The largest accounting body of the country, the Institute of Chartered Accountants of India (ICAI), has asked traders not to panic in case anything went wrong while filing in Goods and Services Tax (GST) during initial months, as there was ample space of rectification for ‘honest’ traders.
During 68th CA Day which is celebrated on the Foundation Day of ICAI every year, ICAI Ranchi Chairman CA BK Pandey on Saturday said new tax regime was a historic move toward tax reforms in the country post Independence as it had not only made taxation simpler, but also left no space for Inspector Raj in taxation anymore which would benefit traders.
“Many of the rights reserved with senior tax officials in case of tax related issues in pre-GST era were not only encouraging corruption in trade, but were also making system difficult for honest traders. All those ambiguities have been removed in GST, as there are no hidden taxes, no official in between and almost no manual work. I strongly believe that those traders willing to remain in trade with honesty will start loving GST regime in no time,” said Pandey where ICAI Ranchi Vice Chairman CA Raj Kumar, Secretary CA MK Jain and other officials and practicing Chartered Accountancy professionals and aspiring students were also present.
The Institute also launched extensively revised syllabus from new session which started on Saturday. The ICAI president had announced earlier this week about changes in syllabus and examination pattern in Chartered Accountancy courses run by it, which is also the second largest accounting body in the world. He had said the syllabus was toughened as per requirements of changed accountancy norms and new tax regime.
Union Minister of State for Civil Aviation (Independent Charge) Jayant Sinha, Minister of State for Agriculture Sudarshan Bhagat and Minister of State for Chemicals and Fertilizers Mansukh Mandaviya were also present during the programme along with Sports and Culture Minister Amar Kumar Bauri and Commercial Tax Department Secretary KK Khandelwal were also present.
ICAI Ranchi Branch Managing Committee member Vikas Kumar said the tests would be held on both objective and subjective basis. “Moreover, many of the indirect tax laws will be almost out of function after launch of GST. Hence, the institute has come up with all relevant changes in course after more than three years of brainstorming at different levels,” said Kumar.
Introducing minor changes in the syllabus has been the routine practice of ICAI which has kept the courses from institute most relevant one.
The changed syllabus was launched by Prime Minister Narendra Modi during large scale ceremony of CA Day in Delhi on Saturday.