Dear Members,
You can start over as many times as you want...seems to me one of the most simplest, yet
sensible mantras with which to leap into the New Year. The key word being
‘start’, for all too often we stay in a rut of complacency or indifference,
severely harming our well being. So let’s start making our dreams happen, by
changing the old ways that keep pulling us down. Let’s make resolutions…and
even if we break them…let’s start again! Let’s fly higher on the wings of our
intuition and imagination…and should we falter, we can always start again!
As we work for a better New India, let us all try to be part of the
solution. Let’s earnestly remove the blinkers of prejudice and hate and start
building bridges with people of all strata, religion and region. Let us
cultivate a sense of integrity and responsibility that we may enhance the world
around us. In doing this, I truly believe that we will be better equipped to
work together and grow our economy much faster. And more importantly, we will
be able to enjoy the fruits of the economic growth, much better. Can we start
now…and start again…and again?
GST was successfully launched this year but now is facing some
implementation hiccups. It was basically designed to streamline the tax
systems, while raising revenue, but now after five months it appears to be
falling short on the revenue side. GST tax returns filed for the July to
September 2017 period by around six lakh assessees under the ‘composition’
scheme show a meagre tax payment of around Rs. 250 crore thereby hinting at a
massive tax evasion by these smaller taxpayers. The composition scheme is a
special one to make GST filing easier for small firms; apart from simpler tax
procedures, the returns have to be filed once a quarter. To that extent, the
government’s plan to bring in the e-way bill and other ways to plug tax theft
are quite justified.
The focus of the Council is clearly now on boosting revenue collection.
The Council has already decided to do a nation-wide roll-out of the electronic
way bill from June 1 to enhance enforcement and eliminate any leakages. The
roll-out of the bill for inter-state movement of goods is being advanced to
February 1. Only after revenue collections stabilise and compliance increases,
will the Council consider any further streamlining of rates or merging of
slabs.
During the entire year 2017, BCAS also played a significant role in GST
by educating its members and the public through its various lectures, seminars,
workshops and conferences. More than 5K people benefited from these initiatives
of the Society.
The year is on its last legs but there’s plenty of enthusiasm in the
stock markets, with the Sensex crossing the 34K mark. The Nifty on the NSE too
spiralled up closing at a record high of 10K plus. The buoyancy reflects the
widespread optimism that prevails in the markets. With SEBI paving the way for
Universal Exchanges, investors will soon be able to trade both securities and
commodities on a single platform, which will further catalyse growth.
And there’s more good news in the making…the Centre for Economics and
Business Research in its recent report has said that India is set to become the
fifth largest economy in the World in 2018, overtaking France and UK. The 9th
edition of the World Economic League table that tracks economies and forecasts
changes, believes that India will witness robust growth having got over the
effects of demonetisation and GST roll-out issues. The IMF too re-echoes this
projection, estimating a growth of 7.2% this year and 7.7% in 2018-19.
2017 was a year filled with some notable achievements for Indian Space
Research Organisation (ISRO). Our scientists set a world record with the launch
of the largest number of satellites in a single launch, and a rocket launch
(GSLV Mark III) with the heaviest payload. Providing a reliable, low cost
option, it launched a whopping 130 customer satellites in this year alone! And
not just the numbers, ISRO launched satellites ranging from 3136 kg to a meagre
4g! ISRO has now recognized its ability to launch satellites on a commercial
scale with multiple multi-satellite launches. Continuing with its tradition to
encourage student participation, ISRO also launched another student satellite
this year.
Today India is the toast and envy of many nations. One of its biggest
assets is its youth which is estimated to be around 968 million (people above
15 years). According to a survey conducted by BSE-CMIE, the number of employed
people in the country is around 405 million. Every year around 26 million join
the workforce, but only about 1.5 million get employment. A leading newspaper
put it very appropriately saying, “… if the pace of job creation is not
accelerated, the demographic bonus could become a demographic onus”.
Niti Aayog, the government’s premier think-tank is clearly on the job.
Its Vice Chairman Rajiv Kumar, who is working on the vision document of New
India@2022 says the new focus is on agricultural transformation, malnutrition,
higher education and employment generation. One of the priorities for 2018 is
to push India’s exports as out-bound shipments play a critical role in creating
high quality jobs.
The Society’s various Committees are putting in lots of efforts to
organise quality programs for the benefit of its members. However, it is really
alarming that many of these programs are not finding the right number of member
audience planned to make them effective both in terms of costs and also
inviting top notch speakers. The organisers get disheartened when these are
curtailed or even at times cancelled. I sincerely appeal to all members to take
benefit and enrol themselves to such top-quality programs for which BCAS is
known for across the country.
I would like to end with an inspiring quote delivered recently by
Mukesh Ambani to the Reliance Family, “…achieving your potential is the quest
of the ordinary…conquering the impossible is your destiny.” The new year is
here…let’s make the best of it…even if we have to keep starting again…and
again! All the very best, Dear Members!
Wishing you a happy Makar Sankranti, Pongal and of course our 68th
Republic Day!!
Feel free to write to me on president@bcasonline.org
With kind regards
CA. Narayan Pasari
President
