Last few months have been very hectic for all of us for new learning, unlearning and relearning process of the newly introduced law i.e. GST. As we all know that the GST is the most widely discussed and biggest change in the Taxation history of India. As a chartered Accountants professional and being the social and professional responsible guardian of the nation building, we have to gear up and taught the society about the rule and regulation of the GST. Knowing our responsibility, we have organized lots of GST seminars and work shop with Top level speakers all across India in last few months which has been widely applauded and praised in the professional and industry circles. Other important and widely discussed new law is Benami Property and Prohibition act and Insolvency Act which has impacted the taxation history and started implementation in the recent past.
As Mr. Robin Sharma has correctly said that “Change is hard at the beginning , messy in the middle and gorgeous at the end.”
In the month of July 24 & 25, We have organized such programs with Lions club at The Lalit Hotel and with The Hindu, Business Line on 19th Aug along with 3 four day GST work shop covering all the aspects of GST with great speakers from Kolkata as well as out of Kolkata.
There are lot of practical difficulties and ambiguities which will be settled down during the passes of time and few more clarification and notification required by the Govt. I am sure that the Govt. is also doing their part whatever best it could do. The GST portal has also been developed world class by the GSTN with few more improvements required.
The Govt. has issued list of 97000 plus companies in this month due to suspicious transaction reporting and list of 331 companies issued by SEBI for defunct companies which will have bigger impact on the financial and taxation regime of India. Approx. 1.25 lac companies has been defunct by ROC in recent months for non filing of annual returns from last so many years. Tons of notices has been issued by the income tax department for cash deposit during demonization period which will have big impact and lots of cases has been reopened for scrutiny and re-assessment. Overall there is a big opportunity lying ahead in the professional circle. We should gear up and fasten our seat belts for more productive changes and taxation advices to the clients.
The next month will be the biggest hectic and big challenge for us being professional. It is time for our best endeavor in life time. Next month in Sept, as a professional, we have to submit 8 GST return being GST 1,2,3 for the month of July and Sept, Tran 1 & 3B for Aug. Most of the returns being first time to be filed so lets hope for the best and keep our finger crossed till 30th Sep.
“A professional is someone who can do his best work when he doesn’t feel like it.” – Alistair Cooke
Apart from that there is a annual exercise of Income Tax audit and return filing along with Tax audit report to be submitted till 30th Sept. There is a lot of expectation and belief on our professional fraternity by our honorable Prime minister Shri Narendra Modi as spoken by him on our foundation day on 1st July in New Delhi this year. So its time to follow excellence with passion and success will automatically follow.
Friends, as usual we are organizing our 2 Day Annual Conference on 11 & 12 Nov, (Saturday & Sunday) at The Park Hotel, Kolkata with new rejuvenation and dawn of new changes coming our ways. Please participate in great numbers and contribute in the nation building exercise by updating your knowledge and skills.
When you live for a strong purpose then hard work is not a option but a necessity – Steve Pavline
CA Manish Gadia
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