Respected Senior and Dear Professional Colleagues,
We are many a times prisoners of expectations. We expect so many things from our clients, colleagues, staff, children, parents, friends, spouse and even from ourselves. As expectations are not met, we feel life is muddy and messy, resulting in conflict, confusion, stress and anger. So, one may say that suffering is the result of having expectations of how things should be. Expectations make life imperfect and unhappy though happiness is what we seek in expectations. Stephen Hawking has rightly said – “When one’s expectations are reduced to zero, one appreciates everything.” However, it is not practically possible to not have any expectations. So, let us analyse whether expectation was realistic as there is always a gap between dream and reality – accept what one gets and move on. Also, let us understand the difference between ‘giving’ and ‘sharing’. In ‘giving’ – one expects whereas while ‘sharing’ – one enjoys. So let us enjoy.
The Government has come up with the concept of “Revenue Neutral Rate” to determine the rate of GST. It means the rate at which the revenue of the Government would not be sacrificed in comparison to present revenue even after allowing credit of GST. Further, the effect of inflation and other issues may be considered while finalising the final levy rates of GST. The composition scheme for small businessman may prove as a boon, whereby the annual turnover limit is set at Rs.50 lakhs and rate is 1% or more. Forthcoming winter session is expected to be a roller coaster with political issues refusing to die. But the government is confident that it will be able to sail Goods and Services Tax Bill (GST Bill) in the pre-pone winter session. However, it will surely be tested with Opposition trying to disrupt the proceedings. The passage of the two Bills during the winter session and of the State GST Bill by state assemblies is very critical to meet the GST roll-out date of April 1, 2017.
As we gear up towards the December end, all colleagues will be again busy in completing the pending scrutiny assessments, the month of November will be full with compliances in related to VAT monthly and quarterly returns. The Branch successfully held the PD committee seminar on GST in the month of October. Further, the Branch is planning a Regional Conclave on GST jointly with Pune Branch, to be held at Pune. Further, we have also lined up with seminar on Indirect Tax on 12th November, National Students Conference on 3rd and 4th December and Regional Tax Convention on 17th and 18th December and many more thinks. I sincerely urge all the members and the students to participate in the events planned.
“THE BEST THINGS IN LIFE ARE UNEXPECTED – BECAUSE THERE WERE NO EXPECTATIONS”
Your Sincerely, CA Ravi Rathi, Chairman