Monday, May 16, 2022

New amendments in GST to stop tax evasion: Kaushal Agrawal address academic event of ICAI Jamshedpur

Two-day academic event of ICAI Jamshedpur chapter kicks off

Mail News Service

Jamshedpur, May 13: A two-day academic event of The Institute of Chartered Accountants of India (ICAI), Jamshedpur chapter, was inaugurated at a hotel in Golmuri here on Friday.

The programme began with the lighting of a ceremonial lamp by the speakers accompanied by the moto song of ICAI. A welcome speech was given by the Jamshedpur branch chairman CA Pankaj Singhari.

CA Kaushal Kumar Agrawal from New Delhi gave lecture on the first topic of the day ‘GST notices and assessment’. He threw light on replying to notice and better management. The session was chaired by CA Sanjay Goel.

The second topic of the session was related to the practical aspects of professional ethics which was elaborated by Central Council member of ICAI, CA Gyan Chandra Mishra. He said the professional ethics had seen a lot of amendments. He said the CAs enjoy the trust of society by following these ethics. This session was chaired by CA Prakash Agrawal.

The third topic was the important amendments in Company Audit Report Order (CARO) 2020. These amendments ensure greater transparency in auditing, he said. This session was chaired by CA Jai Prakash Heerwal.

Today’s programme was conducted by the ICAI’s Jamshedpur chapter secretary CA Yogesh Sharma. The speakers were introduced by CA Sidharth Khandelwal, CA Bishakha Agrawal and CA Sugam Saraiwala.

Central government issues CARO-2020

Ministry of Corporate Affairs has issued Company Audit Report Order (CARO) 2020 for the Chartered Accountants which comprises of five new Acts. While carrying out audit of any company, the CAs will have to compulsorily furnish information on five new points, said CA Kamal Garg, a specialist on company audit, on the first day of the two-day academic programme organized by the ICAI.Garg said the auditors are now required to reveal in their report whether the company concerned has the lease or ownership documents of the land on which it is running to its name and whether the company has some benami property. The auditors will also have to mention whether the bank loans taken by the company were utilized for the same purpose or not and whether the company is capable of settling its liabilities within a year of finalizing its balance sheet or not. The auditors further require to mention whether the company is willfully becoming a defaulter of bank loans, said Garg.

Garg said earlier the Central government sought audit report from external CAs on 16 points. The CAs will have to give information in this regard in their audit report to be filed on 30th September 2022, he said.

New amendments to stop tax evasion: Kaushal Agrawal

Goods and Services Tax (GST) specialist Kaushal Kumar Agrawal from Dhanbad, while addressing ICAI’s two-day academic programme on Friday, said the Central government had introduced changes in the GST laws with the view to prevent tax evasion. He said the traders would get credit under 16(2)(AA) only when the details of their invoice is visible in 2B. The government has taken this initiative to prevent forged invoices. He said the registered traders expect that the GST officials issue GST notice in proper manner so that there is no fault. It traders and GST officials fully comply with the laws, there will be no tax terrorism or tax evasion in the country, he said.——————–

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