I am penning down my message on the auspicious day of Krishna Janmashtami. The birth of Lord Krishna is celebrated with much fanfare for His incarnation on Earth was to ensure the destruction of evil and to save humanity. Today, I also pray to Lord Krishna to eradicate the pains inflicted on humankind through Covid-19.
We have been witness to the resilience of humankind and the adaptability to take on the crisis as an opportunity to rediscover the way we carry out our activities in various spheres of life. I would like to instil confidence in all of us through an inspiring quote of my GURU Mahatria Ra:
Transitions force changes. Changes cause transformation. Transformation ignites growth. The womb of transition always delivers growth.
I would also like to caution that transition is always painful for those who are averse to change. The intensity of change during the last 18 months is such that during normal circumstances such transition would have taken at least a decade. Such times require massive scale of reskilling to remain relevant. A research paper from McKinsey Global Institute, ‘The Future of Work after Covid-19’, published in February, 2021 finds that 107 million workers may need to switch occupations by 2030 – up 12 million from a pre-pandemic estimate. This provides an insight for CA professionals, too, for embracing new areas of professional interest which focus more on management advisory and technology-based consulting. The need to move up the ladder of professional deliverance is all the more necessitated with increased limits of tax audits, discontinuation of GST audits and news about exploring discontinuing corporate audits for Small Companies.
On 20th August, the Tax Profession lost one of the strongest pillars in the sad demise of Adv. Shri V.H. Patil (affectionately called by all as ‘Patilsaheb’). He relentlessly worked as a binding force for all the professional associations and for the advancement of ethical values, professional astuteness and philanthropic activities. He was very actively associated with the BCAS and its cause for about five decades. His loss is an irreparable one and very difficult to fill. We shall always cherish his association and remember his noble deeds carried out over more than six decades.
BCAS is a forward-looking professional association and to equip its members for supporting the business community through valuable services in new domains, it has entered into an MOU with the India affiliate of the Institute of Risk Management (IRM) headquartered in the UK. It is a leading professional body for Enterprise Risk Management. The objective is to arrange webinars on risk-related topics, jointly work on thought leadership articles, provide access to members in IRM online events and to offer scholarships for IRM exams. This will be a golden opportunity to sharpen understanding of Enterprise Risk Management through formal education and offer advisory services in this specialised area.
The agony of tax-paying citizens and direct tax professionals continues due to partial functioning of the new e-filing portal. BCAS made a detailed 17-page representation on the glitches in the portal and also provided suggestions on improving the functionality of the portal. A representation was also made to the GST Council on various legal and procedural issues on the provisions relating to GST registration so as to bring clarity and certainty in the law.
During this month, the 25th International Tax & Finance (ITF) RRC was successfully concluded. It had record participation of around 500 delegates. The case study papers, presentation papers and panel discussions were of the highest quality. The highlight of the Conference was the Keynote Address by Mr. N.R. Narayana Murthy, the proponent of Corporate Governance, and the Opening Address by the President of ICAI, CA Mr. Nihar Jambusaria.
We also witnessed an excellent talk on ‘Mumbai’s Covid Pandemic Management Model’ by Mr. I.S. Chahal, IAS, Municipal Commissioner. He was invited to speak at the Late Shri Narayan Varma Memorial Lecture Series organised jointly by the BCAS Foundation, DBM India and Public Concern for Governance Trust. His talk was very inspiring and he provided great insights on how resources were mobilised and innovative ideas implemented to control the pandemic situation. There was also a felicitation of three awardees for their excellent contribution in the field of social work. The awardees were Adv. Maharshi Dave (SPARSH), Mr. Ravi Singh (Khalsa Aid) and Mr. D.S. Ranga Rao (RTI Activist).
The Tokyo 2020 Paralympics is currently underway. The physically challenged sportspersons participating in it signify what can be achieved with grit and determination. India has put up an excellent performance with the current tally of two gold, four silver and one bronze medal so far. This signifies that there is no easy way to the top. I want to end with a message from my GURU Mahatria Ra which signifies that to achieve something you have to sacrifice something:
It’s stupid to search for a rose bush without the thorns. Unless you are willing to be chiselled, you cannot become the altar that’s worthy of being worshipped. There is always a trade-off.