Modi Government speeding up reforms CAs expectations in waiting

NARENDRA Ji Modi Government needs to be congratulated on speeding up the reform process by:

• UDAY Scheme providing Rs. 99000 crores to State Electricity Boards
• Launching open transparent electricity purchase portal - rates becoming transparent at Rs. 2.50 to Rs. 3.00 per unit 
• Bringing down cost of Solar power to Rs. 5.50 per unit
• Coal supply turning in surplus from decades of shortage
• All power projects under construction - now being implemented in full swing
• Railways implementing massive investment for modernization efficiently and effectively
• Real Estate Regulations Act passed for bringing transparency and fair treatment to consumer
• Transparent electronic market launched for Agriculture produce
• Roads projects construction revived and now in full swing in almost 95% cases with large number of new projects
• Special simplification of Income Tax laws and new schemes
• Electronic Assessment - no personal visits
• Voluntary disclosure of Income scheme
• Regular income declaration freedom
• Professionals' special tax scheme
• Kar Vivad Samadhan Scheme - clear road map
• 10% tax on Research and development in India  
• Lowering corporate tax rate to 25%
• Large number of procedural simplifications
• Positive approach and respect for tax payer
• Survey, Searches and Raids to be an exception
• Mandatory ISI mark and minimum National standards for large number of consumer goods, barring import of sub standard Chinese goods and many more.....
• The expectations are mounting in different areas. The Chartered Accountants community commits their support to transparency, integrity and ethical approach and completely non corrupt Governance. We await :
• Rationalisation of the Companies Act, 2013
• Independent appointment of Statutory and Internal Auditors for Banks, Insurance, Pension funds, Mutual funds and all public interest institutions.
• Fair role of CAs in ensuring financial discipline
• To eradicate tendering of CAs' professional services. Government need to appoint best persons at pre-determined fee for a top quality efficient and effective reporting. Lawyers, CAs, Doctors cannot be selected on L1 (Lowest quote) basis.