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ICAI is the facilitator
of Finance Ministry’s e-initiative to provide facility of e-filing of returns
and documents to Central Excise and Service Tax assessees through Certified
Facilitation Centres.
“This is a move towards GST. In GST, you cannot be successful unless you are on
the electronic format. One you have the entire data on the electronic platform,
so to that extent you are going to gain and from here you would move onto GST
straightway, the only thing extra would be larger number of taxes,” Amarjit
Chopra, president, ICAI, told DNA.
The official added there are 65,000 chartered accountants in practice and about
35,000 firms; the institute is expecting 20,000 facilitation centres to come up
in 2010.
The institute members can also provide other services to customers, which would
help to earn additional stream of revenue. A Certified Facilitation Centre
(CFCs) is a facility, which will be set up and operated by practicing chartered
accountants in individual capacity or as proprietor or firm.
Chopra is expecting 1,200 firms to converge to IFRS in the first phase of the
implementation. ICAI has said that all insurance companies will convert by April
1, 2012, while scheduled commercial banks and those urban co-operative banks (UCBs),
which have a net worth in excess of Rs 300 crores will convert by April 1, 2013
in compliance with the first set of Accounting Standards.
Source:
Daily News & Analysis, India, dated
14/04/2010
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