NASHIK: The Institute of Chartered Accountants of India (ICAI) on Saturday said it will conduct training activities on Goods and Services Tax (GST), which will be effective April 2016.
Mohan Fadnis, national president of ICAI, said, “The central government will be introducing the GST from the next financial year (April 1). It will have a long term impact on the businesses in the country. The state government will definitely organise training for the implementation of the GST. We will also conduct the training for chartered accountants across the country.”
The announcement was made at the sub-regional conference of the Western India Regional Council of the association held in the city on Saturday.
“Earlier, there was an audit limit of 20 companies for all categories of the companies as per the Companies Act. But seeing the continuous follow-up by the ICAI, the government has exempted small companies and private companies having a paid-up share capital less than Rs 100 crore. Now, the limit will be for public and private companies whose paid-up capital exceeds that amount.The Ministry of Corporate Affairs (MCA) clarified this in their June notification,” he added.