Monday, May 16, 2016

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.  

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