28% slab of GST is to go: Sushil Modi

Traders may get a sigh of relief as the highest rate under the GST regime, which is 28 per cent, would soon become a thing of the past. Bihar Deputy Chief Minister and GST Network panel head Sushil Kumar Modi assured this saying that it is doable in the near future.
Modi also informed that looking at pace of revenue collection coming under the regime within two-
three years no State would come to the Center seeking compensation due to revenue shortfall adding that the shortfall of Jharkhand has been clocked to 17 per cent, which was 26 per cent during 2017-18.
Addressing traders and businessmen of Jharkhand under the banner of the Federation of Jharkhand Chamber of Commerce and Industries (FJCCI) on Monday, Modi said that in future only three rates would remain in practice.
“Rate of tax was almost similar during the pre-GST era but it was hidden since excise tax was not evident. Still the GST council is of the opinion that only three tax slab should be there. The 28 per cent slab is a matter of just few months or a year,” said he.
The panel chairman on the occasion also outlined some of future steps going to be implemented in the taxation system. He said that the businessmen would be required to file their returns one in three months against monthly system at present. “The traders doing business up to Rs 5 crore would have to file quarterly return which covers 92 per cent of the trade taking place at present in the country. ‘Sahaj’ and ‘Sugam’ are on the way to ease your concerns. Zero tax payers need to just send an SMS. These are some of the reforms we are working on,” said Modi.
Traders on the occasion also expressed their concerns before Modi to which he said that the new system is fully online which may be unfriendly for some. “Now the tech savvy people would find it easy. Also against exception of Rs 1.5 crore now the limit is Rs 20 lakh. Exempted list is also not uniform across all the States,” said he.
Modi also cautioned the community against generating fake invoices and claim return which is coming into light form different parts of the country. He said that infusion of IT has been done so strongly that no evasion is possible to hide for longer period of time. “Another change is coming in the form of RFID tag which would be put on all the carriers. This would catch all the trucks passing any toll with
items loaded and match it with the invoices. I appeal you all to abide by the system and do away the earlier practice for betterment of your business,” said Modi in the presence of Rajya Sabha MP Mahesh Poddar and Chamber president Deepak Maru.
Modi while terming the tax reform largest of the world lauded Prime Minister Narendra Modi and Union Finance Minister Arun Jaitely for implementing the system despite having so many odds and challenges and considering political difference.

The Institute of Chartered Accountants of India ( ICAI ) has signed the Mutual Recognition Agreement (MRA) with CPA Ireland on October 5, 2018 in Ireland. Signing of the Agreement between ICAI & CPA Ireland would facilitate mutually recognizing the Qualification of each other’s and admit the Members in good standing by prescribing a bridging mechanism between the two Institutes. Under the terms of MRA, an ICAI member in good standing of ICAI can become the member of CPA Ireland on completing and passing 2 online tests in Irish Taxation and Irish Law & Strategy. The Union Cabinet chaired by Hon’ble Prime Minister Shri Narendra Modi on July 18, 2018 had approved the signing of MRA between the ICAI and CPA Ireland. The Agreement provides for recognition of their respective Members’ prior qualifications and providing membership services to each other’s Members in their “home” locations; and jointly undertake a range of activities and initiatives. While signing the MRA, CA. Naveen N.D. Gupta, President, ICAI mentioned that “The MRA between ICAI and CPA Ireland would help to foster strong working relations between the two accounting institutes and will lead to greater mobility of professionals at either end.” Mr. Cormac Mohan, President, CPA Ireland expressed that “The MRA between ICAI and CPA Ireland would be beneficial for the members of both Institutes and they can enjoy the benefits that each organisation offers.” Mr. Eamonn Siggins, CEO, CPA Ireland and CA. S.B. Zaware, Central Council Member, ICAI were also present during the MRA signing ceremony and expressed their pleasure at the signing of the agreement between the two bodies that would herald new dimensions for professionals at either end. About CPA Ireland The Institute of Certified Public Accountants in Ireland (CPA Ireland) is a professional body for Certified Public Accountants (CPAs) in Ireland. It is one of the main Irish accountancy bodies, with 5000 members and students. The Institute fulfils its statutory role as a recognised body by overseeing the professional activities of its members in practice and ensuring that education and training standards are maintained. As the first accountancy body to introduce a mandatory regime of Continuing Professional Education, the Institute ensures that all CPAs remain at the leading edge throughout their careers. The Institute provides a quality service to its members and students, which has been recognised through the award and maintenance of ISO 9001:2008. Topics: Chartered Accountant CPA Ireland ICAI MRA Related Stories ICAI Election - Taxscan ICAI enters into MoU with IFRS Foundation over Copyrights Chartered Accountant - Audit - Taxscan Chartered Accountant found Guilty of Misconduct for not carrying Out Audit Properly [Read Order] ICAI Election - Taxscan ICAI releases Exposure Draft on Code of Ethics, applicable from 1st April [Read Draft] NFRA Breaking: Govt Notifies NFRA w.e.f 1st October 2018 [Read Notifications] CA Exam Delhi HC dismisses appeal by Students against CA Exam Results: Asks ICAI to be More Careful [Read Judgment] ICAI Election - Taxscan ICAI signs MoU with NBAA Tanzania to Scope Up Professional Avenues of Indian CAs newsletter

Read more at: http://www.taxscan.in/more-recognition-indian-cas-icai-mra-cpa-ireland/29383/

The Serious Fraud Investigation Office (SFIO) is going to hire fifteen Chartered Accountants, CA Naveen N D Gupta, the President of the Institute of Chartered Accountants of India (ICAI) said. Earlier, there were reports that the SFIO is looking to hire 13 consultants in various fields on a contractual basis. A public notice has been issued by the agency in this regard informing that they are looking for consultants in the areas of law and financial analysis and other fields. This is in the light of increasing number of cases related to financial irregularities, including the recent PNB Scam. With regard to the field of financial analysis, the Applicant for consultant-I should be a chartered accountant or costs and works accountant or company secretary with an experience of at least five years and consultant-II needs to have a minimum experience of three years. Earlier, the Ministry of Corporate Affairs had invited applications from experienced Chartered Accountants offering 41 positions and acceding to the suggestions of the ICAI. “I am happy that now SFIO (Serious Fraud Investigation Office) that functions under the jurisdiction of Ministry of Corporate Affairs, too has expressed their wish to hire the services of 15 Chartered Accountants. Further details on this aspect are being finalized so that interested members could take advantage of this opportunity,” ICAI Chief said in a statement.

Read more at: http://www.taxscan.in/sfio-hire-15-chartered-accountants-icai-chief/29141/

The Appellate Authority has recently confirmed an order of the disciplinary committee awarding punishment to a Chartered Accountant for committing negligence in carrying out audit while applying for bank loans for his client. The Appellant was an Auditor of M/s Resurgere Mines & Minerals India Ltd, for the year ended on 31st March 2011, which obtained loans from various banks. The said company committed fraud and defaulted in repayment of interest and loan, which has been reported to RBI. A complaint was lodged against the Appellant for not carrying out the audit properly and relied upon the false Statement of Account of Keonjihar Central Co-operative Bank (KCCB) given by the company. The Disciplinary Committee observed that the Appellant did not use the professional skepticism and neither obtained the balance confirmation of closing balances as prescribed in the Auditing Standards, nor reported this matter in the Audit Report. Accordingly, the committee awarded punishment of Reprimand and also imposed fine of Rs.50,000/- on the appellant. Before the Appellate Authority, the appellant contended that he did not obtain the balance confirmation of KCCB submitted that out of total 18 banks he had obtained the balance confirmation of the 14 Banks and only 4 banks were remaining with which the dealings and balances were small. He also submitted that it was general practice that banks do not issue the balance confirmations despite reminders. He further submitted that he had placed reliance on bank statement given to him by the company, which was ultimately found to be fake. He also submitted that it was impossible to detect the fraud as he was carrying out the statutory audit and not the investigation. On examining the fake statement of account of KCCB which is said to have been given to the Appellant by the Company, the Appellate authority found that this is only a printed paper bearing no signatures or the seal of the bank. The authority also noted that the transactions are also in millions of rupees and not that of small amount. “No suitable reply was given by the Appellant, as to how he assessed the Risk of Material misstatement in the financial statements, which would be very high while relying on a printed paper as evidence,” the authority said. It was further noted that the Appellant was having knowledge of the relevant Auditing Standards and had assessed the risk of Material Misstatement as higher. Therefore, he had obtained the External confirmations of 14 Banks out of 18 Banks. However, no justifiable reason was explained as to why the External Confirmations of the remaining 4 banks were not obtained more so when the Bank statement of KCCB was nothing but a computer printout without any seal, signature or authentication. It was therefore, concluded that the Appellant did not exercise due diligence expected from him and also did not obtain sufficient information for expression of opinion on the Financial Statements of the Company.

Read more at: http://www.taxscan.in/chartered-accountants-found-guilty-misconduct-audit-properly/29350/