Western India Regional Council of
The Institute of Chartered Accountants of India

(Setup by an Act of Parliament)

Chairman Communication

CA Lalit Bajaj

Dear Members,

In words of Robert Noyce, “Knowledge is power; and Knowledge shared is Power Multiplied”

At WIRC we understand the importance of knowledge sharing and how it helps empower the CA members, fraternity and country as a whole. Over the years we have continuously engaged members and other stake holders in knowledge sharing and continued learning. The quest for learning could not even be subdued by a global pandemic, instead only helped us to move towards a digital ecosystem.

WIRC Mentorship Program

Furthering with our cause of knowledge sharing, WIRC has launched a Mentorship Program for the members. Under the program, members can get assistance from experts in the field through on the job mentorship or through periodic assistance.

The members can opt for either “On Job Mentorship” wherein they shall undergo training at the actual work place of the mentors, or they can select “Periodic Assistance” under which, they can get assistance of various areas related to practice or industry on regular basis through online or offline mode.

It will be a great learning experience for the mentees to get mentorship from the stalwarts in our profession.

This initiative of WIRC will accelerate the growth of young CA’s and will lead to their all-round development.

WIRC Initiatives on Women Empowerment

“If you want to walk fast, walk alone. But if you want to walk far, walk together”.
The quote by legendary industrialist and philanthropist Mr. Ratan Tata, highlights that far fetched targets can be easily achieved by working together as a team. We at WIRC are dedicated to developing a holistic approach for overall development of all members. In a bid to encourage and empower women members, WIRC has planned to create professional opportunities for women by creating a pool of women members looking to get back into profession after a personal/ professional break. This pool shall be available on WIRC platform for industry and firms to engage the resources.

Resumption of Business Post Covid 19

The global economy has witnessed unprecedented turbulence in FY21 due to pandemic. The major economies have posted great dip in GDP growth figures in Q1FY21 majorly due to strict lockdown imposed by the countries. However, as we look ahead, the organisations, business and economy are getting back on track. This can be seconded by record GST collections in Aug 20, which is almost back to pre Covid era.

As chartered accountants, we have played a major role in this recovery, as we tirelessly helped business to stabilise and recover from the repercussion of Covid 19. However, the task is still far from completed and we shall ensure that we continue the business as always.

Implementation of E-invoicing

The GST council in its 35th Meeting has introduced the concept of E Invoicing, wherein B2B invoices generated by organisations shall be authenticated by GST Portal. The concept aims at elimination of manual data while filing GST returns.

The concept, which was initially scheduled to be initiated from 1st April 2020, has now been deployed for organisations with turnover more than Rs 500 crore from 1st October 2020.

The concept of E invoicing is a major leap towards automated accounting in businesses and as Chartered Accountants we need to rapidly adapt to the new concept and also assist the organisations in adapting the same.

In order to help the members, understand the concept of E-invoicing, WIRC shall be arranging several Virtual CPE Meetings for the members and other stake holders.

Faceless assessments scheme

With a view to make the assessment procedure more transparent and non partial, the central government has introduced the concept of faceless assessment. The scheme is a major deviation from the existing practice, and we need to be updated to help our clients.

With a view to assist members in understanding the concept of Faceless assessment, WIRC has organized as Virtual CPE Meeting on “Faceless Assessment”. The event was honored by presence of expert dignitaries from Income Tax Department.

Industry based VCM

As Chartered Accountants, we need to have proper understanding of various challenges and issues being faced by the industries. With a view to update the member regarding the same WIRC has organized an insightful Virtual CPE Meetings on Real Estate Sector - Critical Issues & Aspects.

Further VCMs on Opportunities in NCLT, SAT, CCI for Cas; Labour Laws; Future of SEZs after 2020 and on Professional Opportunities in IPR & Gujarat Industrial Policy 2020 was widely appreciated by the members.

During the month we also had an interactive session with members in Power, Energy, Oil and Gas industry. The session was attended by stalwarts in the industry and they provided useful insights into the operation, issues and challenges faced by the industry. The meeting was well appreciated by the members.

Opportunities for members

WIRC is committed to ensure that members are always presented with unique opportunities and that they are ready to face the challenges that come along with the opportunities.

With a view to help the members refresh the knowledge in various professional areas, WIRC has organized Refresher Courses on Due Diligence, Investment Banking, M&A Advisory for SMP and Refresher Course on Internal Audit and on Representation Skills.

Participants at these courses were highly appreciative of IRC organizing these courses as this is the perfect time to brush up their knowledge base across sectors.

Keeping pace with technology

Data analysis is fast coming to the fore as an important skill set and business offering. Realizing this, WIRC organized a Virtual Program on Python used for Business Analytics as Python can be used to describe and categorize data, streamline workflows, and create visualizations which could be an important tool in the near future.

Helpdesk for senior members on SSP Portal

As we are aware, that Self Service Portal of ICAI has now been fully implemented by ICAI and members can avail numerous services just within few clicks. However, in order to assist the senior members in properly navigating through the SSP portal, WIRC has launched a Help Desk for Senior Members to help them being comfortable in SSP Portal.

WIRC Reference Manual 2020-21

Members can order the WIRC Reference Manual 2020-21 from https://www.wirc-icai.org/manualspurchase/272-purchase-of-publication/individualregistration

I shall conclude with the great words of Mahatma Gandhi, Father of the Nation as we celebrated his 151st birth anniversary and hope that we at WIRC continue to live by it: “Live as if you were to die tomorrow. Learn as if you were to live forever.”

Take care, stay safe and remain healthy

Best Regards,
Yours Sincerely,
CA. Lalit Bajaj