While talking to chartered accountant professionals at the ‘Regional Tax Conclave on GST’ held here recently, former Rajya Sabha MP Ajay Sancheti said that the impact of GST will be felt for generations as GST being the need of time and the country needs to move forward in this new tax regime for economic growth and development. he was chief guest at the conclave. Sancheti further stated that the roll out of GST was a great challenge for the Government as anything new that needs to be initiated and implemented will have its own set of challenges n hiccups as processes are not refined and further lot many provisions are arbitrary. “However with passage of time and with the help of chartered accountants being experts in this field, things have started falling into place and now I feel confident that in years to come this tax reform of GST will help stakeholders in much bigger way,” he said.
The tax is rolled out by Central Government but the federal structure of tax has been implemented giving the powers to states to implement it cohesively. Further the feedback of states finance ministers as well as advice of ICAI members is considered while making amendments to law as well as rates and thus making this tax implementation process a lot more assessee friendly, he said. Sancheti, went further to mention that the process of rationalization of GST is ongoing as the country is so diverse and streamlining such a big tax reform will take some more time.
However with stable Government at the Centre, reforms are bound to come and they will be smoothened with the help of professionals like chartered accountants, he felt. Sancheti specifically mentioned that chartered accountants are always at the forefront when it comes to decoding any tax law and when it came to GST the entire business community of the country looked upon this profession to simplify the tax and help businesses to complete the compliance. On this occasion Western India Regional Council (WIRC) office bearers CA Umesh Sharma (Vice Chairman – WIRC) and CA Yashwant Kasar (Treasurer – WIRC) were guests of honor.
CA Umesh Sharma in his address appreciated that the Nagpur Branch is the first branch which has released the book published by WIRC on GST Annual Return & GST Audit. CA Sharma shared the theme of WIRC for the year 2019-20 which is “Powered by professionalism and driven by values”. CA Yashwant Kasar also shared his thoughts. CA Suren Duragkar, Chairman of the Nagpur Branch of ICAI, in his remarks extended due regards and welcomed all present. He extended warm welcome to Ajay Sancheti and the speakers - CA Keval Shah, CA Jignesh Kansara and CA Naresh Sheth all from Mumbai. He further welcomed the WIRC office bearers CA Umesh Sharma and CA Yashwant Kasar on their maiden visit to Nagpur after assuming charge. CA Abhijit Kelkar, Regional Council Member from Nagpur in his brief remarks stated that such a full day conference was need of the hour as GST Annual Audit filing date is fast approaching.
CA. Jiten Saglani, Treasurer Nagpur Branch, coordinated the inaugural session. CA Harish Rangwani and CA Akshay Gulhane, Executive Committee Members, Coordinated the technical sessions. Prominently present on the occasion were CA Kirit Kalyani, CA Saket Bagadia, CA Sanjay Agrawal, CA Jaydeep Shah – Past President ICAI, CA Julfesh Shah – Past Vice Chairman WIRC and CA. Umang Agrawal – Past Chairman. The programme was attended by over 400 members from different cities of Vidarbha region.