Dear Professional Colleagues,
The Indian economy is in the grip of an unusual depression due to structural and cyclical causes, leading to real GDP growth contracting to 5% in the quarter ending June 2019. Tapering GDP growth required expansionary impulses to revive the economy. To improve sentiment & revive the economy, Government of India has announced slew of measures like improving Ease of Doing Business via facilitation of start-ups, capital infusion in Banks, etc.
Taking this further, the Finance Minister, in order to give impetus to the economy and to boost ‘Make in India’, announced an unprecedented reduction in corporate tax rates. This major policy change will make Indian corporate tax rates internationally competitive and will also incentivize Indian and foreign companies to set up in India in the times of global Trade Wars. India Inc. has applauded this positive tax measure. The new, reduced tax rate on the new manufacturing companies has been like a surgical strike to arrest economic slowdown. RBI has also continued to reduce the repo rate in turn passing the benefit to final consumer. These visionary measures will help to build a new India.
Today, Chartered Accountants play an important role in contributing to strategic decision-making. They are the ambassadors of the country’s economic system and Partners in Nation Building - interfacing between government & tax-paying companies and individuals. CAs are committed to their work and the key to their success is that they possess an ethical mindset, creativity, analytical & presentation skills, professional equanimity and collaborativeness.
The recent announcements are opening up various opportunities for Chartered Accountants. We, Chartered Accountants, can be guides to the various stakeholders during turbulent times to evaluate various alternatives to reap the desired benefits of the announced measures. Thereby, we can truly play the role of the partner in nation-building. I am proud to say that Chartered Accountants inherently believe and follow the words of Swami Vivekananda, “When you are doing any work, do it as worship, as the highest worship, and devote your whole life to it for the time being.”
Technology plays an important role in today’s digital era in the CA Profession. The WIRC has organised a National Seminar on Digital Accounting Profession 2.0 – Taking Fresh Guard for building the digital competency of members. We thank Digital Accounting & Assurance Board (DAAB), ICAI, for extending their support. The lecture meeting on Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019, was very well accepted by members where Principal Chief Commissioner, CGST, and the speaker explained about the scheme and addressed all the issues raised by members. WIRC Publication ‘E-Guide on Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019’ was published in the said program and is available to all members in electronic mode. The interactive meeting of members along with the officials of Registrar of Firms, Maharashtra State was very fruitful. It has supported the members to solve issues surrounding it. The speakers in the seminar on Valuation of Securities & Financial Assets have given insightful learning and added value to the knowledge of all participants. Seminars on various topics including GST, Standards on Auditing etc. were organised which upgraded the skills of members. The President felicitated the Indian physically challenged cricket team for winning the 6 Nation T-20 Physical Disability World Cricket Series 2019. The interaction with the newly qualified CA members of KalyanDombivli, Vasai & Vapi Branches during the Branch visits was insightful.
The WIRC also received an opportunity to support the Campus Interviews, Orientation Program, Mock Interviews, Group discussions for newly qualified CA members organised by Committee for Members in Industry & Business at Mumbai. We have initiated the program of counselling the students by visiting colleges and Chairperson along with the members, Board of Studies, University of Mumbai have extended their support for the noble cause of guiding the students for joining CA course.
We have planned Indirect Tax Refresher Course – GST 2.0, Banking Summit, National Women Conference – Women 2.0 and seminars on various relevant topics including Transfer Pricing, Taxation, Ind-AS, forensic Audit, Internal Audit etc. The lecture meetings on analysis of The Taxation Laws (Amendment) Ordinance, 2019 – Impact of taxation measures & on Economy & Capital Market, E-Assessment are organised. ICAI International Conference ‘Accountancy Profession: Catalysing Reforms, Creating Values’ is also planned in Mumbai this year. The lecture meeting on our WIRC theme ‘Powered by Professionalism, Driven by Values’ shall be addressed by Shri Gnanvatsal Swamiji. All are invited to take benefit of these programs.
I look forward to meeting you in the forthcoming programs. I wish you a Happy Diwali & Saal Mubarak! May this Diwali enlighten you and your family. Let us celebrate this festival of light in the true sense by removing the darkness of ignorance through the light of knowledge. Once again, I wish a Happy Diwali and prosperous New Year to you.
With Best Wishes,
CA. Priti Paras Savla