ICAI Progresses On Branch Audit, NPA, GST

ICAI is gearing up for to equip CAs with the knowhow to take advantage of the changing regulations:

Accounting Standards Board of the Institute of Chartered Accountants of India (ICAI), the national apex professional accounting body, has completed 40 years of its existence on 21 April 2017. ICAI is part of various other international bodies such as International Federation of Accountants (IFAC), Asian-Oceanian Standard-Setters Group (AOSSG), International Forum of Accounting Standard Setters (IFASS) etc. Globally, IFRS 15 is proposed to be effective from 1 January 2018. India is expected to implement Ind AS 115 from 1 April 2018, which will have impact on revenue recognition of almost every company.

REGISTRATION BY BANKS

One of the major areas of impact of GST on banks is registration. Under the present service tax regime, banks can take centralized registration. Nilesh Vikramsey, president, ICAI, says: “In the GST regime, banks would be required to take state-wise registration. Therefore, the compliance is expected to be increased.”

CASH WITHDRAWAL

A representation has been submitted to the chairman, CBDT, by ICAI in April 2017, requesting issue of clarifications regarding applicability of provisions of section 269ST. Although the notification regarding withdrawal of cash from a bank, cooperative bank or a post office savings bank exceeding Rs2 lakh was issued by the CBDT, there are still certain other concerns being faced by the assesses. “Clarification is sought in respect of the phrase ‘transactions relating to one event or occasion’. Exceptions on the lines of Rule 6DD be provided to avoid genuine hardship being faced by the assessees. Payment made through banking channels, including debit cards, credit cards and e-wallets be permitted by way of issue of a clarification. We are expecting necessary clarifications from CBDT,” says Vikramsey.