Published On : Sat, May 16th, 2015

Introduction of GST is revolutionary: Patodia

Nagpur: Goods and Services Tax is a revolutionary step taken by the government and it would increase the share of states in the revenue collected by the Centre said, chairman of Western India Regional Council of ICAI, Sunil Patodia.

Patodia was in the city to address Maharashtra tax convention on Friday. He told mediapersons on the sidelines of the convention, that ICAI has tried to convey the benefits of GST to traders through awareness camps organised every three months in different parts of India.

A similar camp would also be held in the city on July 7, he said adding “GST is a simplified tax the benefits of which must be explained to the traders.

As far as Companies Act is concerned, Patodia said there are many practical difficulties in the implementation of the Companies Act 2013. As a result, 16 amendments are mooted to the Companies Act 2013 – which is the biggest statute being implemented in the country for the first time.

ICAI with the help of CAs and industry chambers would convey its concerns on Companies Act 2013 to the finance minister Arun Jaitley and nion minister for power, Piyush Goyal.

In response to a question he said, Indian economy would be immune to the global meltdown since only 5 per cent of Indian population would be affected by the phenomenon.

ICAI has also donated generously to Nepal earthequake victims through Prime Minister’s Relief Fund, he added. The motto of WIRC this year has been Empowering Excellence which means WIRC presents students and members for best service to the society.

For this, the WIRC would teach nuances of law amendments to the members. Praising Nagpur as a vibrant branch, Sunil Patodia said WIRC membership and scope is expanding. As a result, WIRC is pleased to receive suggestions from the society and members. Nagpur branch is playing a meaningful role in this regard, he further said.

Inflation is currently under control and good and prosperous days are ahead. As far as investment in stock market is concerned, a lot of maturity is required as stock markets mostly function on the basis of sentiments, he cautioned. RCM of WIRC, Julfesh Shah said WIRC is the largest region with 82 CAs and 3 lakh students as members.

As a result, big challenge lies ahead of WIRC in terms of updating knowledge of CAs and students and imparting them adequate training to deal with the changing scenario. Chairperson of Nagpur branch of ICAI, Kirti Agrawal made an introductory remarks.

Among others present on the dais included vice-chairman of WIRC, Dilip Apte, treasurer of WIRC, Sushrut Chitale, Sandeep Jotwani and Subodh Kedia.