The delay in implementation of the GST Bill will deprive the consumers of its benefits, Institute of Chartered Accountants of India (ICAI) president Charted Account Manoj Fadnis said today.
“The consumers are at a loss as they will not be able to avail the benefits of one common tax in the process till the time it (GST) is introduced,” Fadnis said while replying to a question at a press conference here.
He said there will be one common tax instead of number of indirect taxes.
Fadnis said the ICAI, an apex body constituted under Chartered Accountant Act, has initiated disciplinary action against CA members for allegedly indulging in wrong practices and every year it receives against around 200 to 250 members.
He said ICAI currently has a membership base of 1.5 lakh and has 8.75 students enrolled with it, out of which more than 25,000 students join the profession every year.
Fadnis said the ICAI was extending support to the Indian Railways in reforming accounting system moving from cash to accrual system of accounting, after assessing the tremendous positive on national financial reporting.
The Railways approached the ICAI to undertake the pilot study project on study of existing budgeting and costing system and proposal for outcome budgeting and integrated cost accounting architecture in the line of Indian budget system.
The concept paper on outcome budgeting has been submitted to the Railway authorities, WIRC of ICAI chairman Sunil Patodia said.