GROUP PHOTO DURING ANNUAL GENERAL MEETING · CMA BHAVAN Date of Publication on 16-06-2020 & Date of...

CMA BHAVAN

Date of Publication on 16-06-2020 & Date of Posting on 17-07-2020

GROUP PHOTO DURING ANNUAL GENERAL MEETINGL-RCMA Vijay Kiran Agastya, CMA Khaja Jalal Uddin,

CMA Hima Vidya S, CMA Lavanya KVN, CMA Lavanya Kanduri, CMA K.Ch.A.V.S.N. Murthy, CMA M. Venkateshwarlu,

CMA P.Chandra Sekhara Reddy

Volume No. 8, Issue No. 1, July 2020

AUGUGST, 2020

Compliance Due Date

Concerned (Reporting) Period

Compliance Detail Applicable To

HYDERABAD CIRCUIT - JULY, 2O20

I promise to serve you to the best of my ability.

When technology is changing at a dizzy rate, creativity and inspiring innovation are two key

elements for success. Efforts are initiated to bring about innovative content in all our programs to

enhance the value quotient of our profession. We strive to demonstrate our capabilities both for

Industry and Agriculture with cohesion. For attaining this goal, it is important that we put in more

efforts and work on the strategies relentlessly

Thank you one and all my dear professional colleagues for providing me an opportunity to serve

you as Chairman of this Prestigious ICAI, Hyderabad Chapter. Brimming with hopes and

aspirations let this be a year of most knowledge gaining year for our profession.

I pray to God to give you good health and to your family members under these pandemic conditions.

My heartfelt condolences to the bereaved families of our Veera Jawans.

Gurubhyo Namah ! My Gurus B.V. Rao Garu and N.G. Rao Garu, My Mentor Vijay Kiran Agastya

Garu.

Dear Professional Colleagues,

Think big

and

use Your complete resources to achieve it,

You will definitely achieve,

it may take more time than

Your estimate but you will.

With best regards,

CMA M. Venkateshwarlu B.Sc., M.Com., FCMA

AUGUGST, 2020

Compliance Due Date



While saying `Adieu', I look forward for your valuable inputs in the future for making our `Circuit' increasingly better in terms of the information brought to you. We will always cherish your inputs in this regard.

In addition to our regular and essential updates, such as Performance Track of Subcommittees, Finance Clips, CMA Update & Compliance Calendar, from the current edition of Circuit we promise to include various other interesting columns.

You find HCCA in action. For a start, you read the statements of purpose of sub-committees on their activities as per the functions assigned to them. Our chairman has started synergizing the efforts & initiatives of all his team members. Several initiatives are planned by various new subcommittees to keep HCCA in action.

I also have the pleasure of extending a hearty welcome to our New Chairman CMA M. Venkateswarlu. He has accepted this pivotal role and is focused on facilitating services to MSME and agricultural sectors. He has come with several new ideas. He has initiated setting up of a subcommittee on INNOVATIONS. He is keen in the overall development of HCCA.

Reflecting specifically on our sphere of experience and influence, this month has marked a gamut of changes, right from the change in Management Committee. I will take the privilege and honor of placing on record, the great services rendered by our immediate past chairperson CMA KVN Lavanya and her team. Ex-Chairperson has left no stone unturned in her pursuit of implementing a host of great ideas, many of which will continue to be in force for a long time to come.

We are faced with a situation that provides opportunity—and a need—for many companies to build competencies they wish they had invested in before. These could be any or all of the aspects like having an increased/improved digital footprint, being data driven, have more variable cost structures, agile operations and automation.

The coronavirus pandemic has a profound impact on people's health, business and economy. It made the future uncertain. The crisis has also given us, as professionals, the opportunity to learn some crucial lessons that can strengthen our role and contribute to the welfare of the society. The process for a vaccine to become available is time consuming. Businesses around the world have already started reorganizing themselves and adapting to the COVID situations by ensuring compliance with all the guidelines issued by the authorities. This is a time for all of us to assimilate our experiences, plan and adapt for a post pandemic world.

The Future is uncertain, but the end is always near- Jim Morrison

At the outset, I am glad to be associated with our prestigious chapter publication, starting with this July edition of `CIRCUIT`.

Dear Professional Colleagues,

With best regards,

CMA Lavanya Kanduri M.Com.,M.B.A., ACMA., (PhD)


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11 4 2 0 0 0 0 0 0 0 0 0 17

MANAGING COMMITTEE 2020-21

CHAIRMANCMA M. Venkateshwarlu

email: [email protected]

VICE-CHAIRMANCMA Khaja Jalal Uddin


SECRETARYHima Vidya S.


TREASURERCMA Lavanya Kanduri


MEMBERCMA Lavanya K.V.N


MEMBERCMA Sirisha C


MEMBER

CMA K. Someswara Babuemail: [email protected]

MEMBERCMA Kalyani P


EDITORIAL BOARD

CHAIRPERSON CMA Lavanya Kanduri

MENTOR CMA J.S. Anand, Past Chairman-HCCA

CMA Sai Harika Pavani

MEMBER

CMA Rajapeta Satyanarayana Yadav CMA Rama Narasimham Nimishakavi

11 149

PerformanceTrack

4

Sub-CommitteeMembers

1815

PhotoGallery

2925

SUB-COMMITTEE MEMBERS AND THEIR MISSION

CMA Khaja Jalal Uddin Chairman

Mission:- Brand Name & Identity, Branding across various Media, Website,Picking the right target audience & reaching out to them, Meeting with CFO & CEO

Chairman-Branding &Media Sub-Committee

CMA J.S. AnandAdvisorCMA Vijay Kiran Agastya - Member, SIRC of ICMAI MentorMr. S. Venkata Rama Rao

Mr. Shyank Kaushik

Ms. M. Jayasree

Mr. Harsh Bingani

Mr. Jagan Mohan

Student MembersCMA G. Suresh Kumar Verma

CMA I. Shravanthi

CMA Rama Narasimham Nimishakavi

CMA N. Ganesh

MembersCMA M. Venkateshwarlu Chairman

Mission:- "Ideas on how to make our profession more attractive to Students, Members and more useful to Organisations".

Innovative Thoughts Sub-Committee

CMA Dr. Chandra Sekhar Rajanala

MentorCMA N. Ganesh

CMA Khaja Jalal Uddin

MembersCMA M. Venkateshwarlu -Chairman

Mission :- Best training facilities and selection of best lectures with world class standards

Coaching Admin. Sub-Committee

CMA Mallikharjuna Gupta

Chairperson

CMA Koteswara Rao

CMA C. Vajralingam

CMA Adthya

CMA Alakanandha

CMA Usha Sundari

Circuit Editorial BoardMission:-Constantly strive to collect, collate and publish practically applicable

knowledge & experiences along with latest news and updates.

Chairperson

CMA Lavanya Kanduri

CMA Hima Vidya Sanagavarapu

CMA Farook Musthafa

CMA Someswara Rao

Members

Advisors

CMA Santosh

CMA Singupally Surendra Naidu

CMA Surendra Kumar

Members

CMA Khaja Jalal Uddin –Chairman

Chairman

Mission : �The sub-committee aims at focusing on practicing cost accountants to

enrich their practice in MSME.

MSME Helpdesk Sub-Committee

CMA Kedarnath P.

CMA G. Tharak Raj

CMA Sai Kumar Goud

CMA Sudha Rani V.

Members

Misson: To facilitate maintaining and enhancing pro credentials

Professional Development Sub-Committee

CMA Uday Shankar

Mentor

CMA D.L.S. Sreshti

Student Services Sub-CommitteeMission:- The sub-committee aims at focusing on mentoring of students, creating

adequate networking platform for students, strengthening the Student Circuit and

attending to the technical needs of the students with regard to examination

preparation using a more collaborative platform.

Chairperson

CMA Lavanya K.V.N

Members

CMA Soumya Jhunjhunwala, Member


CMA Faisal Ali Khan – Member

Advisors

CMA Vijay Kiran Agastya - Member, SIRC of ICMAI

Practitioners Forum Sub-CommitteeMission: Sub Committee also Focus on new practicing Cost Accountants

empowerment with respect to various types of Avenues. Also designing Course called

New Practicing Cost Accountant Career planning Course, Twice in a year

Also New Practicing Cost Accountants help desk which include providing a place with

work station and other resources

CMA Bhanu Prakash

CMA Niharika

CMA BVL Narasimha Reddy

CMA Rajasekhar

Members

CMA Lavanya Kanduri

Chairperson

Mission: Focus on nurturing sustainable relationships and driving members for

professional momentum

Members' Services Sub-Committee

CMA J.S. Anand, Past Chairman-HCCA

Mentor


CMA Rama Narasimham Nimishakavi

CMA R. Satya Narayana Yadav

Members

CMA Narasimha Rao,

CMA Tappeta Sudhakar Reddy,

Advisors:

CMA AVNS Nageswara Rao

CMA M Kameswara Rao

Chairman - Taxation Sub-Committee

Mission

Objectives of Taxation Sub committee :-

1. Highlighting Scope of Practicing CMA'S in Taxation.

2. Conducting Sessions on Income Tax and GST with professionals.

3. Learning sessions for members on Taxation and interactive sessions with CGST

and SGST officials at regular intervals.

4.Training on I.Tax returns and GST Returns filing.

5. Appeals and other litigation matters with Tribunals of Income tax and GST.

6.If any issues relating to other taxes and duties such as Vat, Customs etc.

Chairman

CMA K. Someswara Babu

Members

CMA K.V.N. Lavanya

CMA Hima Vidya S.

CMA S. Nagendra Kumar

CMA B. Mallikharjuna Gupta

CMA P. Kedarnath

CMA N. Jagannath

Chairman

Members:

CMA S Narendra Kumar,

CMA NSV Krishna Rao,

CMA MP Arun Kumar,

CMA J Naresh,

CMA E Veera Bradram,

CMA P Chandra sekhara Reddy,

Performance Track333


The Annual General Meeting of the Hyderabad chapter was held on 20th June, 2020 through

Video conference. The following office-bearers have been elected in the management

committee meeting of Hyderabad Chapter for the year 2020-21.

20.06.2020 – Annual General Meeting

Management Information System report plays a key role in improving performance,

productivity, and profitability of the organization. It provides the necessary information to

managers and supervisors at various levels to help them to discharge their functions of

organising, planning, control and decision making. CMA T.C.A. Srinivasa Prasad is a

proficient in our profession and respected for his knowledge and work. He has detailed about

MIS Development, Key Performance Indicators (KPIs) in CMA Perspective i.e Resource

Utilization, TEP vs industry Stds, Treasury Management, Customer Retention, Customer

Service Cost, Supplier Compliance, People Profit Chain, Logistics Management, TPM &

TQM, and Various Reports.

16.06.2020 – Management Information System and Reports

We have conducted an interactive meeting with all Past Chairmen on 13th June 2020 at 5.30

pm through video conferencing to discuss the Chapter activities being carried out in a year.

13.06.2020 Interactive session with Past Chairmen & Past President

Performance Track333


We have sent the representations received from our members related to GST Law &

Procedures (both IT & Legal) proposed to be discussed in the Grievance Redressal

Committee (GRC) meeting to be held on 30.06.2020

30.06.2020 Representations related to GST Law & Procedures sent to Grievance

Redressal Committee

We have scheduled a meeting of all Past Chairman and Past Presidents from Hyderabad

on 26th June, 2020 through Video conferencing for their suggestions. Our past chairmen

and past presidents gave their valuable suggestions for the improvement of our chapter.

26.06.2020- Meeting with Past Chairmen and Past Presidents

This Meeting was attended by 30 plus CMAs and almost all the CMAs have admitted that

our Institute should involve in the subject of agricultural costing. CMA D. Zitendra Rao,

CMA M. Venkateshwarlu, CMA Debaraja Sahu, CMA D. Venkateswarlu, CMA Janardhan

Reddy, CMA Lavanya K.V.N, CMA Surya Prakasham, CMA Ramana Murthy, CMA

Revala, CMA N. Krishnan, CMA Khaja Jalal Uddin expressed their views. We have

forwarded the views of our members to take a move towards Agricultural Costing.

21.06.2020 Brain – Storming session on “Agricultural Costing”


To be disclosed in 'Ineligible ITC' column during the month.

Disclosure in GSTR 3B

W.e.f 1.4.2019 under new scheme, the Input Tax Credit is not be eligible and any available ITC balance cannot be used for payment of such GST liability.

Input Tax Credit

• Rate of 5% for commercial apartments in projects with commercial area not more than 15%.

• Rate of 5% for residential apartments which are non – affordable housing;

• Rate of 1% in case of apartments under affordable housing;

GST is applicable with effect from April 1st 2019 at the rate of:

A. New Scheme

OVERVIEW – NEW RATE AND OLD RATE REGIME

GST Impact onReal Estate Industry

CMA Manasa Reddy BonamRamky Estates and Farms Limited

A. Points to ponder

For Residential and Commercial apartments:

DEVELOPMENT RIGHTS

Note: Booked prior to 01.04.2019, new rate shall be applicable on installments payable on or after 01.04.2019.

In case the developer wishes to continue with the existing scheme, he has to opt for the same by filing the prescribed form - IV on or before 20thMay 2019. The option of going into new scheme or continue with the existing scheme is based on the project and the said project is as per the meaning given for Real Estate Project under Real Estate Regulation Act (RERA).

B. Old Scheme

Note 1: In case of Residential: The developer is liable to pay GST under Reverse Charge Mechanism. For units remaining unsold on Completion Certificate (CC) at the rate of 18%. However it is restricted to 5% on theValue of flat sold closer to the CC date.

Note 2: In case of Commercial: It is exempt.

The Time of Supply will be the 'date of completion / occupancy certificate in the case where tax is to be remitted by the Builder/Developer.

A. Time of supply and Valuation in case of Development rights:

Time of supply would be earlier of (a) percentage of completion or (b) date of OC/CC for project. Rate of

tax and value of supply (of development rights) would be 18% on deemed value on RCM basis.

The Value of supply to be derived from the valuation method in explanation 1A of 04/2019 on the date when development rights were transferred, i.e, date of joint-development agreement.

B. Point to ponder:

In respect of all projects the DRs supply which are 'intended for sale' is fallen under reverse

Charge mechanism whether Landowner is registered or unregistered (05/2019);

In respect of residential projects for supply of DRs that are 'intended for sale' is fully exempted fromunder RCM where units are sold by date of OC/CC.


Relevant definitions extract for reference

RREP: The term “Residential Real Estate Project

(RREP) has been defined in the notification to

mean a REP in which the carpet area of the

commercial apartments is not more than 15% of

the total carpet area of all the apartments in the

REP.

REP: Real Estate Project (REP) as per

explanation 4(xviii) of notification No. 3/2019 ibid,

the definition would be as per section 2(zn) of the

RERA which defines the term REP as: The

development of a building or a building consisting

of apartments, or converting an existing building

or a part thereof into apartments, or The

development of land into plots or apartment, as

the case may be, for the purpose of selling all or

some of the said apartments or plots or building,

as the case may be, and also includes the

common areas, the development works, all

improvements and structures thereon, and all

easement, rights and appurtenances belonging

thereto.

Carpet area: It is defined in clause (k) of section

2 of the RERA, 2016 and the same has been

adopted in the notification.

Project: As per paragraph 4 (xv) of notification

No. 3/2019 ibid, “Project” shall mean a Real

Estate Project (REP) or Residential Real Estate

Project (RREP).

Affordable residential apartment has been

defined to extend the scope to include

apartments having carpet area of 60 sqm/90 sqm

and where consideration does not exceed Rs. 45

lakhs. The definition is as per explanation 4(xvi)

of notification No. 3/2019

Fra Luca Bartolomeo de Pacioli (sometimes

Paccioli or Paciolo- 1447 AD to 1517 AD)was an

Ital ian mathematician, Franciscan friar,

collaborator with Leonardo da Vinci, and an early

contributor to the field now known as accounting.

He is referred to as "The Father of Accounting and

Bookkeeping" in Europe and he was the second

person to publish a work on the double-entry

system of book-keeping on the continent. He was

also called Luca di Borgo after his birthplace,

Borgo Sansepolcro, Tuscany.

Impact on accounting and business:

Pacioli dramatically affected the practice of

accounting by describing the double-entry

accounting method used in parts of Italy. This

revolutionized how businesses oversaw their

operations, enabling improved efficiency and

profitability. The Summa's section on accounting

was used internationally as an accounting

textbook up to the mid-16th century. The

essentials of double-entry accounting have for the

most part remain unchanged for over 500 years.

"Accounting practitioners in public accounting,

industry, and not-for-profit organizations, as well

as investors, lending institutions, business firms,

and all other users for financial information are

indebted to Luca Pacioli for his monumental role in

the development of accounting.

The ICAEW Library's rare book collection at

Chartered Accountants' Hall holds the complete

published works of Luca Pacioli. Sections of two of

Pacioli's books, 'Summa de arithmetica' and

'Divina proportione' can be viewed online using

'Turning the Pages', an interactive tool developed

by the British Library.

Genesis of Double Entry Book Keeping

- compiled by CMA J.S. Anand



• BULK UDIN: UDIN generation in bulk for

Certificates is now available on UDIN Portal. Using

this facility now the members of ICAI will be able to

generate UDIN in bulk (upto 300) in one go and for

details refer to portal. https://udin.icai.org/register.

• ICAI Membership fees: The ICAI Council has

decided to give an option to pay advance

Membership/COP fee in exact amount for 10 years

along with GST as a final payment and in case of any

shortfall owing to revision of fee in future; their

Name/COP will not be removed from the register of

members on account of such revision. This facility

will be applicable w.e.f. 1st April, 2020.

• Company Secretary for Banks: RBI in its

discussion paper dated 12th June, 2020 has

indicated that all banks whether listed or otherwise

shall have a Company Secretary who is bound by

the professional standards of a Company secretary.

The secretary shall report to the Chair of the board

and the discussion paper is open for comments and

suggestions etc., from stakeholders by 15th July,

2020 and for details refer to www.rbi.gov.in

• CS exam postponed: The Institute of Company

Secretaries of India, after considering the prevalent

situation due to COVID-19 Pandemic, has decided

to further postpone its June-2020 Session

Examinations of Foundation Programme, Executive

Programme, Professional Programme and Post

Membership Qualification (PMQ) scheduled to be

held from 6th July to 16th July, 2020. The

examinations of the above session will now be held

from 18th August to 28th August, 2020. Further, ICSI

allows students to opt for Dec 2020 exam vide

notification dated 17-6-2020 and for details refer to

www.icsi.org

• CMA June 2020 exams postponed: The CMA

Foundation, Intermediate and Final examinations

that were scheduled from 20th-28th July, 2020 will

now commence from 1st September, 2020 and for

details refer to www.icmai.in

• Cost Inflation Index FY 2020-21: CBDT Notified

that the Cost Inflation Index under Sec 48 of IT Act

1961 for FY 2020-21 will be 301 and the same is

applicable from 1st April, 2020 and for AY 2021-22

vide Notification No.32/2020 dated 12th June,2020

and for details refer to www.incometaxindia.gov.in

• Opt out option for CA July 2020 exam: ICAI has

announced that the students (who have already

submitted online examination application for May

2020 Examination cycle) shall be allowed to OPT-

OUT and carry forward their candidature to next

examination i.e. November, 2020 examination cycle

and for details refer to www.icai.org

• Auditor’s Return: Auditors are required to file

NFRA-2e Form which is notified on 9th Dec, 2020

are required to file Return within 210 days from the

date of notification of the Form and for details refer to

www.mca.gov.in

• Advisory on disclosures in Audit Report:

Technical Cell (Cost Audit & Statutory Compliances)

of The Institute of Cost Accountants India has

considered this challenge faced by the

Professionals engaged in Audit & Assurance

Function and has come out with this Advisory on

Disclosures in the Audit Report in light of the

Lockdown due to COVID19 Pandemic. The Advisory

gives Model Disclosures that can be used by the

Audit & Assurance Professionals (including Cost

Auditors) considering the limitations in Audit

Processes due to Lockdown on account of COVID19

Pandemic and for details refer to www.icmai.in

• Furnishing Annual Secretarial Report: SEBI has

extended the due date of furnish Annual Secretarial

Report for FY 2019-20 to 31st July, 2020 and for

details refer to www.sebi.gov.in

• Registration to CA Foundation course date

extended: The Council of the ICAI has relaxed the

eligibility criteria to register in Foundation Course

due to outbreak of COVID19 as a one-time measure

and has extended the last date for registration to the

Foundation Course from 30th June, 2020 to 31st

August 2020 and for details refer to www.icai.org


CMA UPDATE GENERAL

• Further revision in MSME definitions: Government has further revised the limits in the definition of MSMEs which now states for Micro Enterprises, Small enterprises & Medium enterprises the revised limits are Capitals of Rs 1, 5, 50 crore and Turnover limits would be Rs 5,50 & 250 Crores respectively vide announcement made giving effect to them from 1st July, 2020 by the Government. As part of new definition, Exports will not be counted in turnover for any enterprises whether micro, small or medium.

• PM launches CHAMPIONS platform: Prime Minister Shri Narendra Modi today launched the technology platform CHAMPIONS which stands for:

Creation and Harmonious Application of Modern Processes for Increasing the Output and National Strength for MSMEs vide PIB dated 1st June, 2020.

• Scheme for street vendors: A Memorandum of Understanding has been signed on 19th June, 2020 between Ministry of Housing & Urban Affairs and Small Industries Development Bank of India (SIDBI), here today, in order to engage SIDBI as the Implementation Agency for PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) – a Special Micro-Credit Facility for Street Vendors.

• Filing dates of IT Returns extended: The Government has issued a Notification on 24th June, 2020, the salient features of which are:

I. The time for filing of original as well as revised income-tax returns for the FY 2018-19 (AY 2019-20) has been extended to 31st July, 2020. II. Due date for income tax return for the FY 2019-20 (AY 2020-21) has been extended to 30th November, 2020. Hence, the returns of income which are required to be filed by 31st July, 2020 and 31st October, 2020 c a n b e f i l e d u p t o 3 0 t h N o v e m b e r , 2020.Consequently, the date for furnishing tax audit report has also been extended to 31st October, 2020

and for details refer to CBDT’s Notification dated 24th June, 2020 on www.incometaxindia.gov.in

MSMEs: Government has notified Investment and Turnover criteria for MSMEs vide Notification dated 26th June, 2020.

LABOUR

• Amendments to EPF: EPFO has notified that the Employer contributions to the social security scheme run by the EPFO shall be 10 per cent of the wages of May, June and July which would stand due in June, July and August, respectively and for details refer towww.epfo.gov.in

GST

• Clarification on applicability of GST on Directors: CBIC clarified that the remuneration paid to such independent directors, or those directors, by whatever name called, who are not employees of the said company, is taxable in hands of the company, on reverse charge basis and for details refer to Circular No. 140/09/2020-GST dated 10th June, 2020.

• NIL GST Return through SMS: In a significant move towards taxpayer facilitation, the Government has allowed filing of NIL GST monthly return in FORM GSTR-3B through SMS from 1/7/2020. This would substantially improve ease of GST compliance for over 22 lakh registered taxpayers who had to otherwise log into their account on the common portal and then file their returns every month. Now, these taxpayers with NIL liability need not log on to the GST Portal and may file their NIL returns through a SMS and for details refer to www.gst.gov.in

• 40th GST Council meeting: FM held 40th GST Council meeting on 12th June, 2020 through Video conference and the meeting took important decisions like - 'NIL' late fee if there is no tax liability; 'Maximum late fee capped at Rs.500/- per return if there is any tax liability, for filing of application for revocation of cancellation of registration extended upto 30.09.2020, in all cases where registrations have been cancelled till 12.06.2020 and for full details refer to www.gst.gov.in

• GST issue on Directors clarifications of CBIC: CBIC has clarified that the part of Director's remuneration which is declared separately 'other than salaries' in the Company's accounts and subjected to TDS under Section 194J of the IT Act as


'Fees for professional or Technical Services' shall be treated as consideration for providing services which are outside the scope of Schedule III of the CGST Act, and is therefore, taxable and covered under reverse charge mechanism in terms of Notification No. 13/2017 – Central Tax (Rate) dated 28.06.2017(as amended), the recipient of the said services i.e. the Company, is liable to discharge the applicable GST on it. Now, it is amply clear that in case of directors the part of remuneration accounted for as salaries in the books of accounts and TDS deducted under Section 192, GST is not applicable therefore no liability under RCM and for details refer to www.cbic.gov.in

• GST Refund clarification: CBIC clarified that refund of ITC invoices relating to imports, ISD invoices and the inward supplies liable to Reverse Charge (RCM supplies) will be processed based on other means of verification and not be restricted if the same is not appearing in GSTR 2A of the applicant and for details refer to www.cbic.gov.in

• File GSTR-3B/GSTR-1 through EVC: GST Registered person who are also registered under the provisions of the Companies Act, 2013 are allowed to file Form GSTR-3B/GSTR- 1 using EVC, vide Notification No. 48/2020 – Central Tax dated 19.06.2020 and refer to it on www.cbic.gov.in

• GSTR-3B Return: CBIC extended the due date for furnishing FORM GSTR-3B for supply made in the month of August, 2020 for taxpayers with annual turnover up to Rs.5 crore to 1st Oct 2020 and for full details refer to Notification No. 54/2020-Central Tax Dated 24th June, 2020.

RBI

• Payment systems compliances date extended: RBI has extended the time line for compliance with various payment system requirements RBI/2019-20/251 DPSS.CO.PD.No.1897/02.14.003/2019-20 dated 4th June, 2020 and for details refer to www.rbi.gov.in

CUSTOMS

• Faceless Assessment of BEs: Notification No.50/2020-Customs dated 5th June, 2020 has been issued by CBIC to empower Customs officers as ‘proper officers’ to conduct faceless or remote assessment of Bills of Entry filed under Section 46 of the Customs Act, 1962 for import in another Customs station and for details refer to www.cbic.gov.in

Faceless assessment by CBIC: CBIC has issued Circular No.28/2020-Customs dated 5th June, 2020 regarding Faceless Assessment by CBIC and for details refer the circular on www.cbic.gov.in

• End to End paperless Exports: Shri Ajit Kumar, Chairman, Central Board of Indirect Taxes and Customs (CBIC) on 24-6-2020 unveiled a Secure QR coded Shipping Bill that would be electronically sent to exporters after the Customs allows export. This eliminates in one stroke the requirement of the exporters having to approach the Customs officers for proof of export. This also makes the end to end Customs export process fully electronic, from the filing of the Shipping Bill to the final order to allow export. Today’s initiative in yet another step taken by CBIC for fulfilling its commitment to a Faceless, Paperless, and Contactless Customs under the umbrella of its “Turant Customs” programme and for details refer to www.cbic.gov.in

• Electronic Shipping Bill and eGate passes: The CBIC, in order to do the paper-less clearances, has launched digitally signed shipping bills and e-gatepass vide Circular No.30/2020-Customs and same will be effective from June 22nd, 2020.

INCOME TAX

• Form 26AS specified financial transactions: The revised Form 26AS will show the specified financial transactions which have been undertaken from June 1, 2020. However, these transactions will be shown only if they cross the specified limit in a financial year. For instance, if the aggregate credit card bill paid via electronic modes (not including the cash payment) exceeds Rs.10 lakh, then payment of credit card bill will be reflected in Form 26AS. Similarly, if the mutual fund investments in a financial year exceeds Rs.10lakh, only then such transactions will be reflected in the Form 26AS.

DGFT/FEMA

• MEIS/SEIS Scips: Relaxation has been provided from applicable late cuts for SEIS/MEIS applications and the validity of scrips issued under Chapter 3 of FTP which are expiring between 01.03.2020 to 30.06.2020 has been extended upto 30.09.2020 and for details refer to DGFT’s Public Notice No.08/2015-20 dated 1st June, 2020 on www.dgft.gov.in

• Imports & Exports: DGFT has issued Policy Circular No.25/2015-20 dated 23rd April, 2020 for


extension in import Validity and Export obligation period in Advance Authorizations/DFIA etc and refer to the circular for details on www.dgft.gov.in

SEBI

• Angel Fund Regulations: SEBI clarified on Angel Fund Regu la t ions v ide SEBI / IMD/DoF- 6/OW/2020/10786 dated 12th June, 2020 and for details refer to www.sebi.gov.in

• Extends date of submission of Reports: SEBI has extended the due date of submission of quarterly, half yearly and Annual returns by those listed NCDs, NCRPS,CPs and MDS for the quarter ending 31st March, 2020 and also submission of quarterly and annual financial results for the year ending 31st March, 2020 to 31st July, 2020 and for details refer to www.sebi.gov.in

INSURANCE

• Proportionate deductions in Health policies: IRDA has issued Revised Norms in respect of deductibles under Health Policies issued by the Insurance companies and states that Insurers are not permitted to apply proportionate deduction for ‘ICU charges’ as different categories of ICU are not there. Further, expenses that are not allowed to be part of the definition of ‘associate medical expenses’ a. Cost of pharmacy and consumables; b. Cost of implants and medical devices, c. Cost of diagnostics and for details refer to IRDA circular No.151/06/20 dated 11th June, 2020.

• COVID -19 Insurance policies: IRDA has issued guidelines for issue of short term health insurance policies to cover COVID-19 and the same remain valid for issue of short term policies till 31st March, 2021 unless extended further and for details refer to www.irda.gov.in

• Guidelines for Insolvency Professionals: Insolvency Professionals to act as Interim Resolution Professionals (IRPs), Liquidators, Resolution Professionals (RPs) and Bankruptcy Trustees (Recommendation) Guidelines, 2020 and for details refer to www.mca.gov.in

COMPANIES ACT

• Standard Operating Procedures: NCLAT has announced Standard Operating Procedure for Ld. Advocate/ Authorized Representative/Party-in-Person for mentioning the matter for hearing through virtual mode wef 1st June, 2020.

• Deposit Repayment Reserve creation: MCA gave extension of time till 30th September 2020 to creation of deposit repayment reserve of 20% u/s. 73(2)(C) of the Companies Act 2013 and to invest or deposit 15% of amount of debentures u/r.18 of Companies (Share capital and Debentures) Rules 2014 vide General Circular No. 24/2020 Dated: 19th June, 2020 and for details refer to www.mca.gov.in

• Holding EGM: MCA decided to allow companies to conduct their EGMs through VC or OAVM or transact items through postal ballot in accordance with the framework provided in the aforesaid Circulars upto 30th September, 2020 vide General Circular No.22/2020 dated 15.-06-2020 and refer the same on www.mca.gov.in

• Time relaxation for filing of various types of charges: MCA vide General Circular Dated 17th June, 2020 has introduced scheme for relaxation of time for filing Forms related to creation or modification of charges and for details refer to www.mca.gov.in

• Charge creation Forms: The Ministry of Corporate Affairs ("MCA") vide its General Circular dated 17th June, 2020 has introduced a "scheme for relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013" for the purpose of condoning the delay in filing certain forms related to creation/ modification of charges and this will come into effect from 17-6-2020 and for details refer to www.mca.gov.in

• Further extension for names Reserved etc.,: In view of the situation arising due to COVID- 19 pandemic and extended lockdown period, Ministry of Corporate Affairs has hosted revised details of PERIOD/DAYS OF EXTENSION FOR NAMES RESERVED AND RE- SUBMISSION OF FORMS on its website. PERIOD/DAYS OF EXTENSION FOR NAMES RESERVED AND RESUBMISSION OF FORMS ARE FURTHER EXTENDED BEYOND 30th JUNE 2020.

• Govt. Companies with 100% shareholding held by government: Amendments have been notified to the Companies Amendment Rules 2020 which indicate -a duly notarized indemnity bond in Form STK-3A shall be given by an authorized representative, not below the rank of Under Secretary or its equivalent, in the administrative Ministry or Department of the Government of India or the State Government, as the case may be, on behalf of the company and for details refer to www.mca.gov.in


The world is facing an unprecedented challenge and

change due to the pandemic like situation.

Technically speaking, the first quarter of the financial

year has been wiped out for many organizations and

sectors. If the vaccine for the SARS-COV2 is not

developed in the short term, then there is a likely

hood of the calendar year 2020 being wiped out for

business in case if the business does not adapt to

the New Normal and the citizens of the nation do not

follow proper hygiene and social distance norms.

Apart from these, the dietary habits of the people

have to change for improving immunity. These are

changes on one side, and we as Cost Accountants

can provide value addition as Management

Accountants by helping the clients in their strategy

and implementation of the same. Many of us must

have experienced the same as a practicing Cost

Accountants or employees in the organization

where we work to know the business dynamics and

the latest changes happening in the market. To

address this, we should take up the assignments as

management consultants or internal auditors for the

organization, and this process is nothing but

Pivoting.

The reason to adopt a different approach is required

as the organizations are facing a cash crunch, and

this has resulted in delayed payment of

remuneration or professional fee or salary cuts and

retrenchment. This kind of situation can lead to

some anxiety employees, and they may tend to

commit fraud in the organization resulting in another

set of challenges.

As the saying goes, tough times do not last. Still,

only tough people do last, and, in that process, only

the approach for the practicing cost accountants is a

management consultancy. For this,we need to reskill

and learn new methodologies to be successful

professionals.

The concept of pivoting is normally followed in start-up

ecosystems. Pivoting is the need of the hour for the

CMAs while doing the CostAudits. The works to be

picked up are management consultancy or internal

audits. In case if you are already doing an internal

audit, you should also have the element of strategy

while submitting the internal audit report. The report

will help the client to do a soul searching as they are

normally involved and held up with the daily activities

like operations planning, procurement of raw

materials or following up with the vendor or engaged

in the process of improving the order book or dousing

of the employee dissatisfaction on account of

reduction of salaries. In this process, it will not help

them to see the opportunities that are coming, and

they have as their energies are used completely in the

day to day issues. The internal audit report will be an

eye-opener for the entrepreneur. Let's understand

what is Pivoting and what the steps to be considered

while drafting the internal auditor report or as a

management consultant for the clients.

What is Pivoting?

Pivoting is the process of shifting the strategy, and

sometimes it takes a drastic change in the vision and

mission of the organization for a short period. During

the lockdown, we have seen the star hotels delivering

food through the food delivery applications like

Swiggy or Zomato or the Chefs conducting the online

cookery classes. In some cases, they are also willing

to come to the individual's places and serve food or

supplying essentials through the hyper-local model.

Wow Momos, a chain of restaurants serving different

PIVOTING

- CMA Bhogavalli Mallikarjuna Gupta Chief Taxologist – Logo Infosoft Business Technology Pvt Ltd


types of momos, has started selling essential items

like atta, oil, sugar, etc., through the Hyper-Local

model. In his process, they are staying afloat by

offloading their inventory and generating cash to

maintain the day to day expenses.

Another example is many companies like Savlon or

Medikeror Dabur and many more companies

launching hand sanitizers or apparel manufacturing

companies manufacturing Personal Protection

Equipment. Alok Industries, brought by Reliance

Industries a few months back, has started

manufacturing PPE Kits and made could make a

decent profit due to the shortage of the same during

the initial days of the lockdown. India, at the time of

lockdown, had to import the PPE kits and Surgical

masks due to shortage, but now we have a huge

manufacturing base, and we are in a position to

export the same. Another example of pivoting is

Eventina, an event management organization

based out of Hyderabad that has pivoted and

entered into the manufacturing of UV boxes as the

pandemic has made them out of business.

We have seen what is Pivoting and now let's

understand what is not t considered to be pivoting

a) Change in the features of the existing product

b) Trying to sell in a different geographic location or

selling to a new set of customers

c) Change in the process of delivery like

introducing mobile applications in place of

websites or vice versa

d) Change in the marketing strategy, shifting from

advertisement-based marketing to offering free

products or services

e) Change in technology to build a reliable product

From the above, it is clear what is pivoting and when

we should go for pivoting. As a practicing Cost

Accountant, the new services to be rolled out is

Management Consulting and the while doing the

strategy formation for the company the following

aspects are to be considered

1. When to Do It?

2. What is Market Potential?

3. Does it provide Opportunity for Growth?

4. What is the Fund Requirement?

5. What is Rollout Strategy?

Now let's discuss the above points at a high level, this

will give an idea on who to work on the strategy portion

of the audit, the new component.

When To Do It?

Any business will flourish only when there is a

demand, and the market will disappear when the need

diminishes or when there is no demand. Timing

determines the success of any business along with

the other business. When suggesting pivoting for the

client also indicates when the new line of business

should be started. In today's world of COVID, there will

be a requirement from every home for hand sanitizers

or usage of automation or robotics in the business

operations as there is a shortage of labor or skilled

workers in many of the segments. Many companies

want to jump in the bandwagon of manufacturing the

hand sanitizers, this could have been done if started in

the early days of lockdown, but the same should not

be recommended now as there are multiple players.

Even if you recommend or suggest the strategy

should be different, like people are moving away from

the metros or urban centers to the rural areas, the

demand is picking up in those areas. The strategy for

urban and rural areas have to be different as the

people in the rural areas cannot afford to spend in one

go Rs 100 on a hand sanitizer bottler rather they would

afford if the same is priced in a very economically like

shampoo sachets, like Cavinkare's 2ml sanitizer

sachets.

What is Market Potential?

The market demand should be assessed at a high

level, and also it should mention if there are any

existing players in the proposed segment. It should

also discuss the potential market share that could be


captured over a period of time, along with the time

span required.

If possible, the report should also discuss the new

entrants in the space and how deep their pockets are.

The entrepreneur will always take a risk if there is

market potential and profitability.

Does it Provide Opportunity for Growth?

The most important aspect of the strategy is to

consider the opportunity for future growth. If the idea

does not find any room for growth over a period of

time, it is not a viable idea as the market will be

saturated with the entry of new players. It becomes

even more competitive. They may not be even able to

recover the costs, or the business will not be

sustainable for over a period of time. There should not

exist barriers in such cases; this will help in making a

calibrated risk and take the business decision

accordingly. The new line being proposed is for a long

term or short term, if there is clarity on this, then

decisions can be taken at a swift pace and

implemented.

What is the Funding Requirement?

The pivoting idea proposed will also have a

requirement for some funds. Already the

organizations are running short of funds, and if they

are asked to invest more funds into the new business,

it will not be appreciated by the client. The idea being

proposed should not be capital intensive. There are a

lot of funding opportunities for new business

requirements, especially in COVID related products.

For this, SIDBI has also allocated funds separately

with a lower rate of interest and moratorium. If there

are any special funding schemes provided by various

banks and the Government, the same should be

given as part of the report. This will help the client to

take the decision effectively and in a timely manner.

The available information can be used to assess his

risk appetite and take it forward.

What is Rollout Strategy?

The take of any product or services based on pivoting

will be successful only when there is a proper rollout

strategy. The rollout strategy should cover areas like

what is the time required for the launch of the product

or services, what is the geographic market to be

targeted, what is the go-to-market strategy, who are

the target audience, etc., Without this information, it

will be a challenge for anyone to take a decision in a

holistic approach. The rollout strategy should be

given at a high level in the initial report, and when the

final report is submitted, the same can be provided in

detail. The rollout strategy should also consider the

impact of the local lockdowns.

We as Cost and Management Accountants have an

edge as we can understand the business process

easily and also assess the external dynamics in a

better manner. To assess the risk, we can do a

SWOT Analysis along with PESTLE (Political,

Economic, Social, Technological, Legal, and

Environmental Risk in detail for the strategy being

suggested or being implemented. Once we are clear

with the Pivoting and consider the SWOT and

PESTLE, then the strategy is being addressed in all

possible scenarios. Technology has to be given

utmost importance as it will help in meeting the New

Normal, cloud-based solutions for CRM or delivery

of the goods or billing or online payment solution

integrated with accounting or ERP should be

considered or in manufacturing automation or usage

of robotics to be considered as the labor have

migrated to the home towns. We are facing a

shortage of the same in the market. The industry is

also looking out for new business models, and we as

Cost and Management Accountants can fill the

market requirements and establish ourselves as

Management Accountants.

Disclaimer

Any views or opinions represented above are

personal and belong solely to the author and do not

represent those of people, institutions or

organizations that the author may or may not be

associated with in professional or personal capacity

unless explicitly stated. Any views or opinions are not

intended to malign any religion, ethnic group, club,

organization, company, or individual.


The coronavirus (COVID-19) pandemic has upended

our daily routines, impacted our personal and

professional lives, and brought on a global economic

downturn. The response of governments worldwide

has varied, but many have closed down schools and

nonessential businesses, established curfews, and

banned gatherings of more than a handful of people in

an attempt to slow the spread of the highly contagious

virus.

This has disrupted many companies’ operations and

decimated entire industries such as travel, hospitality,

and events. In challenging times like these,

management accountants and finance professionals

need to demonstrate leadership and cool-under-

pressure decision making. Their positive influence

can be felt across the organization, from strategic,

contingency, and business continuity planning to

disaster response and crisis management.

Almost everyone is discombobulated and seeking

guidance during this period of quarantine and social

distancing, and finance is in a unique position to help

the organization by keeping morale high, overcoming

fear and anxiety, and getting the information that each

individual needs, according to Jennifer Elder, a

strategic consultant and coauthor of the book Faster

Disaster Recovery.

When you’re in crisis mode, the C-suite has to exhibit

grace under pressure and the CFO in particular needs

to understand the worst-case scenario of the

pandemic and its impact, gauge the company’s

liabilities, and start planning an appropriate response.

“Be like a duck: calm on the surface but paddling like

hell underneath,” Elder said. “The attitude of the CFO

needs to be positivity. Finance can really help with

providing more data to the various departments—they

could really add value if they reach out to the

departments and ask, ‘What do you need right now?’

We assume we’re sending the information that people

need, but that’s not always the case—they might be

needing different types of info right now, so show your

value by asking, ‘How can I help you to make

decisions?’”

While the ultimate impacts on business operations

and the balance sheet are still to be determined,

CFOs are meeting these challenges head-on. Some

CFOs suggest that companies may want to create a

virtual command center with a core response team,

that is, a cross-departmental steering committee

that includes management accountants reporting to

the CEO and CFO to coordinate the organization’s

assessment, strategy, response, and execution.

“Selecting the members of the crisis management

team is a key part of the process,” said Gary

Mahoney, CFO of Miniter Group. “You need people

with the technical skills to handle many different

functions, but you also need people with the right

demeanor. You want to set a tone of quiet confidence

for your team, so trading off technical skills for EI

[emotional intelligence] can be very beneficial for

your crisis management team.”

IMPLICATIONS OF WORKING REMOTELY

The most immediate impact of COVID-19 has been

the closing of most schools and offices, forcing many

to work from home, including working parents who

are now responsible for homeschooling their

children during the same hours.

From a human resources perspective, with

everybody working remotely, how do you maintain

professional relationships? How do you maintain

finance personnel’s engagement and productivity?

“In the workplace, if you’re worried about something,

you can chat with somebody and other colleagues

can pick up on that conversation—how do people

working from home get to have that type of

conversation?” Elder said. “Some companies [are]

gearing up virtual meetings or chat rooms, where

employees can just vent—communication is going

to be very important during this crisis.”


CFOs must also coordinate with their organization’s

chief technology officer or head of IT. While many

companies have updated IT infrastructure that’s cloud-

based and digitized, others still have legacy systems

and manual processes that make it more challenging to

do everything remotely.

Mahoney said the biggest challenge for his company

has been handling the physical invoices and checks it

still receives. Miniter Group has made a lot of progress

in moving toward being a paperless organization, but

there are still some vendors who issue paper invoices

and checks. Every other finance function can be

performed remotely, which in terms of the

pandemic eliminates the biggest immediate

threat to employees—physical contact with

others.

“The fact that someone still needs to collect mail

is a sticking point,” Mahoney said. “All other

finance functions can be performed remotely with

no decrease in productivity or functionality. I’m

choosing to see future impacts in a glass-half-full

view. I think we can see the effectiveness of WFH

[work-from-home] and gain confidence that it’s a

policy that can be utilized more in the future.”

CFOS RESPOND TO THE COVID-19 PANDEMICSource: Strategic Finance Magazine

complied by CMA Anand Satchit Jammalamadaka


The universal work-from-home policy, which should last

at least until the growth curve of the pandemic flattens,

is a good test for every company’s policies and

procedures. Some may need to be updated to improve

workflow, and the CFO can play a role in that

improvement.

“For a long time, I’ve preached the need to have

workflow procedures documented so that a person off

the street could come in and, while not matching current

efficiency, perform all finance functions in a pinch if the

subject-matter expert is not available,” Mahoney said.

“This will be a good test of our documentation and will

show us where we need to shore up in the future.

“Throughout my career, one of the first things I try to do

in an organization is evaluate the documentation of

procedures,” he said. “It’s a piece of the process that is

ignored more often than not because there’s no

immediate gratification to it; however, documenting

procedures is really no different than being properly

insured. You may not appreciate it until you need it, but

when you need it, you’ll really feel the impact of whether

or not you were properly covered.”

EMPLOYEE HEALTH AND WELLNESS

The health and wellness of employees must be a

company’s number-one priority. The World Health

Organization has estimated that the death rate of

people who contract COVID-19 is 4%, although many

who have been exposed to it haven’t been tested and

many more people may have it but have only

experienced mild symptoms. Even healthy employees

may be suffering from fear, anxiety, and concern for

their own health as well as that of relatives and friends.

The situations for those still employed range across a

wide spectrum: At one extreme, parents suddenly

responsible for their children’s schooling are desperate

for a few uninterrupted moments to work. At the other

extreme, the isolation of those who live alone, empty

nesters, and widows and widowers may lead to

loneliness, lack of motivation, and low morale.

Communication, understanding, compassion, and

flexibility are parts of the recipe for successful

management during these stressful times.

“Depending on their situation, employees who aren’t

already in the routine of working remotely may feel

isolation and loneliness and may have a tough time

structuring their day to be efficient,” said David Blanke,

CFO of Stella Connect. “It’s important to get in front of

the company via Slack and other formal or informal

Zoom meetings to assure the company there is a plan

and we will be resilient as a company and emerge in a

strong position when it’s over.”

Vincent Tophoff, general manager and CFO of a

midsized production company, said to think first about

ensuring the health and well-being of staff who operate

the machines and work in the supply chain, as well as all

others. “As prevention is typically more effective—and

cost-effective—than fixing bad outcomes, the finance

function should adopt a proactive approach in this

area,” he said.

DATA MONITORING, ASSIMILATION, AND

ANALYTICS

Regardless of whether your company has a dedicated

data analytics and research department, step forward

to offer your expertise in integrating various sources of

data, leadership’s assumptions and strategies, and

other variables to create a holistic planning model. The

ideal model provides worst-case, baseline, and best-

case scenarios, analyzing the potential impacts on

cash flow and expenses as well as how each

department’s performance will be measured and

reported during the pandemic.

“All business functions should monitor the

developments and data in their area of expertise that

are relevant to the organization and assess the

consequences,” Tophoff said. “The finance function

typically brings this together and tries to assess the

overall financial impact of those developments. As

‘spiders in the financial information web,’ the finance

function is uniquely positioned to connect the various

functions with each other and oversee the whole

business process.”

complied by CMA Anand Satchit Jammalamadaka



COMPLIANCE CALENDARJULY, 2020

Compliance Due Date



7th July, 2020

10th July, 2020

15th

July, 2020

15th

July, 2020

30th

July, 2020

31st

July, 2020

31st

July, 2020

31st

July, 2020

June, 2020

June, 2020

May, 2020

April to June, 2020

June, 2020

April to June, 2020

F.Y. 2019-20

April to June, 2020

Deposit of Tax Deducted

File GSTR 1

Issue of TDS certificate u/s 194IA and 194IB

Quarterly statement of TCS Deposited

Challan-cum-statement for TDS u/s 194IA and 194IB

Quarterly statement of TDS deposited

Income Tax Return Filing

File GSTR 1

Non-government deductors

Taxpayers with

more than INR 1.5 Cr

All deductors

TCS collectors

All deductors

All deductors

All taxpayers other than companies or those not liable for a tax audit

Taxpayers with Annual Turnover up to INR 1.5 Cr

Annual Turnover


CURRENT MANAGEMENT COMMITTEE

MEETING PAST PRESIDENT - ICAI & PAST CHAIRMEN - HCCA

CMA Dr. A.S. Durga Prasad CMA Dr. K.Ch.A.V.S.N. Murthy

CMA Ch. Venkateswarlu CMA D.L.S. Sreshti CMA M.Kameswara Rao CMA G. Narayan Rao

CMA B.L.Kumar CMA Vijay Kiran Agastya CMA D. Suryaprakasham CMA Dr. Chandra Sekhar Rajanala CMA D. Munisekhar

CMA PAP Murthy CMA J.S. Anand CMA Dr. P.V.S. Jagan Mohan Rao

CMA A.S. Nageswara Rao

CMA Lavanya KanduriCMA M. Venkateshwarlu CMA Khaja Jalal Uddin CMA Hima Vidya S. CMA KVN Lavanya

CMA Sirisha C CMA Kalyani P CMA P. Chandra Sekhara Reddy CMA K. Someswara Babu


ANNUAL GENERAL MEETING

CMA TCA Srinivasa Prasad during the programme 'Management Information systems and Report'

Editor: CMA Lavanya Kanduri, The Institute of Cost Accountants of India

AUGUGST, 2020

Compliance Due Date



GROUP PHOTO DURING ANNUAL GENERAL MEETING · CMA BHAVAN Date of Publication on 16-06-2020 & Date of...

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