My Dear Brothers and Sisters of AIFTP
Happy new financial year to all of you. the last financial year will go in the history as the one that created lot of upheavals for our fraternity and business. It is the year of change and tax reforms has brought the country under the umbrella of uniform tax structure that will eventually reduce litigation, promote business and curb on unaccounted trade practice. The digitalisation of the system has reduced human intervention eradicating corruption.
I believe that tax laws in India particularly GST is one of the world’s most dynamic laws because we see notifications and clarifications almost every alternate day keeping us on our toes all the time.
The E-way bill for inter-state transaction now recently introduced from 1st April is reasonably free from system glitches and there are not much complaints and shortcomings. It is now going to be introduced as a second step in 15 States for intra-state transactions also. We are hopeful that now it must succeeded so that things get streamlined and are found fit to face and pass GST (Great Stress Test) effect.
We have seen lot of pandemonium in the Parliament and Upper House. It is the norm of the day to stall the proceedings of Parliament by opposition benches on one pretext or other. It is the greatest Mockery on democracy. The tax payers’ hard earned money is wasted by the lawmakers in not allowing to function the house and the budget session proved to be complete failure.
The Finance Bill was passed without any discussion in the house, important tax changes particularly capital gains on sale of securities and shares got through in spite of the fact that securities transaction tax is still there which was brought in lieu of capital gains, when it was exempted. The other provisions of the Finance Bill became Act without thread bare consideration.
It is a celebrated principle of physics that every action has a reaction equal and opposite to the action. The ruling party when it was in opposition did not allow Parliament to function under UPA Government regime. Now it is at receiving end and facing the same turmoil that it had once created.
It is clear that whosoever may be in power they are least worried about the wastage of tax payer’s money. It is reported that the cost of having Parliament session is ₹ 1.80 Lakhs per minute and it is not usefully utilised.
John D. Rock feller Junior has said “I believe that thrift is essential to well ordered living and that economy is a prime requisite of sound financial structure whether in Government, business or personal affairs.”
I hope that good sense shall prevail on all and they will think about the plight of the taxpayer.
I do not wish to criticise anyone but the laxity on the part of the executive is at large. No appointment has been made on the post of ITAT President, even the post of Vice-Presidents are not filled, the Vice-Presidents are retiring one after other without filling the gap. It is adversely effecting the functioning of the ITAT. I am afraid if it continues we will have to give serious consideration to it and make representations and if need a PIL may be filed.
We are holding a seminar and NEC Meeting on 5th & 6th of May 2018 at Indore. I request all the members to participate in the seminar in large number.
In case it is reaching your hands after the seminar then my request to you is to join in Amritsar National Tax Conference and NEC Meeting scheduled for 11th & 12th August 2018 and a visit to Wagha Border is being planned on
10th of August. I request all the members to gear up for the same and participate in large numbers in all the coming events.
My dear friends! A successful team beats with one heart. Individually we are one drop. Together, we are an ocean. If everyone is moving forward together then success takes care of itself so, say in unison that we are one and will work for the betterment of our organisation.
Looking forward to meeting you in the seminars.
Ganesh N. Purohit
Publications for sale
|Sr. No.||Name of Publication||Rate (₹)|
|1.||“Income Tax Appellate Tribunal – A Fine Balance – Law, Practice, Procedure and Conventions – Frequently Asked Questions”||Dec., 2017||1,000.00||1,050.00||100.00|
|2.||AIFTP – Of Milestone and Beyond – History Book||Nov., 2016||400.00||450.00||80.00|
Notes: 1. The above publications are available for sale; those who desire to buy may contact the office of the Federation.
2. Local/Outstation members not collecting from office are requested to add courier charges, as mentioned above.
3. Please draw Cheque/Draft in favour of “All India Federation of Tax Practitioners” payable at Mumbai.