WORKSHOP ON TRANSFER PRICING
The International Taxation Committee organised a day-long workshop on transfer pricing on 9th November, 2019 at the BCAS Conference Hall. It received a very good response, with more than 80 participants attending the event.
After President Manish Sampat’s opening remarks, International Taxation Committee Chairman Mayur Nayak presented a brief overview of the workshop and introduced the first speaker.
Several key topics were taken up for discussion at the workshop. Mr. Bhupendra Kothari was the first speaker. He highlighted various aspects of profit attribution and transfer pricing analysis. The session was interactive. Mayur Nayak, who chaired the session, also gave his insights on several key issues.
The next to speak was Siddharth Banwat who took the participants through the bench-marking in the case of intra-group financing transactions such as loans, guarantees, preference shares, debentures, letters of comfort and so on. He also highlighted various points to be kept in mind while undertaking a bench-marking exercise. The session was chaired by T.P. Ostwal who offered some practical insights on the subject.
Akshay Kenkre was the third to speak and discussed the subject of bench-marking of contract manufacturing, R&D / Services / LRD. He threw light on some of the typical challenges faced while undertaking bench-marking of the entities taking up such activities. Sushil Lakhani (who chaired the session) came up with a few more inputs.
The fourth and last speaker was Mr. Umang Someshwar who addressed the subject of safe harbour rules and documentation, the reporting requirement u/s 92E of the Act and also CBCR. Apart from this, he also discussed the challenges faced in documentation pertaining to management fees and other types of transactions. Mayur Desai, the session Chairman, offered further insights on safe harbour and documentation.
THE ART OF NETWORKING
The Human Resource Development Committee Study Circle organised a session to discuss the subject of ‘Networking Skills – The Art of Networking’.
As the catch line goes, ‘In today’s world “It’s not WHAT you know but WHOM you know that matters”.’ The success of LinkedIn is the biggest proof of this. Networking provides one with a great source of connections and opens the door to talk to highly influential people that one wouldn’t otherwise be able to find, let alone talk to.
Robert Kiosaki once said that the richest people in the world look for and build networks, everyone else looks for jobs.
To open these and many other doors of opportunity for our members, the HRD Study Circle organised a networking event along with a training session on ‘How to Network effectively for Success’ hosted by a networking expert, Ms Rupeksha D. Jain, the founder of GroomIndia. It was conducted at the BCAS Hall on Tuesday, 12th November, 2019.
The presentation took the participants along on a practical networking session, clubbing it with tips and techniques for networking. The session helped provide answers to questions such as ‘What is Networking?’ ‘Why Network?’ and ‘How to Network?’
Ms Jain hammered home the point that being competent at work and having vast knowledge was not enough. It was more important to possess the ability to build and nurture relationships; to build an image; to have a reputation; and to be considered credible.
A good corporate network can sense the ‘temperature’ of an organisation before the evidence filters out through official channels. Co-operation and collaboration across departments and to be the conduit of information and understanding of behaviour were important markers.
Therefore, to succeed in life, one must know the ‘Art of Networking’ as it can help professionals achieve far more than they can imagine, Ms Jain concluded.
TECHNOLOGY INITIATIVES COMMITTEE
The Technology Initiatives Committee organised a half-day programme on ‘Automating Audit to Save Time and Reduce Risk’ at the BCAS Conference Hall on Thursday, 14th November, 2019.
It was inaugurated by Raman Jokhakar. He explained the various regulatory compliances involved in audit engagements and described how these could be automated through the use of various audit automation applications. He also shared information about some of the applications currently being used by various professionals to automate engagements.
Mr. Kris Agarwala and Mr. Shashank Bokade from Wolters Kluwers India then proceeded to introduce the audience to the audit automation tool of Wolters Kluwers though a live demonstration of the software. They highlighted how the application would automate and digitise the handling of audit files and dealing with paperwork, especially when practices are spread across different locations and / or have a peer review by another partner from a different office; how the application was enabling audit documentation that would stand up to quality inspection and legal challenges; and how automation would further enhance the responsibility of auditors in substantiating how they have conducted their audits.
Their presentation was followed by a panel discussion moderated by Abhay Mehta in which Raman Jokhakar, Mr. Kris Agarwala and Chirag Doshi discussed the subject and shared insights on the opportunities for Robotics Process Automation to assist audit; how RPAs would impact in driving value internal / external audit; scalability of audit automation and the challenges faced in audit automation; and also their experience of the benefits that could be derived from audit automation.
The session was highly interactive and the speakers demonstrated:
(i) Tools and functions of the audit automation software;
(ii) Varied reports and dashboards generated for engagements; quality and review;
(iii) The ease of use of audit automation software.
The participants in the workshop learned new ways of working more effectively in an evolving audit regulatory environment. All questions raised from the floor were answered diligently.
SUBURBAN STUDY CIRCLE AND TECHNOLOGY INITIATIVES STUDY CIRCLE
The Suburban Study Circle along with the Technology Initiatives Study Circle organised a joint meeting on ‘Transfer Pricing Databases and Softwares – Advantages and Features’ on 16th November, 2019.
The main speaker at the meeting was Naman Shrimal who made a detailed presentation on the parameters to be considered for transfer pricing (‘TP’) report and transfer pricing software – ProwessIQ, Ace-TP and Capitaline-TP. He explained the importance of preparing TP reports and the parameters to be included in the report, along with a brief overview of each prescribed methodology of TP.
He took the audience on a journey of searching transactions for transfer pricing through a live demonstration of ProwessIQ software and provided insights into key terms and search parameters to be considered while selecting transactions for bench-marking. He also highlighted the pros and cons of each software and shared his experience of using each of them – ProwessIQ, Ace-TP and Capitaline-TP – which are currently prescribed by the Transfer Pricing Officer.
The speaker offered many practical examples to explain various features of the software, sprinkling his presentation with humorous quips to sustain the audience’s interest. He answered all the questions put to him as his presentation progressed, rather than first completing his talk and then inviting questions.
RELATED PARTY TRANSACTIONS
The Corporate and Allied Laws Committee organised a half-day seminar on ‘Related Party Transactions’ in the Babubhai Chinai Hall of the IMC on 16th November, 2019. It attracted a very good response, with more than 85 participants both from the profession as well as industry attending.
The ball was set rolling by President Manish Sampat who described some of the intricacies in related party transactions across different statutes and the alarming frauds taking place in the corporate sector under the façade of such related party transactions.
Anand Bathiya kicked off the proceedings with his masterly analysis of related parties and related party transactions across different statutes, including the Companies Act, Ind AS, the Income-tax Act, SEBI Regulations, Transfer Pricing Regulations and the Insolvency and Bankruptcy Code.
Zubin Billimoria moderated the second session, a panel discussion in which Dolphy D’Souza, Mr. Sharad Abhyankar (advocate) and Yogesh Thar took part. The panel pondered over various issues relating to the intricacies and complications involved in entering into related party transactions. Many subjective issues such as significant influence, associated enterprises, accustomed to act and ordinary course of business were deliberated upon. The panellists also emphasised the crucial role of audit committees in approving related party transactions.
Finally, the floor was thrown open for questions and all the panellists took turns to answer the queries posed by the participants.
FEMA STUDY CIRCLE
The FEMA Study Circle meeting was held on 19th November, 2019 when Mr. Natwar Thakrar led the discussion on the topic, ‘FEMA for Individuals’. A large number of members participated in the meeting.
The Group Leader deliberated upon various nuances of determining the residential status of an individual; the definitions of NRI, PIO and OCI were also discussed at length along with some relevant case studies.
Mr. Thakrar also covered all the regulations related to individuals as covered under FEMA 20R and the purchase of immovable property. Recently, there have been some new amendments in the regulations which the Study Circle plans to cover in its upcoming meetings.
LECTURE MEETING ON TAXATION LAWS (AMENDMENT) ORDINANCE, 2019
A lecture meeting on ‘Taxation Laws (Amendment) Ordinance, 2019’ was held on 20th November, 2019 at
the BCAS Conference Hall. The guest speaker was Bhadresh Doshi.
President Manish Sampat introduced the speaker and in his opening remarks explained the vision and the various activities of BCAS. He also touched upon the Indian economy, GDP growth and the impact that taxation laws can have on them while describing broad features of the Taxation (Amendment) Ordinance, 2019.
Bhadresh Doshi took the discussion forward and explained some of the major announcements in the Taxation Laws (Amendment) Ordinance, 2019 as under:
(i) Reduction in the rate of surcharge for individuals and foreign institutional investors;
(ii) Corporate tax rate reduction to 22% for domestic companies and a further reduction in tax rate to 15% for the companies registered on or after 1st October, 2019 and starting operations on or before 31st March, 2023;
(iii) Amendment to section 115BA and corresponding changes in section 115BAA and section 115BAB;
(iv) Changes in Minimum Alternate Tax within the meaning of section 115JB of the Income-tax Act, 1961. The rate has been reduced to 15% from 18.5%. Companies exercising their option u/s 115BAA and section 115BAB have been excluded from the applicability of section 115JB.
He touched on taxability of transactions related to buy-back of shares within the meaning of section 68 of the Companies Act, 2013 announced on 5th July, 2019. The Finance (No. 2) Act, 2019 had extended the application of Income Distribution Tax (IDT) vide section 115QA of the Income-tax Act, 1961. The speaker informed the gathering that tax on buy-back of shares (being shares listed on a recognised stock exchange) was not applicable on shares for which the public announcement was made before 5th July, 2019. In his presentation he also discussed and explained various topics such as (a) rollback of surcharges, and (b) booster package for corporates and their significant changes under sections 115BAA and 115BAB.
The speaker also explained related topics such as tax computation, surcharge computation, section 115BAB – Tax on income of individual new domestic manufacturing companies – and section 15BAA and their eligibility and MAT credit, etc.
The meeting was followed by an interesting question-answer session, with the speaker responding to all the queries raised by the participants.
Joint Secretary Mihir Sheth proposed the vote of thanks.
DIRECT TAX LAWS STUDY CIRCLE
The Direct Tax Laws Study Circle organised a meeting on ‘Assessment Proceedings – Making Representation in E-Proceeding Environment’ on 21st November, 2019.
Group leader Kinjal Bhuta divided the session into two parts: (i) Phase 1 – E-Assessment, and (ii) Phase 2 – the E-Assessment Scheme, 2019.
In Phase 1 she gave the background of the e-assessment process along with a chronology of events. She also took participants through the relevant provisions of the Act, the Rule and the CBDT instructions on e-assessments. She offered practical insights on various challenges faced while undertaking e-assessment proceedings and aspects that should be kept in mind while undertaking the e-assessment.
For Phase 2, she explained the recent E-Assessment Scheme 2019 notified by the CBDT through a process flow chart.
Kinjal Bhuta took questions from the group throughout the session to ensure maximum interactivity. Before concluding, she gave some tips and points to be kept in mind when undertaking assessments electronically.
The session concluded with a vote of thanks.
FIRST INTERNAL AUDIT RESIDENTIAL REFRESHER COURSE (IARRC)
In recognition of the expanding role of Internal Audit (IA) in corporate India, the BCAS constituted a new Committee for the year 2019-20 focusing only on Internal Audit.
The President, in his Annual Plan presented at the AGM, had expressed a desire that the Internal Audit Committee of BCAS organise an Internal Audit RRC. The maiden IARRC held at Rhythm Hotel, Lonavala, on 21st and 22nd November, 2019 was the culmination of the Committee’s efforts to make this wish come true.
The theme of the first IARRC was ‘Let’s Converge’. The Committee felt that with the emergence of IA as a key organisational function and an important area of professional practice, there was a need for convergence of ideas, technology and methodology.
The participants were welcomed on the first day of the event by President Manish Sampat. He stated that his annual plan had factored in the emerging areas of practice and he was privileged to host the 1st Flagship Event in his year as President.
IA Committee Chairman Uday Sathaye also welcomed the participants and explained the concept of RRC as originally conceived by BCAS and how it added value to the professional life of BCAS members by active participation.
Co-Chair Nandita Parekh gave a brief speech highlighting the theme of the IARRC, the programme schedule, the case study, the group discussion methodology and other arrangements. She also acknowledged the contribution of the Paper-Writers, Group Leaders, speakers and participants (82 from 12 locations) in making the event possible.
The first session was anchored by Mr. V. Swaminathan, Head, Corporate Audit & Assurance, Godrej Industries Limited. He presented a case study focusing on the need for the IA function to transform itself to meet the changing needs of organisations. He gave his insights on the case study, ‘Collaborate to Accelerate’.
The key take-away for the participants from the group discussion was to ‘Focus on the problem first before giving solutions’. Group Leaders were given an opportunity to summarise the views presented in their respective groups. Mr. Swaminathan made a powerful presentation with his detailed understanding of the issues at hand along with various pointers and solutions.
In the second session a paper on ‘Demystifying Cyber Risks’ was presented jointly by Ms Shivangi Nadkarni and Mr. Sameer Anja, co-founders of ARRKA, specialists in Data Privacy and Info Security. In their presentation they explained how it was easy to understand the various dimensions of cyber risks and the challenges related to data privacy and data ethics.
The third session had Mr. Mario Nazareth, Head, Internal Audit, Mahindra Group, presenting his views on ‘Reports and Presentations – How do we write / present to communicate effectively’. He captivated the audience with quotes, stories and insights based on his long innings in IA. The cartoons and anecdotes that were part of his presentation made the session quite lively. He concluded by imbibing the spirit of the IARRC theme, ‘Let’s Converge’, by suggesting adoption of common indicators and rating / grading terminology.
The day ended with a musical programme with singers regaling the audience with both old and new songs to match the age profile of the gathering. The highlight was a brief skit in which the members of the Committee presented different situations faced by Internal Auditors – and the singers came up with a suitable number to match each situation!
On the second day the proceedings began with a group discussion on a case study ‘Internal Audit: Covering the World from India’ based on a paper by Mr. Mukundan K.V., Chief Assurance & Risk Executive at Allcargo Global Logistics Limited. He dealt with the issues raised by the Group Leaders and gave practical solutions based on his experience.
The next session was a ‘first’ of its kind – a TedTalk-styled session on ‘Value Additions / Cost Savings Through Internal Audit’ by Mr. Bhargav Vatsaraj, Ashutosh Pednekar and Himanshu Vasa. Each one of them presented his views with relevant examples on the subject, highlighting their experiences and narrating their own stories. The session provided many take-aways to the participants for immediate use in their respective IA engagements.
The final session was a presentation paper on ‘Internal Auditors: Developing Antennas to Spot and Investigate Frauds’ by Chetan Dalal. He mesmerised the gathering with real-life stories and experiences. The session concluded on a very positive note with just one request – Yeh Dil Maange More!
All the participants were requested to give their feedback; and then a vote of thanks was proposed to the speakers, the participants, the BCAS staff and the hotel management. The participants bid goodbye to one another with a commitment to ‘Collaborate, Converge and Meet’ again next year. The IARRC succeeded in creating a positive impact and proved to be a unique learning experience.
LECTURE MEETING ON INSTITUTION BUILDING AND CORPORATE AYURVEDA
A lecture meeting on ‘Institution Building and Corporate Ayurveda’ was held at the BCAS Hall on 27th November 2019. Mr. R. Gopalakrishnan was the guest speaker. The meeting was attended by more than 75 members in person and was very well received.
Welcoming him and the members present both in person and online, President Manish Sampat gave his opening remarks on the bespoke topic chosen by the speaker. He explained the definition of institutions and said that great institutions are not built overnight but require hard work, perseverance and vision. He then introduced the speaker who had corporate experience of more than 52 years with some of the most valued and respected corporates; that was more than the age of those who were keen to listen to his lecture!
He informed the speaker that in March, 2019 his book Crash was reviewed in the BCAS Journal and presented him with a copy of the Journal carrying the review. Inviting the guest speaker to address the audience, he said that people were eager to know how companies could stay young despite their age, what it took to build institutions and whether there was any corporate mantra that could identify the ‘shapers’ of business.
Mr. Gopalakrishnan introduced his subject in a reflective mode, narrating his extensive experience in the corporate world in various senior positions. He said institutions needed to be differentiated from large companies just as one would differentiate monuments from large buildings. Monuments become institutions in themselves not just by the size but by the vision, intent and scale of their magnitude and contribution to society. This was how the shapers of the institutions stood out from the leaders. While leaders build successful businesses, shapers build them to last with success, turning them into institutions. In that context, he said that one needs to reflect on what institution builders do and what we can learn from them. Elaborating on the subject, he said that society had three types of people: Those who ‘Defend’, those who ‘Advance’ and those who ‘Earn’. Giving examples of each type, he explained that a nation needs the army and bureaucrats to defend the nation and the government. There are, on the other hand, people who are teachers, scientists and artists who advance the nation culturally. However, in order to support these two important constituents it is extremely important to harness those who can earn money. Business assumes this responsibility. Companies provide employment, pay taxes and contribute in the development of the country by supporting all three sections. However, out of these, those founded on strong principles and ethical values become institutions as their founders had the vision not only to earn money but to make them long-lasting to contribute to nation-building.
He then classified businesses into categories. On the one hand were companies which were successfully run and existed for more than 50 years and that had become institutions in themselves for various reasons. It would be safe to hazard a guess that they would enjoy long life even in future. They could be classified as ‘Gen C’ companies. On the other hand, there were companies which could be classified as ‘Gen L’ (companies that prospered in liberalised regimes) that have the potential to become institutions. However, both these types shared some common traits that earned them the privilege of becoming institutions. He expanded the concept by elaborating three management activities.
These were:
(i) Managers who just manage. They are junior-level personnel who just carry out management tasks and instructions;
(ii) Intervening management. They are middle- to senior-level managerial personnel who are involved in conflict management and aligning various factions to the direction that the organisation has adopted;
(iii) Top-level management whose function is to anticipate, give vision and direction to the organisation.
Mr. Gopalakrishnan then stressed that it is the strength of the third level of the management that can transform a successful business into an institution. This can happen by successfully focussing on some key areas such as:
(a) People relations, viz., respect, talent recognition, putting the right people for the right task;
(b) Short-term as well as long-term goals;
(c) Ability to do critical yet lateral thinking. Willingness to look at a challenge in a completely detached manner from outside and offering solutions beyond visible options on the plate by critically thinking what is the problem a part of, rather than just focussing on solving the problem;
(d) Breaking barriers without sinking the boat;
(e) Identifying levers of change;
(f) Orbit-changing that will change the trajectory;
(g) Understanding efficiency vs. effectiveness; and
(h) Act and take calculated risks rather than procrastinate and be in a witness mindset.
He then went on to draw a parallel between Ayurveda and the health of a company to suggest a remedy for a long life. Ayurveda attributed a long life to certain practices and thought patterns that one adopts in one’s life. Pulsating energy while living, continuous cultural advancement and ‘Eudomania’ (a persistent feeling of being well) were the secrets of a long life for an individual. Similarly, for organisations to live long there are certain practices that global companies adopt which help them to become institutions. He revealed that he was privileged to have studied Japanese, European and American companies and had noted the following practices that had helped them:
(1) Clear values and mission statement;
(2) Strategic and long-term approach;
(3) Human focus;
(4) Socially minded in building nation;
(5) Innovative, open to new ideas, adaptive;
(6) Eager to cultivate culture;
(7) Frugal yet adventurous for right spend; and
(8) Aligned in body, mind and soul, i.e., giving 100 % to achieve the vision set.
Concluding his talk, Mr. Gopalakrishnan said that while successful companies and leaders who build them are equally important, what makes a difference in society is the ability of ‘shapers’ who have the vision, passion and tenacity to turn successful business ventures into institutions that outlive their founders.
The meeting was followed by a question-and-answer session in which the speaker responded to all the queries raised from the floor of the house.
Joint Secretary Mihir Sheth proposed the vote of thanks.
ALL INDIA FEDERATION OF TAX PRACTITIONERS
A two-day National Tax Convention was organised by the All India Federation of Tax Practitioners (Western Zone) jointly with the Bombay Chartered Accountants’ Society (BCAS), the Chamber of Tax Consultants (CTC) and the Goods & Services Tax Practitioners’ Association of Maharashtra, Mumbai (GSTPAM) on 14th and 15th December, 2019 at Sahara Star, Mumbai.
The Convention was inaugurated by the Hon’ble Mr. Justice Ujjal Bhuyan of the Bombay High Court, along with the Hon’ble Mr. Justice P.P. Bhatt, President of the ITAT, and the Hon’ble Mr. P.H. Mali, President of the MSTT. Their words of wisdom were truly inspiring for all those present.
Welcome addresses were delivered at the inaugural session by the National President of the AIFTP, Dr. Ashok Saraf; the Deputy President of the AIFTP, Ms Nikita Badheka; the Chairman of the AIFTP-WZ, Mr. Deepak Shah; BCAS President Manish Sampat; the Vice-President of the CTC, Mr. Anish Thacker; and the President of the GSTPAM, Mr. Dinesh Tambde.
The Theme of the convention was ‘Complexities in Simplification’. It was organised with the aim of imparting education to members and to keep them abreast of important recent developments in Direct Tax and GST. There were five technical sessions and a panel discussion on various issues related to Direct and Indirect Tax. Delegates came from all over the country, with good participation from places such as Nagpur, Pune, Nashik, Sangli and Parbhani.
The speakers / paper writers for the technical papers were Mr. Mukesh Patel, advocate, Ahmedabad, Mr. Rahul Agarwal, advocate, Allahabad, Ms. Sujata Rangnekar, CA, Mumbai, Mr. Hiro Rai, advocate, Mumbai, and Mr. Umang Talati, CA, Mumbai.
Those taking part in the panel discussion were Mr. V. Shridharan, senior advocate, Mumbai, and Mr. Saurabh Soparkar, senior advocate, Ahmedabad; the moderator was Pradip Kapasi.
The speakers / paper writers had clearly put in a lot of hard work and their presentations were par excellence.
The Chairpersons for the various technical sessions, namely, Dr. K. Shivaram, senior advocate, Mumbai, Mr. Vikram Nankani, senior advocate, Mumbai, Mr. P.C. Joshi, advocate, Mumbai, Ms. Premlata Bansal, senior advocate, New Delhi, and Mr. Vinayak Patkar, advocate, Mumbai, shared their wisdom and expertise.
The topics selected were of every-day importance and were appreciated by all the delegates. There was excellent teamwork and coordination between all the joint organisers and the core committee members of all the associations involved.
FINCON – ‘THE WAY FORWARD’
BCAS was proud to partner with the Rotary Club of Coimbatore Spectrum on this innovative initiative. It was held at the Residency Towers Hotel, Coimbatore.
The BCAS contributed as a knowledge partner to the financial conclave for entrepreneurs, business leaders and finance professionals styled ‘FINCON – The Way Forward’, organised by the Rotary Club of Coimbatore Spectrum at Coimbatore on 21st December, 2019.
The conclave was conducted with the dual purpose of raising funds for the Rotary Club and enhancing the knowledge of the participants. The funds raised are proposed to be utilised for the various community service projects of the Rotary Club.
The deliberations at the conclave laid special emphasis on the small and medium enterprises (SMEs) sector and all the participants came from the local SME sector. SMEs play a vital role in the country’s economic activity and development. Thus, incubating and developing SMEs helps in achieving equitable and sustainable growth of the overall GDP of the country.
While SMEs have their own unique set of issues and challenges, however, there is an opportunity behind every challenge, especially during the current slowdown. Additionally, there have been numerous changes in the law, particularly relating to direct tax and GST. Further, various procedural and technological changes have impacted the operations of businesses. Laws have been becoming more stringent and the cost of non-compliance is rising. The conclave aimed at addressing the above-mentioned challenges faced by the SME sector.
BCAS was represented at the FINCON by President Manish Sampat and four speakers from the Core Group, namely, Past President Gautam Nayak, Hon. Secretary Samir Kapadia, Managing Committee member Chirag Doshi and the Convener of the International Economics Study Group of BCAS Harshad Shah.
ICAI Past President G. Ramaswamy was the chief guest.
President Manish Sampat gave a detailed presentation on the Society’s contributions and spoke about its educational activities, training initiatives and publications. He also spoke about the various representations made by BCAS from time to time for enacting better laws, implementation and procedural aspects to ensure efficient and transparent governance.
Gautam Nayak spoke about recent issues and key developments related to the direct tax laws impacting the SME sector. He spoke about the new tax rate regime for companies, concessional rate of taxes u/s 80 JJAA of the Income-tax Act, 1961, deemed dividend [section 2(22)(e)], tax issues related to conversion of companies to LLPs, tax issues on the issue of shares at a premium by closely-held companies, start-up angel tax, and the recently announced faceless assessment procedures.
Samir Kapadia spoke about the recent updates relating to the GST Act and dealt with issues relating to new e-return filing procedures, the proposed e-invoicing process, amendment to Rule 36(4) and the recommendations made by the GST Council in its 38th Council meeting relating to the further restrictions proposed on input tax credit, blocking of e-way bill generation facility in case of default in filing GSTR1 and the notification regarding the last date for filing appeals under GSTAT.
On his part, Chirag Doshi spoke about recent developments in the Companies Act and compliance issues relating to private and small companies. He covered some key definitions and concepts and relief available to private and small companies.
Harshad Shah spoke about the present economic scenario and the way forward for businesses. He gave a glimpse of the global economic scenario, including some global headwinds as observed in countries like Germany, the UK, Japan, China, among others. He also covered the state of the US economy. Another aspect of his talk was a sector-wise analysis of the Indian industry, particularly auto, real estate, construction, exports and agriculture.
There was notable interaction after every session.
Arranging such events in association with other organisations and moving to other cities is part of the BCAS’s Annual Plan for 2019-20 ‘to enhance and increase its reach beyond professionals and the city of Mumbai’. By partnering in this event, the Society also contributed to a social cause to raise funds for laudable community service projects such as upliftment of the rural girl child with a single parent, providing solar electrification for tribal houses, construction of low-cost housing and many other similar causes.
