October 2018

From the President

Sunil Gabhawalla, Chartered Accounant

Dear Members,

As I sit to write this communication on the 2nd October, the Nation celebrates the birth anniversaries of two great leaders – Mahatma Gandhi and Lal Bahadur Shastri.  Born in 1869, Mahatma Gandhi steered the country into independence with his weapons of “truth” and “non-violence”. Born in 1904, his disciple Lal Bahadur Shastri went on to become the 2nd Prime Minister of Independent India and made a marked difference in the lives of citizens with “the White Revolution” and “the Green Revolution”.


For such principle-centred leaders, independence did not mean just transferring colonial era British power brokering system, favours-driven, bureaucratic, class exploitative structure and mindset into Indian hands. In fact, Gandhiji had warned that such a transfer would still be English rule, just without the Englishman. Seven decades post-independence, as we (as professionals and as citizens) inch closer towards the Council Elections and the General Elections and cast our votes to choose the leaders, it is time to take stock and identify leaders whose birth anniversaries our next generations would be inspired to celebrate.


The GST Audit Report was notified recently. The Society is pleased to note that most of the suggestions made by it towards simplification of the report and alignment of the same with the objectives of audit sought by the Act have been accepted. While the Society is in active dialogue with the Government for certain clarifications and ironing some gaps in the audit report, it is now time for the professionals to step up the technical capabilities and live up to the trust placed by the Government. The Society was invited by the CIT (CPC TDS) to provide inputs about Phase 2.0 of TRACES Project. This phase will use latest technologies and would totally transform the TDS Administration in the country and promote the ease of doing business.


For professionals, September was a very busy month. As members struggled to complete their obligations and sought extension of due date, the initial reactions were not very positive resulting in a panic situation. Ultimately, the much-needed extension was announced. Is the 15-day extension sufficient? Is it fair for the Government to expect interest in such cases? The social media was abuzz with various news, views and information in this regard. I would believe that rather than spending time on such questions, it would be gainful for the members to concentrate their energies on work, make the most of this extension and complete the balance work before the extended due date. After completing the pending work at hand, it may also be a time to strategise the way forward for better time and work flow management in the coming years.


The enrolments for the 52nd Residential Refresher Course have already gained momentum. This time, the RRC is at a luxurious venue of ITC Mughal in the historic city of Agra. Packed with innovative formats, relevant topics and best faculties, this RRC promises to be an experience of a lifetime. It has a full day devoted to practice management sessions where members can collectively reflect on the future of the profession. The detailed announcement is available on the website and I would urge the members to enrol at the earliest to avail the early bird benefits.


Many other interesting programs have been announced – the long duration study course on GST, full day panel discussion on burning issues in real estate sector (jointly with IMC), panel discussion and case studies on GAAR, a specially designed workshop for senior citizens on using mobile apps. I would request the members to attend these events and encourage the organisers to innovate and provide you relevant and best events.


During the last quarter, the Society could release a series of publications on diverse topics and most of them were sold out within a fortnight. As a matter of convenience, the Society has a publication imprest scheme whereby books are couriered to members immediately on their release and the amount is debited to the imprest. Those who are interested can enrol for the said Scheme.


I also take this opportunity to wish all the members a great festive season ahead. Do take periodic breaks from your busy schedule and energise yourself with your family and friends.


Warm Regards




CA. Sunil Gabhawalla



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