that concluded left us with numerous historic milestones to cherish:
G-20, exhibited India as Champion of the Global South. This was further embellished with a major breakthrough in the unanimous adoption of the New Delhi Declaration. The big takeaway of the Summit was the launch of new connectivity networks, an ambitious economic corridor linking India to EU, through Saudi Arabia, Gulf states, Israel and Greece by Rail and Waterways. India’s presidency has now shifted the centre of gravity from wealthy G7 nations to a more equitable representation of the global South.
India fulfils remarkable 100+ medals dream for the first time ever in Asian Games. Women shouldered this responsibility equally to deliver the 107-medal haul. The event speaks of the grit of 28-year-old Ms.Parul Chaudhary who came from behind Japan’s Ririka Hironaka at the final 40 metres to claim the yellow metal in 5000m race, while the Mukherjee girls pair from Bengal made history by defeating the World No 1 Chinese pair in table tennis, and the boys doubles pair of Chirag Shetty and Satwiksairaj Rankireddy prevailed over world ranked Korean duo to bring the gold home
Sensex, Nifty close at new all time high
As per Market experts, the Sensex rally is due to continuous inflows by FU, DU and Indian retail investors. The resounding success of G20 also attracted global investors towards Indian market. The investor are likely to linger in the market for some more time, before they book the profits before the end of December, and re-enter at lower level in early 2024. Currently, the government is looking at further easing foreign direct investment (FDI) norms in the space sector to attract overseas players. The Secretary in the Department for Promotion of Industry and Internal Trade (DPUT) briefed about the huge scope for Saudi Arabian companies to invest in India in different sectors such as aviation, pharma, bulk drugs, renewable energy, food processing and Agri-tech. Emerging sectors for collaboration include artificial intelligence, robotics, cyber security, automation and space. This is likely to further liberalise our foreign direct investment norms to bring in private sector and foreign investment in the space sector.
GST collections in the quarter crossed Rs 1.60 lakh crore for the fourth time in the current fiscal despite no increase in rate of taxes. The major indicators for increased collection as compared to the last quarter include increased consumption, strict compliance and action against evaders. Continuous buoyancy in GST collection could result in easing of rates in the coming years.
Events at KSCAA
Coming to the theme of the year, “Re-craft yourself”, we started our focus in the first month with Discovery and we asked our fellow members to ask themselves this question in their profession, “What is the primary purpose for which I started this activity?”. To discover oneself, one has to unlock the boundless potential that resides within. It is a journey of self-awareness, self-acceptance, and self-search. It’s about understanding your passions, values, and aspirations.
When we discover our true self, we become better equipped to navigate the challenges that life throws at us. We narrow our choices, and this brings faster clarity about our purpose and direction, allowing us to start walking in the direction, we wish to. This not only benefits us individually but also contributes to the greater good of society.
I urge all of you to take time to reflect on your dreams and ambitions, your strengths and weaknesses. Seek out experiences that reflect yourself, while pushing the envelope. Find those choices, by opening every door of opportunity, but check them against your true self, during every part of that discovery process.
As a first step of Discover series, to explore new opportunities, the following programs were organised:
- GST Study circle.
Each participant can identify their core skill in the areas of Research, Presentation, Drafting, and Guiding. We received an overwhelming response. To ensure individual attention and facilitate specific growth of the participants, we limited the numbers of participants on a first come first serve basis.
- Court Room Series
In this program, the speaker analyzes landmark judicial decisions, and the floor is open for discussion on the probable grounds that could have been contemplated in the courtroom, which may lead to the desired outcome of the disputed matter.
- Wealth Management
This program was organised to encourage members to explore the new areas of opportunity in the domain of financial consultancy and investment advisory services.
- Shooting Training & Competition
The event organized by the Sports & Cultural committee was one of the unique events that every participant enjoyed. In an age of increased inactivity, this sport, shooting, can help improve mental health, concentration, hand-eye coordination, and stamina. The enthusiastic response from our members has encouraged us to organize many more such events.
I wish to express my gratitude for the insights offered by our former ICAI President, Padamashri. CA T N Manoharan, regarding the article featured in the last month’s journal. The insights are indeed worth sharing with all of you.
“it is true that nothing can move without the mandate of the Almighty God But at the same time, God doesn’t script all pages of your life. He leaves many pages to be filled by you. in that sense, the creator allows you to co-author the journey of your life.
So, when you pray, pray as if everything depends on God; but when you act, act as if everything depends on you. Your efforts may fail but you should not fail to make your efforts. May God bless and guide us all.“
Upcoming Events at KSCAA
- KSCAA’s landmark program on GST, 2nd Residential Refresher Course on GST has been planned.
- A Trekking Event has been planned in the first week of November in pursuit of our continuing “Sound body in a Sound mind” focus on fitness and health of our members, while enjoying the sounds and sights of nature.
Please keep a watch on our Website and WhatsApp to actively participate in every activity of KSCAA.
Before, I sign off, let me wish everyone a happy and prosperous Navaratri. On this auspicious extended festival season, I encourage you to buy an additional new colourful clay doll to your existing collection. Let’s each one of us make our tiny contribution to preserve, embrace and uphold our unique and ancient culture, craft, and tradition.
CA Sujatha G