PUNE BRANCH OF WICASA OF ICAI -...
Transcript of PUNE BRANCH OF WICASA OF ICAI -...
2016
SEPTEMBER
PUNE BRANCH OF WICASA
OF ICAI
SEPTEMBER 2016 - E NEWSLETTER
My dear student friends,
I hope you all are doing good with your
articleship and gaining new experiences day
by day. Articleship training is the most
important part of the CA course. It gives you a
chance to apply your knowledge in practical
life, to interact with new people and to learn
many new things daily.
We should always learn from our mistakes in
past and should not repeat them in future.
15th August is the most auspicious day to
revive our past. As per tradition, this year also
we had celebrated Independence day at ICAI
Bhavan.
Coming up to other events, we had also th
arranged elocution contest on 12 August and nd
Quiz contest on 22 August. I congratulate all
the winners and all those who took efforts &
participated. Such contests help you in
thinking on various subjects in different way.
We had the Annual General Meeting to
conduct the elections for Pune WICASA th
Committee on 20 day of August and the new
committee has took over the charge on the
same day. I congratulate and welcome all my
new co-committee members and expect
them to work dedicatedly and to best to their
capacity and raise the name of Pune Branch
of WICASA to highest levels.
I request you all to come forward and
participate in various WICASA activities. Be in
touch with WICASA through various social
media platforms like Facebook, Whatsapp,
Emails, etc.
Pune Branch of WICASAICAI BHAWAN, Plot No. 8, Parshwanath Nagar, Munjeri, Opp. Kale Hospital, Bibwewadi, Pune - 411037.
Tel: 020 24212251 / 52 | Web: www.puneicai.org | email: [email protected] | Facebook: Pune WICASA
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�Do not follow where the path may lead. Go instead where there is no path and leave a trail.�
� Ralph Waldo Emerson�I can't change the direction of the wind, but I can adjust my sails to always reach my destination.�
Chairman's Communication
With Regards,
CA. Charuhas UpasaniChairmanPune Branch OfWICASA of ICAI
Mr. Anand GuptaEx Managing Committee member
Thanks to all the supporters to Pune WICASA.
It has been a very great year full of fun & achievements; all with your support & blessings.
Starting off with the Industrial & Educational Visits in the month of May 2015 which continued throughout the year. Seminars organized very frequently helped students a lot as far as the exams are concerned.
A very good feedback was received by the students for the Youngotsav organized in the last week of December 2015.
2016 again started with a boom..! National Convention 2016 - Explore the Unexplored was simply amazing.
Sports & various other activities have always given opportunity to the students to develop their extracurricular skills.
Pune WICASA contributed a lot the society in the way of Tree Plantation, Health Checkup Camps, Blood Donations Campaigns, etc
Once again thanks a lot to all the members of the association :-)
Its only because of you all that we created history as we were awarded the BEST STUDENT ASSOCIATION AWARD both at the NATIONAL as well as the REGIONAL Level for the year 2015-16.
Thanks to my team :-
My co committee members - , Rupendra TholiyaAnand Gupta Ansh Oza Pravin Babar, & other coordinators l ike , Dushyant Dhake Karan Chandwani Darshan Bondarde Nikunj Holani, , etc
My seniors, mentors & the ex committee members of Pune WICASA - , Apurv GujrathiChaitanya Vakharia CA Rishikesh Kothawale, , CA Sandeep Sharma Dhara Parmar, , etc
All the volunteers who spared out their valuable time for working towards the welfare of the students.
Thanks to all the managing commiittee members of Pune WIRC, all the RCMS, all the CCMs & all the CAs who have contributed to Pune WICASA and offcourse PUNE ICAI BRANCH STAFF.
Special mentions:
The duo - CA Sir & CA Anand Jakhotiya Yashwant Jaywant Kasar CA Radhesham Agrawal Sir ,
CA S B Zaware Sir, CA Sir, Sarvesh Joshi CA Mundada Satyanarayan Sir, etc
Congratulations to the newly elected committee:
Karan Chandwani,
Amruta Khadilkar,
Dnyaneshwar Pimple,
Onkar Soni &
Pratik Sable
I and my committee are always there with you :-)
Victory forever Pune WICASA
Lets rock again this year..!
Cheers
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�Do not follow where the path may lead. Go instead where there is no path and leave a trail.�
� Ralph Waldo Emerson�I just wish the world was twice as big and half of it was still unexplored.� � David Attenborough
Vice-Chairman's Communication
Thanks & Best Wishes,
Vaibhav Pingale,Immediate Ex Vice - Chairman,Pune Branch OfWICASA of ICAI
Ms. Anchila OzaEx Secretary
Mr. Rupendra TholiyaEx Joint Secretary
Mr. Pravin BabarEx Treasurer
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�Do not follow where the path may lead. Go instead where there is no path and leave a trail.�
� Ralph Waldo Emerson�Even if a snake is not poisonous, it should pretend to be venomous.�
AGM of Pune WICASA held thon 20 August followed by the
swearing in of the new committee
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�Do not follow where the path may lead. Go instead where there is no path and leave a trail.�
� Ralph Waldo Emerson�Computers make it easier to do a lot of things, but most of the things
they make it easier to do don't need to be done. - Andy Rooney�
Photo Gallery
Teams of quiz contest 2016 Winners of quiz contest 2016
Independence Day 2016
Celebrating YOUNGOTSAV � The Cultural Carnival on 26th & 27th of December, 2015
India is becoming a new manufacturing hub
these days. Many new industries and factories
are opening in various parts of India. Not only
factories but other organisations are also
required to take the care of their employees,
their premises and workplaces. Along with
providing healthy work environment, it is
necessary to have safe workplace. There
comes the Safety Audit into picture. Rather
than carrying out normal financial and
procedural audit, companies are now-a-days
required to carry out Safety Audits including
Fire Safety Audit.
A fire can happen at any time at any place. The
recent major fires that occurred in various parts
of country during the last few months reinforce
the view that a fire can happen at any place.
Hence, for the benefit of employees as well as
for organisation's own good, it is necessary to
audit the fire safety measures in organisation.
Also, in case of few classes of companies, now
it has become legal requirement to carry out
the Fire Safety Audit.
The Fire Safety Audit is an
exa m i n a t i o n o f t h e
premises and
relevant documents to ascertain how the
premises are being managed regarding fire
safety. It can also consist of discussions with
staff for confirming their level of fire safety
awareness and trainings to staff of the entity.
Safety Audit is a form of risk analysis and
evaluation in which a systematic investigation
is carried out in order to determine the extent
to which the conditions are present that
p r o v i d e f o r t h e d e v e l o p m e n t a n d
implementation of an effective and efficient
safety policy. Fire safety audit is an effective
tool for assessing fire safety standards of an
organization or occupancy. A comprehensive
fire safety audit should address the inherent
fire hazardous associated with the day to day
activities in an occupancy and recommend
measures to reduce the potential fire hazards.
In other words it is aimed to assess the building
for compliance with the National Building
Code of India, relevant Indian Standards and
the legislations passed by various state
governments and local bodies, on fire
prevention and life safety measures. A Fire
Safety Compliance Audit is conducted to
assist owner / occupiers in managing their
compliance with the Fire and Rescue
Service Act 1990 and the Building
Fire Safety Regulation 2008.
The Fire
FIRESAFETYAUDIT
�There is some self-interest behind every friendship. There is no friendship without self-interests. This is a bitter truth.�
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�Once you start a working on something, don't be afraid of failure and don't abandon it. People who work sincerely are the happiest.�
Safety Compliance Audit will investigate the
following areas of your premises:
Means of Escape from the premise.
Maintenance of fire safety installations.
Housekeeping.
Evacuation planning, instruction and
practice.
Record keeping.
Objectives of Fire Safety Audit:
The main objective of safety audit is to carry
out a systematic, critical appraisal of all
potential hazards involving personnel, plant
services and operation method, and to ensure
that safety and health system fully satisfy the
legal requirements. It emphasizes on following
important points:
Identify all significant fire hazards.
Identify the people who are at risk from each
hazard.
Evaluate the existing control measures.
Determine the additional control measures
required.
Examine the ava i labi l i ty of su i table
emergency plan detailing responsibility and
action of key personnel.
Review the availability of suitable fire alarm
and detection system.
Review the availability of suitable fire fighting
facilities, such as hydrants, sprinklers,
extinguishers, etc.
Evaluate the general awareness of
o c c u p a n t s a n d s e c u r i t y
personnel on matters
relating to fire
safety and rescue operations.
Evaluate the training and instructions on fire
safety imparted to the employees and
occupants.
Testing of all fire safety equipment and
systems.
A comprehensive fire safety audit should
address the inherent fire hazardous associated
with the day to day activities in an occupancy
and recommend measures to reduce the
potential fire hazards.
Thus the fire safety audits will allow us to
identify any non conformances and / or
provide recommendations to the client
allowing them to attend to these matters and
therefore seek to achieve compliance with
relevant legislation. It may be remembered
here that the fire safety audits are not limited to
a desk top review of available documentations
or a visual inspection. On the contrary an active
system test can also be carried out to ensure
all systems operate and interface as designed
and included in a fire safety audit report.
However, in spite of legal requirements and
moral need, many organisations are unaware
and reluctant about the issue of Fire Safety and
Fire Safety Audit. It is necessary to create
awareness about the same and motivate
organisations to carry out Fire Safety Audit.
Amruta KhadilkarWRO0507070
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�The fragrance of flowers spreads only in the direction of the wind. But the goodness of a person spreads in all direction.�
Payment under GST regime.
a) Taxpayer will be required to make payment
of CGST, SGST, IGST and additional tax through
internet banking
b) Over-the-counter payment could be
permissible only for payments up to Rs 10,000
per challan
c) For making e-payment, GST taxpayer will be
required to access Goods and Services Tax
Network (GSTN) for generation of the challan
where basic details of the tax payer will be auto
populated
Refund is allowable in following cases.
a) Under certain situations, such as exports,
excess payment by mistake, refund of pre-
deposit, and refund to international tourists,
the taxpayer can claim refund of GST paid
b) For export of goods, an exporter should
procure goods on payment of appropriate
GST, and then claim refund from respective
governments
c) Duty-free inputs for exported
g o o d s m a y n o t b e
available
Furnishing of Returns under GST regime
(1) Every registered taxable person shall, for
every calendar month or part thereof, furnish,
in such form and in such manner as may be
prescribed, a return, electronically, of inward
and outward supplies of goods and/or
services, input tax credit availed, tax payable,
tax paid and other particulars as may be
prescribed within twenty days after the end of
such month:
Provided that a registered taxable person
paying tax under the provisions of section 8 of
this Act shall furnish a return for each quarter or
part thereof, electronically, in such form and in
such manner as may be prescribed, within
eighteen days after the end of such quarter:
Provided further is that a registered taxable
person shall not be allowed to furnish return for
a tax period if valid return for any previous tax
period has not been furnished by him.
(1) Every registered taxable person, who is
required to furnish a return under subsection
(1), shall pay to the credit of the appropriate
Government the tax due as per such
return not later than the last date on
which he is required to furnish
such return.
PAYMENT & FURNISHING OF RETURNS
UNDER GST
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(2) A return furnished under sub-section (1) by a
registered taxable person without payment of
full tax due as per such return shall not be
treated as a valid return for allowing input tax
credit in respect of supplies made by such
person.
(3) Every registered taxable person shall
furnish a return for every tax period under
subsection (1), whether or not any supplies of
goods and/or services have been effected
during such tax period.
(4) Every registered taxable person required to
deduct tax at source shall furnish a return,
electronically, in such form and in such manner
as may be prescribed, for the month in which
such deductions have been made along with
the payment of tax so deducted, within ten
days after the end of such month.
(5) Every Input Service Distributor shall, for
every calendar month or part thereof, furnish a
return, electronically, in such form and in such
manner as may be prescribed, within thirteen
days after the end of such month.
(6) Subject to the provisions of sections 25 and
26, if any taxable person after furnishing a
return under sub-section (1) discovers any
omission or incorrect particulars therein, other
than as a result of scrutiny, audit, inspection or
enforcement activity by the tax authorities, he
shall rectify such omission or incorrect
particulars in the return to be filed for the
month or quarter, as the case may be, during
which such omission or incorrect particulars
are noticed
, subject to payment of interest,
where applicable and
as specified in
t h e
Act:
Provided that no such rectification of any
omission or incorrect particulars shall be
allowed after the due date for filing of return for
the month of September or second quarter, as
the case may be, following the end of the
financial year, or the actual date of filing of
relevant annual return, whichever is earlier.
First Return
(1) Every registered taxable person paying tax
under the provisions of section 7 shall furnish
the first return containing the details of:
a) Outward supplies under section 25 from
the date on which he became liable to
registration till the end of the month in
which the registration has been granted;
b) Inward supplies under section 26 from
the effective date of registration till the
end of the month in which the registration
has been granted:
Provided that a registered taxable person
paying tax under the provisions of section 8
shall furnish the first return for the period
starting from the date on which he becomes a
registered taxable person till the end of the
quarter in which the registration has been
granted.
(2) Provisions of section 25, 26 and 27, other
than the provision pertaining to tax period,
shall apply mutatis mutandis to the said person
furnishing return under subsection (1).
Gopal BhagwatWRO0418263
�Do not follow where the path may lead. Go instead where there is no path and leave a trail.�
� Ralph Waldo Emerson �A man is great by deeds, not by birth.�
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�Do not follow where the path may lead. Go instead where there is no path and leave a trail.�
� Ralph Waldo Emerson
We a r e s u m m a r i z i n g h e r e w i t h k e y
amendments to the GST Bill, which was
circulated to Rajya Sabha members on August
2, 2016, for easy digest:
Dropping 1% Additional tax on Inter-State
supply of goods:
It is proposed to delete the provision under
Clause 18 of the GST Bill.
Clause 18 of the GST Bill: The 122nd CAB
proposes for levy of an Additional tax, not
exceeding 1%, on Inter-State supply of goods
in the course of Inter-State trade or commerce.
It is proposed that such Additional tax would be
levied and collected by the Union for a period
of 2 years or such other period as the GST
council may recommend, and be assigned to
the State
from where the
s u p p l y
originates.
Recommendation of the Select Committee,
2015: The Committee felt that the provision of
1% Additional tax in its present form is likely to
lead to cascading of taxes. Therefore, the
Committee strongly recommended that
following explanation should be added
defining the word 'supply' under Clause 18:
“Supply: “All forms of supply made for a
consideration”.
The suggested change was meant for
dropping of 1% additional tax on inter-state the
movement of goods within the same company
but, the proposed amendment now has done
away with 1% Additional tax on Inter-State
supply of goods whether it is within the
Company or outside the Company.
Full Compensation to States up to 5 years:
Clause 19 of the GST Bill: The
Parliament may, by law,
prov id
GST CONSTITUTIONAL AMENDMENT BILL PASSED IN RAJYASABHA WITH KEY AMENDMENTS
�Television is not real life. In real life people actually have to leave the coffee shop and go to jobs.� � Bill Gates
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Latest Financial News - Contribution by Team, Pune WICASA
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�Do not follow where the path may lead. Go instead where there is no path and leave a trail.�
� Ralph Waldo Emerson �Don't compare yourself with anyone in this world. If you do so, you are insulting yourself.�
e for compensation to States for any loss of
revenues arising on account of GST, for a
period which may extend to five years, based
on the recommendations of the GST Council.
This implies that Parliament may decide to
provide compensation to States and may also
decide the time period for which it can provide
such compensation, which may extend to five
years.
Proposed amendment: The Parliament shall,
by law, provide for compensation to States for
any loss of revenues arising on account of GST,
for a period which may extend to five years,
based on the recommendations of the GST
Council. This implies that the Parliament must
provide compensation and compensation
shall be provided for a maximum time period
of five years.
Recommendation of the Select Committee,
2015:The Committee felt that there is no
justification for substitution of the word 'may'
with 'shall'. It, however, recommended that
compensation should be provided for whole
period of 5 years and accordingly proposed
amended Clause 19 as follows:
“ 19 . Par l i ament may, by law, on the
recommendation of the Goods and Services
Tax Council, provide for compensation to the
States for the loss of revenue arising on
account of implementation of the Goods and
Services Tax for a period of five
years.”
Dispute
resolution Authority:
Clause 12 of the GST Bill: The GST Council may
decide upon the modalities to resolve
disputes arising out of its recommendations.
2016 proposed amendment: The GST Council
shall establish a mechanism to adjudicate any
dispute between:
(a) The Government of India and one or more
States; or
(b) The Government of India and any State or
States on one side and one or more States on
the other side; or
(c) Two or more States
arising out of its recommendations.
Recommendation of the Select Committee,
2015:The Committee, having noted the point
mentioned by the Department of Revenue that
the GST Council shall decide only the
'modalities' to resolve disputes, did not agree
to recommend inclusion of Article 279B i.e.
provision for GST Dispute Settlement
A u t h o r i t y , a s w a s p r o p o s e d i n
Constitution(115thAmendment) Bill, 2011.
Other changes:
Integrated Goods and Services Tax (“IGST”)
Clause 9: Apportionment of IGST i.e. Article
269A: It has been clarified that the States'
share of the IGST shall not form a part of the
Consolidated fund of India.
Clause 12: IGST term to be replaced with GST
on suppliesin the course of inter-state
trade or commerce: Under Clause 12 of
the GST Bill, it was mentioned that
the GST Council would
m a k e
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�Do not follow where the path may lead. Go instead where there is no path and leave a trail.�
� Ralph Waldo Emerson�As we look ahead into the next century, leaders will be those who empower others.�
recommendations on the apportionment of
the IGST. Since, the term IGST was not
defined,it has been proposed to replace this
term with “Goods and Services Tax levied on
supplies in the course of inter-state trade or
commerce under article 269A”.
Inclusion of CGST and IGST in tax devolution to
States
It has been proposed that under Clause 10 of
the GST Bill, CGST and the Centre's share of
IGST will be distributed between the Centre
and States.
Clause 10 of the GST Bill: The GST collected
and levied by the Centre, other than States'
share of IGST, (CGST and Centre's share of
IGST) shall also be distributed between the
Centre and States.
Recommendation of the Select Committee,
2015: Adopted with no change
Way forward to GST by April 2017:
Unanimous passage of the GST Bill is indeed a
good day for the economy, but, at the same
time, it marks just the beginning of a still-to-
go-journey.
Since there are key amendments in the original
draft of the GST Bill that was passed in the Lok
Sabha last year, the GST Bill has to, once again,
go back to the Lok Sabha.
Thereafter, the GST Bill will
also have to be
ratified by
at least 50% of the States before being
presented to the Hon'ble President of India for
his assent. Subsequently, a GST Council will be
set up within 60 days of the enactment of the
GST Bill, comprising the Union Finance
Minister, MOS – Revenue/Finance and State
Finance Ministers, which will make important
recommendations on GST rates, Exempted
g o o d s a n d s e r v i c e s , d u a l c o n t ro l &
adjudication, etc.
Thereafter, two legislations-Central GST
(CGST) and Integrated GST (IGST) will have to
be passed by Parliament and a State GST
(SGST) legislation by each of the State
Legislatures.
Passage of the 122nd CAB in the Parliament is
being seen as a big victory for the Narendra
Modi government. The next big challenge for
the Narendra Modi government is to get the
States on board and get rest of the process
going as quickly as possible to meet the
deadline of implementation of GST by April
2017
(Source: www.gstindia.com)
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�Do not follow where the path may lead. Go instead where there is no path and leave a trail.�
� Ralph Waldo Emerson�Your most unhappy customers are your greatest source of learning.�
Fun
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Richa BansalWRO0436478
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