TIRUPPUR BRANCH OF SOUTHERN INDIA REGIONAL COUNCIL OF THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA e-newsletter JULY 2017 BEST / MOST ACTIVE BRANCH FOR 15 YEARS CHAIRMAN CA S VENKATESAN UDAYAR RICE MUNDY UPSTAIRS, NO:31, OLD CLOTH BAZAAR STREET, TIRUPUR- 641 604. MOBILE NO: 94430 23972 e-mail: venkateshsrao@vsnl.net svraofca@gmail.com SECRETARY CA R.S.Prabhu Senthil 24 A, Kandasamy Chettiar St. TIRUPUR- 641 604. Mobile: 99433 87871 e-mail : ca.rsprabhu@gmail.com EDITOR CA S. SUBRAMANIAN 5, Valipalayam 2 nd Street Tiruppur 641 601 Mobile: 94428 66000 e-mail: balan@mssandco.in OFFICE 46, Pethichettipuram 1 st Street TIRUPUR 641 601 B (0421) 4342732 e-mail: tirupur@icai.org THOUGHT OF THE MONTH Believe only half of what you see and nothing of what you hear In this issue: Article Chairman Writes 1 Secretary s Report 2 7 Myths / Misconception about GST and Reality 2 All About Revised Scheme Of Education 3 Circulars and Notifications 4 Snapshots 5, 6 Chairman Writes Respected Members, Warm greetings to you all. Page The D date has just arrived and the GST provisions have come into effect from 1st July, 2017.It is the talk of the whole country about GST, still seminars and programmes are going on throughout India. Business Channels are having deliberations on daily basis. For the professionals like us we have to unlearn many acts such as State VAT, Excise law etc., which are merged and made into one law and we have to learn GST Law.. The new GST act contains various new provisions, explanations, and everyday clarifications are coming from government side on various issues On 1st July, 2017, our Hon'ble Prime Minister Sri Narendra Modiji, during CA Day Celebrations spoke on importance and value of our profession. We, the Chartered Accountants have to take a Pledge, that we will not be a part of matters which are against Nation s Interest. By adhering to ethics and principles, we will maintain the integrity of our profession and we will support the nation s welfare. As a part of CA day celebrations, we had walkathon for propaganda of GO GREEN Concept and NON-POLLUTING activities. We had Tree planting and Blood donation camps on that date. Tax Audit and company audit season has just begun and the managing committee of our branch has decided to conduct a series of meetings on these subjects. Kindly attend and enrich your knowledge. On behalf of the managing Committee, i thank the IDT committee of SIRC and CA N.Sivachalam, co-opted member of ITD committee of SIRC for making arrangements for a week long meetings on GST during June, 2017. S.Venkatesan
SECRETARY S REPORT Respected Members, Greetings for the day, With the Implementation of GST and the nearing deadline of Audit Season, I am sure all of us are occupied with loads of work. To equip ourselves for the challenges posed by the GST & ICDS, our branch has successfully conducted separate series of seminars on GST for Members and Students from 5 th June, 2017 to 10 th June, 2017. To add more value, our branch organised another CPE seminar for GST A specific reference to Textile Industry on 30 th June, 2017. In the ICDS front, our branch had organised a CPE seminar on ICDS on 16 th June, 2017. Amidst all the knowledge enrichment programmes, our Branch celebrated the 68 th Year of CA Day with plenty of Activities on 1 st of July, 2017. The day s celebration started with a brisk Walkathon at 7.30 and ended with a Live Web-cast of Panel Discussion on Impact of GST on Economy/GST Professional and Business Perspective, with many philanthropic activities in-between. Our branch also conducted a Family Get-together on 2 nd July, 2017 to continue the celebration into the weekend. To keep us updated on the proposed changes in IAS 16 (Property, Plant & Equipment) and the after-effects, our branch is proposing to conduct a CPE seminar Property, Plant and Equipment - Proceeds before Intended Use (proposed amendments to IAS 16) on 14 th July 2017. Confirmation of future seminars are en-route and the same would be communicated to the members as and when they are finalised. I sincerely request all the members to attend the programmes and enrich their knowledge. With Regards, R.S.Prabhu Senthil. 7 Myths / Misconception about GST and Reality The Revenue Secretary, Government of India, Dr. Hasmukh Adhia busts seven misconceptions about newly implemented law relating to Goods and Services Tax (GST). Myth 1 Myth 2 Myth 3 Myth 4: Myth 5 Myth 6: Myth 7 I need to generate all invoices on computer/ internet only I need internet all the time to do business under CST I have provisional ID but waiting for final ID to do business, My item of trade was earlier exempt so I will need new registration before starting business now. There. are 3 returns per month to be filed Even small dealers will have to file invoice wise details in the return New GST rate is higher compared to earlier VAT. Reality 1 Reality 2 Reality 3 Reality 4 Reality 5 Reality 6: Reality 7 invoices can be generated manually also internet would be needed only while filing monthly return of GST Provisional ID will be your final GSTIN number. Start business. You can continue doing business and get registered within 30 days There is only 1 return with 3 parts, out of which first part filed by dealer and two other parts auto populated by computer. Those in retail business (B2C) need to file only summary of total sales It appears higher bcoz excise duty and other taxes which were invisible earlier are now subsumed in GST and so visible now.
ALL ABOUT REVISED SCHEME OF EDUCATION AND TRAINING FOR CA COURSE Revised Scheme of Education and Training for CA Course, FAQs and Implementation Schedule The Institute of Chartered Accountants of India (ICAI) has formulated the Revised Scheme of Education and Training in lines with International Education Standards issued by International Federation of Accountants (IFAC) after considering the inputs from various stakeholders. The Revised Scheme of Education and Training for CA course will come into effect from 1st July, 2017. The Scheme of the Course is available at http://resource.cdn.icai.org/45556bos35643summary.pdf In order to answers the queries which may arise in the mind of stakeholders with respect to Revised Scheme, FAQs have been framed which are available at http://resource.cdn.icai.org/45555bos35643faq.pdf Further, below is the implementation schedule depicting the information regarding the last date of registration under Existing Scheme, date of commencement of registration under Revised Scheme, last exam at all levels under Existing Scheme and the number of parallel attempts of examinations at all levels under both Exiting and Revised Scheme. Please note detailed paper wise exemption plan will be notified in due course. Implementation schedule of Revised Scheme of Education and Training A. FOUNDATION S. No. Particulars Date / Attempt 1. Last date for CPT Registration 30 th June, 2017 2. Date of commencement of registration for Foundation Course 1st July, 2017 3. First Foundation Exam to be held in May, 2018 4. Last CPT Exam to be held in June 2019 5. Three Parallel attempts B: INTERMEDIATE Foundation CPT May, 18 June, 18 Nov., 18 Dec., 18 May, 19 June, 19 S. No. Particulars Date / Attempt 1. Last date for Registration in Intermediate (IPC) Course 30 th June, 2017 2. Date of commencement of registration for Intermediate Course (Both Routes) 1st July, 2017 3. First Exam for Intermediate (Both Routes) in May, 2018 4. Last Exam for Intermediate (IPC) in May, 19 Intermediate IIPCC 5. Three Parallel attempts May, 18 May, 18 Nov., 18 Nov., 18 May, 19 May, 19
C: FINAL NEW COURSE S. No. Particulars Date / Attempt 1. Last date for Registration in existing Final Course 30 th June, 2017 2. Date of commencement of registration in Final (new) Course 1st July, 2017 3. First Exam for Final (new) Course in May, 2018 4. Last Exam for existing Final Course in Nov., 2020 5. Six Parallel attempts Final (new) Final (Existing) May, 18 May, 18 Nov., 18 Nov., 18 May,19 May,19 Nov., 19 Nov., 19 May,20 May,20 Nov., 20 Nov., 20 CIRCULARS AND NOTIFICATIONS CBDT has vide Notification No. 44/2017 notified Cost Inflation indexes with Base Year as 2001-02 for the Financial Years 2001-02 to 2017-18 and same are applicable from Financial Year 2017-18. TABLE Financial Year Cost Inflation Index Financial Year Cost Inflation Index 2001-02 100 2010-11 167 2002-03 105 2011-12 184 2003-04 109 2012-13 200 2004-05 113 2013-14 220 2005-06 117 2014-15 240 2006-07 122 2015-16 254 2007-08 129 2016-17 264 2008-09 137 2017-18 272 2009-10 148 This notification shall come into force with effect from 1 st day of April, 2018 and shall accordingly apply to the assessment year 2018-19 and subsequent years. Three Things to.. Respect Old age, religion and law Watch: Word, behavior and character Stick to: Promise, Friendship and Love Love: Honesty, purity and truth Govern: Tongue, Temper and Action Cultivate: Sympathy, cheerfulness and contentment Prevent: Idleness, falsehood and slang Admire: Intellect, beauty and music
3 SNAPSHOTS CA DAY CELEBRATIONS Blood Donation by our members on CA Day Our members planting saplings on CA DAY a Green initiative
Walkathon in Progress Our members paying their respects to our Institute s Flag on CA day