PUNE BRANCH OF WICASA OF ICAI - puneicai.orgpuneicai.org/wp-content/uploads/Newsletter_Sept_16_Student... · Mr. Pravin Babar Ex Treasurer. 5 Do not follow where the path may lead

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

3


� 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

5


� 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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5

Stay Connected with Pune WICASA @ http://puneicai.org/studentswww.facebook.com/wicasapuneEmail address: [email protected] on Whatsapp � 8149212084 / 9730384750 / 9762410870


� 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.�

6


�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

7


�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


� Ralph Waldo Emerson �A man is great by deeds, not by birth.�

9



� 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



� 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.


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.


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

11



� 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.


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)

12



� Ralph Waldo Emerson�Your most unhappy customers are your greatest source of learning.�

Fun

Zon

eFun

Zon

e

13

Richa BansalWRO0436478


Documents

PUNE BRANCH OF WICASA OF ICAI - puneicai.orgpuneicai.org/wp-content/uploads/Newsletter_Sept_16_Student... · Mr. Pravin Babar Ex Treasurer. 5 Do not follow where the path may lead