The Taxation & Corporate Law Forum of Vidarbha Industries Association (VIA) on Friday conducted the annual programme on tax awareness “Making March Meaningful” for creating awareness for better tax compliances.

Expert speakers, Adv Kapil Hirani for Income Tax, CA Mahendra Jain, Past Chairman of Sales Tax Bar Association, Nagpur on Indirect Taxes (GST) & CA Omprakash Bagdia, Past Chairman of Nagpur Branch of WIRC of ICAI, Nagpur on Company Laws & Precautions Banks Perspective. Adv Kapil Hirani, expert in Income Tax, stated that every businessman must prepare a tentative financial plan before March 15. “It will bring into light many small issues which might have been overlooked previously and get the opinion of professionals so that if required corrective measures can be taken within time,” he said adding that PAN and Aadhar should be linked before March 31.

CA Mahendra Jain, stated that under the GST regime every month reconciliation of books of accounts with GSTR1, GSTR3B and input tax credits as per GSTR 2B etc., is the need of the hour. He suggested that trade and industry should have a special designated Reconciliation Manager, who will see that all the data is reconciled. He advised that many amendments will come into effect from April 1, like compulsory mentioning 6 digit HSN Codes on invoices for all, e-invoicing might be implemented for persons having turnover Rs 5 crore in coming month.

CA Omprakash Bagdia, Past Chairman of Nagpur Branch of WIRC of ICAI, Nagpur on Company Laws & Precautions Banks Perspective, said, “Under the Company Law, the companies cannot avoid filing of requisite form. If any compliance is pending it has to be filed with late fees and penalty.”CA Bagdia explained the new provisions of Company Laws, where the law is more of compliance than governance. From a banking perspective, CA Bagdia stated that banks’ internal credit rating should be obtained as interest on borrowing as dependent on this internal rating.

Earlier, VIA President Vishal Agrawal welcomed the speakers. CA Naresh Jakhotia conducted the proceedings and CA Sachin Jajodia proposed a formal vote of thanks. CA Jethalal Rukhiyana, CS Amit Rajkotia, Kaushal Mohta, Vaibhav Agrawal, Shilpa Agrawal and representatives from various industries were present.