ICAI Knowledge Ki Pathshala: Latest Amendments Under GST, I-T & Corporate Law

Recently, the Nagpur Branch of Western India Regional Council of the Institute of Chartered Accountants of India (ICAI) organised a study circle titled ‘Knowlege Ki Pathshala’ that covered 10 latest amendments/Judgments/Advance Rulings and other important issues under GST, Income Tax, and Corporate law. The basic objective for organizing this series was to update CA members about the latest developments that need to be learned for updating one’s knowledge database especially Chartered Accountants.

“You need to update yourself continuously to properly understand and interpret the law and then advice your clients, said CA Ashok Chandak, Ex-President of ICAI, in his address to the guests while inaugurating ‘The Top 10 Series’. He further added that changes in the law are frequently made and a lot of notifications and amendments are done by way of various notifications, circulars, press releases, and judgments in all laws whether civil, criminal, torts, or any other law.”

Chartered accountants are expected to be aware of all such changes on a regular basis. He comprehensively covered many issues and below mentioned are one of the various issues which we are facing:

• abolishing of GST audit,
• late fees waiver,
• date extension,
• reduction in interest rates,
• IGST relief for oxygen concentrator and
• Remdisevir that has been announced by Government as COVID relief measures,
• faceless ITAT,
• GST on mobilisation advance,
• faceless CESTAT,
• a dilemma about GSTR2A / 2B,
• RCM provisions,
• reversal of GST if payment is not made within 180 days,
• fast tag system and future of GST administration,
• Various rulings of the Honourable Supreme Court and Madras High Court
• And so on

CA Rajesh Loya, Past Chairman of ICAI said, “You need to follow all provisions of Income Tax Act meticulously and you need to enhance your drafting skills in this e-assessment era. There are a lot of changes and circulars along with various interpretations which need to be understood properly by practising members under Income Tax Act.” “The responsibility of following Corporate Law provisions is primarily on the company,” said CS Khusboo Pasari, Chairperson, Institute of Company Secretaries, Nagpur Branch while covering provisions related to Company Law.

She comprehensively covered all latest amendments which include within its purview an extension in due dates of filing returns as well as concerned provisions of Company Law that need to be adhered to by all CA professionals while finalizing the audits of companies this year.

“CA Saket Bagdia, Chairman, Nagpur Branch of ICAI said, Updation of knowledge is of paramount importance in today’s e-world and every professional is expected to be aware of all changes in all laws.”

“It was with this intention this Top 10 Series was launched, he further added. Regional Council Member, CA Abhijit Kelkar said, Continuing professional education is the mantra of ICAI to regularly update members.”

CA Jaydep Shah, Past President, ICAI praised the initiatives of the Nagpur branch and further requested members to regularly keep themselves and others updated on all provisions of laws. The sessions were coordinated by an expert team of Chartered Accountants.