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ICAI takes a series of initiatives for smooth implementation of GST

By   /  June 29, 2017  /  Comments Off on ICAI takes a series of initiatives for smooth implementation of GST

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New Delhi, 29 June, 2017: The Institute of Chartered Accountants of India (ICAI), a statutory body for regulating the profession of Chartered Accountancy in the country today unveiled series of initiatives to ensure smooth implementation of GST from July 1. The measures are aimed at partnering the government’s efforts to ensure a smooth transition to the mega indirect tax reform.

Addressing the media, CA. Nilesh Shivji Vikamsey, President ICAI said, “We believe that given ICAI’s wide reach, lakhs of committed members, and knowledge base on tax matters, we must extend all cooperation to the government for successful and glitch free switch over to the GST regime and make PM Modi’s vision of one nation, one tax a reality. GST is a major reform that will redefine the taxation structure of the country and will deliver immense benefits to the economy, various stake holders and the general public. As with any new reform, there are certain queries and confusion surrounding GST at the moment and we are happy to handhold small & medium scale industries as well as trading community to help them become GST ready.”

ICAI has been playing key role in the country’s biggest indirect tax reform right from the planning stage. It has actively participated in drafting of GST rules besides conducting studies on the economies of J&K and Delhi to understand the impact of GST implementation.

CA Nilesh Shivji Vikamsey, President ICAI and CA Vijay Kumar Gupta, Chairman Public Relation & CSR Committee were present on the occasion.

In its endeavour to educate traders, small businessman, manufacturers and general public on various aspects of Goods and Services Tax, ICAI through its PR & CSR Committee has set up 200 GST Sahayata Desks all across the country. These desks have been set-up from May 28th and will be operational till September 30th 2017. These desks would be explaining the multiple facets of GST in a simplistic manner by ICAI experts. So far thousands of queries have been addressed through this initiative.

ICAI has taken the lead in creating awareness and conducting knowledge overhaul exercises pertaining to GST. It has organized 19 Interactive Programmes on GST for trade associations, and over 1500 workshops, seminars and conferences across the country since January 2017 to spread awareness about country’s biggest economic reform since Independence. Additionally, ICAI has organized outreach programs in Association with Service Tax Commissionerate at Kolkata, Delhi & Ahmedabad.

Some other notable steps taken by ICAI in this regard include formation of 20 study groups to support to State Governments in the smooth implementation of GST. ICAI is also providing certificate course on GST at 36+ locations across the country. This initiative is further supported by virtual certificate course on GST – through live telecasts sessions and interactive programs at more than 40 locations across the country, identification and training of over 500 new speakers on GST.

ICAI has also come up with publications on various aspects GST to create awareness on the impending tax reform.

Acknowledging rapidly changing global business competitiveness, the ICAI has also formulated the Revised Scheme of Education and Training. The new scheme has been upgraded, revised and refined keeping in mind the global requirements, aligned with International Education Standards which will prepare and groom the new CA professionals to match future requirements. The scheme will be launched on July 1st.

The President ICAI further added, “We are delighted to launch Revised Scheme of Education and Training for CA students keeping in mind the evolving role of Chartered Accountants (CAs) in the current economic scenario. The revised course intends to promote innovation and bring about out of box thinking in the curriculum and education system of Chartered Accountancy course.”

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