Society News for the month of December 2025

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1. 8th Long Duration Course on Goods and Services Tax held on 18th August 2025 to 17th November 2025 @ Virtual

The 8th Long Duration Course on GST- 2025, organised by the BCAS, was successfully conducted in a fully Virtual (Online mode) from 18th August, 2025 to 17th November, 2025. The programme was scheduled every Monday and was thoughtfully covered theoretical as well as practical aspects of GST, enabling the participants to gain a comprehensive understanding of the subject.

The course covered 24 pre-recorded training videos, each ranging from 90-120 minutes, along with 9 live interactive sessions. Each session was delivered by the proficient faculty having immense expertise in the field of indirect taxation. The course started with the levy under CGST & SGST, scope of supply & related definitions and covered various concepts such as ISD vs. Cross charge, E-way bills, Registration, Valuation Principles, refunds under GST, POS Services – Domestic & International, Appellate procedure, returns, Annual returns & reconciliation, etc.

The pre-recorded videos provided participants with the opportunity to learn at their own pace, grasp technical concepts in depth, and come prepared with queries for the live sessions. This significantly enhanced engagement during the sessions, allowing participants to highlight practical issues and discuss them with nearly 24 distinguished GST experts, who enriched the learning through their insights.

During the live sessions, the moderators effectively coordinated the flow of discussions, addressed questions raised by participants, and facilitated meaningful deliberations on the assigned topics. This interactive format encouraged collaborative learning and ensured that participants gained clarity on complex provisions of GST law.

The course received an overwhelming response, with 178 participants enrolling from various cities across the country. The consistently positive feedback shared by attendees at the conclusion of the programme serves as a strong motivation for us to continue designing and delivering more such knowledge-enhancing courses in the future.

BCAS Academy link: – https://academy.bcasonline.org/courses/8th-long-duration-course-on-goods-and-services-tax/

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2. The Family Offices Masterclass 2025 held on 15th November, 2025@ BCAS – Hybrid.

The Family Offices Masterclass 2025 explored the evolving structures, governance models, and regulatory considerations relevant to family offices in India and overseas. The masterclass witnessed strong participation with around 75 attendees present physically and over 235 participants joining virtually. The keynote address by CA (Dr.) Anup Shah emphasized the importance of long-term planning and cross-border readiness for wealth-owning families. CA Toral Shah explained foundational structuring options, including trusts, LLPs, companies, and governance elements for both single and multi-family offices. Adv. Poorvi Chothani discussed key global jurisdictions—UAE, Singapore, UK, US, and Portugal—highlighting regulatory nuances and practical considerations.

In the session on succession and estate planning, CA Falguni Shah covered wills, settlements, conflict management and case law insights relevant to business families. An interactive segment with Dr Srinath Sridharan provided perspectives on founder-successor dynamics and behavioural aspects illustrated through real-life experiences. Adv. Bijal Ajinkya addressed drafting and governance pitfalls with a focus on trust deeds, shareholder agreements, and fiduciary responsibilities.

Further, CA Mehul Bheda delivered an overview of domestic tax and regulatory issues relating to GAAR, POEM, AIFs and compliance challenges. The concluding session by CA Rutvik Sanghvi focused on cross-border tax and regulatory matters, including FEMA, DTAA application, NRI heirs, foreign trusts and global inheritance tax trends. The full-day masterclass concluded with an informal networking interaction.

3. Kung Fu Panda: Lessons on Life & Leadership held on Saturday, 8th November 2025 @ BCAS

The HRD Committee organised a unique and engaging session that brought together both CA members and CA students, creating a shared learning platform rooted in storytelling, reflection, and community interaction.

The event began with a movie screening of Kung Fu Panda, setting the stage for an open and thought-provoking discussion. Post the screening, participants reflected on powerful themes from Po’s journey—from overcoming self-doubt to discovering purpose—and how these ideas inspire us to embrace challenges as catalysts for growth.

The discussion encouraged attendees to interpret scenes through their own lens, drawing parallels to real-life challenges and personal evolution. Many participants shared their experiences and insights, making the discussion diverse and deeply relatable.

The session highlighted the power of self-belief, mentorship, resilience, and authenticity, seamlessly blending entertainment with impactful learning. It reaffirmed that some of the most meaningful lessons can emerge from the most unexpected narratives.

4. Full Day Workshop on Goods and Services Tax Appellate Tribunal (GSTAT) held on Saturday 01st November 2025 @ Hybrid.

1. 125 participants from across 20 cities in India had registered for the workshop, with 37 participants enrolling for the physical event and the remaining participants enrolling virtually.

2. The first session covered the “Overview of the GSTAT framework”, including –

(a) Constitution of the GSTAT; Principal Bench; State Benches; Single and Division Benches.

(b) Distinguishing features between GSTAT, CESTAT and VAT / Sales Tax Tribunal.

3. The second session covered the “Significant and substantive aspects of GSTAT”, including appealable orders, timelines for filing appeals, the substantial changes proposed in the GSTAT Rules and their proposed functionality compared to the existing procedures in CESTAT, the inconsistencies between the provisions contained in the Act & Rules, etc..

4. The third session was on the technical subject of “Art of Drafting Pleadings”, where the speaker explained in detail the various fields in the appeal Form APL-05 and what information must be submitted therein, how the statement of facts and grounds of appeal must be drafted, care to be taken while preparing the appeal file, etc.

5. The fourth session covered the “Art of Advocacy” where the speaker explained the practical aspects of appearing before the Tribunal/ Courts, emphasizing how to conduct in court, realizing when to speak and when not to speak, the dual responsibility of the professionals, maintaining the decorum of the Court, operating ethically, etc..

The full-day workshop was completely interactive, with the faculty answering the queries raised by the participants.

BCAS Academy Link: https://academy.bcasonline.org/courses/workshop-on-goods-and-services-tax-appellate-tribunal-gstat-law-procedure-and-practice/

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5. Indirect Tax Laws Study Circle on “GST Annual Return Critical Amendments and Compliance Insight” held on Tuesday, 28th October 2025 @ Virtual

The Bombay Chartered Accountants’ Society had organized the following Study Circle Meeting under Indirect Taxes on 28th October 2025:

Group Leader: CA. Aman Haria, Mumbai

Mentor: CA. Rajat Talati, Mumbai

The group leader first presented the various changes made to the GST Annual Return relating to F.Y. 2024-25, followed by seven case studies covering the various aspects of reporting in the Annual Return and its implications.

The presentation covered the following aspects of the GST Annual Return for a detailed discussion:

•  Changes made to GST Annual Return (GSTR-9) vide CGST (Third Amendment) Rules, 2025 w.e.f. 17.09.2025, including the FAQs released by GSTN.
•  Implication on reporting in case of errors relating to the nature of supply (inter-State vs. intra-State), category of recipient (B2B vs. B2C), and non-disclosure of RCM liability made in the monthly GST returns
•  Nuances and issues in reporting ITC in cases where taxpayers have reported ITC in their monthly returns by following Circular No. 170/02/2022-GST, dated 06.07.2022, vs. taxpayers who have not followed the said circular.
•  Effect of amendment to invoices by suppliers on the values reported in Table 8 of GSTR-9.
•  Effect of reporting ‘additional ITC reversal’ in Annual Return, which is found during finalisation of accounts.
•  Implications of mandatory details required to be reported in GSTR-9 of F.Y. 2024-25, which may not be readily available to the taxpayer.
•  Difference between reporting details of Table 8C and Table 13 of GSTR-9.
•  Challenges in reporting details in Table 12 of GSTR-9C owing to changes made in GSTR-9.

Around 112 participants from all over India benefited while taking an active part in the discussion. Participants appreciated the efforts of the group leader and the mentor.

6. Finance, Corporate & Allied Laws Study Circle – Critical Issues Related to FCRA Laws for NPO held on Friday, 24th October 2025 @ Virtual.

On 24th October 2025, a virtual Study Circle meeting on “Critical Issues related to FCRA Laws for NPOs” was conducted with CA Khubi Shah Sanghvi as the speaker. She commenced the session by explaining the inception, scope and key definitions under the Foreign Contribution (Regulation) Act (FCRA), particularly the meaning of “foreign contribution” and “foreign source”. The discussion then moved to important periodic and event-based FCRA compliance and the relevant prescribed forms. The learned speaker provided valuable insights into critical aspects of registration, renewal, suspension, cancellation and surrender of FCRA registration, along with major reasons for rejection of applications. An in-depth analysis of the amendments made in 2020, 2024 and 2025 was shared, followed by a useful overview of the FATF Charter for Associations and expectations under the Charter for Chartered Accountants. Recent circulars, public notices and notifications were also highlighted, with the speaker addressing several practical compliance issues faced by NPOs. The session was highly informative and well-received by all attendees, with a total of 38 participants benefiting from the knowledge-sharing.

7. ITF Study Circle Meeting on “Nuances in Residential Status for Individuals – Income Tax Perspective” held on 14th October, 2025@ Virtual.

Chairman of the session – CA Mayur Nayak and Group Leaders: CA Nithin Surana and CA K Prasanna

The International Tax and Finance Study Circle organized a meeting (virtual mode) on 14 October 2025 to discuss the nuances in the Residential Status of Individuals from an Income Tax Perspective.

•  The session opened with introductory remarks from the chairman on his initial views on the determination of residential status.
•  As a precursor to the decision of DCIT vs. M Mahadevan [2025] 175 taxmann.com 383 (Chennai ITAT), the group leaders began with a quick look at the core principles for determining residential status as per Section 6 of the Income-tax Act 2025 (ITA 2025).
•  The group leaders discussed the facts of the case, the contentions of the taxpayers and the tax authorities and the ruling by the Chennai ITAT in the case of. Mahadevan (supra).
•  Further, the nuances about the concept of deemed residency & ‘liable to tax’ as per section 6(7) of ITA 2025 read with Article 4 of the OECD MTC.
•  Deliberation was done on various connecting factors relevant to determining residential status as per OECD MTC.
•  The chairman highlighted key points during crucial moments of the discussion and subsequently opened the floor for deliberation on the topic of ‘Split Residency’.
•  Several participants shared their perspectives on the various implications of the ruling, and a range of divergent views emerged on multiple issues. The session was attended by a number of senior members of the fraternity. The discussion was lively and enriching for the participants.

The session closed with the concluding remarks made by the chairman.

8. Indirect Tax Laws Study Circle – Issues in Exports and Refunds Under GST held on Tuesday, 07th October 2025 @ Virtual

Group Leader: CA. Deepak Kothari Mentor: CA. Jignesh Kansara

The group leader first presented the Law pertaining to Exports and Refunds under GST, followed by seven case studies covering the various aspects of Issues in Exports and Refunds under GST.

The presentation covered the following aspects of Refunds and Exports for a detailed discussion:

•  Implications for delayed receipt of Foreign Exchange and its implications under GST under Rule 96 of the CGST Act 2017.
•  Implication of the Commercial Invoice amount being higher than the value declared in the Shipping Bill owing to freight charges and its implication on the refund under GST.
•  Interpretation of Intermediary and its implications under claiming refunds under GST, and discussion about erroneous refund and powers of the department in relation to the same.

Around 92 participants from all over India benefited while taking an active part in the discussion. Participants appreciated the efforts of the group leader and the mentor. Due to paucity of time, only three case studies were completed; hence, BCAS is planning a Second Session for the same.

9. Professional Accountant Course held on Saturday, 19th July 2025 to Sunday 5th October 2025 @ Guru Nanak College

The Professional Accountant Course, jointly conducted by the Human Resource Development Committee, DBM India, and Guru Nanak College, concluded with its certification ceremony on 10th October 2025.

The programme was spread across 20 sessions over the weekends, held at Guru Nanak College, aimed to bridge the gap between academic learning and professional application for undergraduate students aspiring to build careers in finance, taxation and accounting. The course sought to provide classroom learning with industry practices, building the competence required for emerging professionals. The sessions covered an overview of diverse topics across various domains, including Direct Tax, Auditing, GST, Corporate and Allied Laws, Accounting & MIS and Technology Applications for Accounting and Management Reporting, thoughtfully curated to provide a holistic understanding of accounting and finance.

Each session was designed to promote conceptual clarity through practical examples and interactive learning. The knowledge was delivered through engaging sessions conducted by eminent professionals. BCAS served as the Knowledge Partner, with members from various Committees across BCAS and other professionals volunteering their time and expertise to deliver high-quality sessions and mentor the participants. The programme received an enthusiastic response with 59 students from the college participating in these sessions.

A key highlight of the initiative is the Internship Assistance Programme, supported by BCAS, under which eligible students are being connected with CA firms and industry networks for internship placements. This initiative provides participants with an opportunity to experience hands-on learning and apply classroom concepts in real-world scenarios.

The Professional Accountant Course marks another milestone in BCAS’s ongoing efforts to strengthen student connect and build a bridge between academia and the profession, empowering students through learning, mentorship, and collaboration to become future-ready professionals.

10. Panel Discussion Webinar on implications of OBBBA on Indian NRIs and Indian companies investing in the USA held on Monday, 11th August 2025 @ Virtual

Moderator: CA Paresh Shah

Panellists: CPA Vinay Navani & CA Prathamesh Hegishte

The panel gave their insights on the recently enacted One Big Beautiful Bill Act, 2025, in the US. The discussion focused on the implications of the new law on the Indian entities wishing to invest in the US and US residents wishing to invest in India. Queries raised to the panellists were practical and relevant for people having business relationships with the USA. The panel also responded to other US tax-related queries of the participants.

More than 200 participants attended the panel discussion.

All the participants well received the program.

YouTube Link: https://www.youtube.com/watch?v=D78cb9xGd2o&t

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II. REPRESENTATIONS

The Bombay Chartered Accountants Society (BCAS) submitted feedback on the Draft ECB Regulations to the RBI on 24th October, 2025. Key points:

•  Eligible Borrower: Clarification sought on FDI-linked restrictions and statutory registration requirements.
•  Lender Due Diligence: Recommended standardised procedures for non-compliant jurisdictions.
•  Operational Clarity: Guidance requested on borrowing limits, pricing norms, and ALP applicability.
•  Existing ECBs: Proposed enabling provisions for revised interest rates or reduced MAMP.
•  Reporting & Monitoring: Clarification sought on ECB utilisation and parking procedures.

This submission underscores BCAS’s commitment to practical and member-friendly regulatory reforms.

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Readers can read the full representation by scanning the QR code or visiting our website www.bcasonline.org

III. BCAS INITIATIVES

1. “Are You Aware?” PODCAST Series.

The Bombay Chartered Accountants’ Society continues its commitment to spreading knowledge and strengthening public understanding of complex international taxation matters. Through the “Are You Aware?” podcast series, the BCAS International Taxation Committee has been creating accessible, high-quality content on important cross-border tax and regulatory issues.

The latest podcast on the topic of Consequences of Non-Disclosure of Foreign Assets by CA Rutvik Sanghvi, CA Kartik Badiani, and CA Mahesh Nayak was released in the month of Oct 2025.

This episode dives deep into the legal, compliance, and procedural aspects of foreign asset disclosure, highlighting the implications of non-reporting under Indian tax law.

The other episodes in the series cover a wide spectrum of relevant topics, including:

•  Global Taxation – Five decades of change & the road ahead by CA Hitesh Gajaria, in conversation with CA Pinakin Desai.
•  Are You Aware? How to claim Foreign Tax Credit in India? by CA Divya Jokhakar, in conversation with CA Nilesh Kapadia.
•  Are You Aware? Of Exposure to Foreign Companies under Indian Income-tax Act? by CA Divya Jokhakar, in conversation with CA Sushil Lakhani.
•  FERA to FEMA & Beyond: Evolution of India’s Forex Laws – A conversation with CA Shri Dilip J Thakkar and CA Rutvik Sanghvi.

These initiatives reflect BCAS’s broader mission to contribute to society by promoting informed decision-making, voluntary compliance, and continuous professional development. The Society remains dedicated to offering resources that bring clarity to complex laws and empower stakeholders at all levels. To explore all episodes under the “Are You Aware?” podcast series, kindly scan the QR code below.

2. BCAS Library Now Open for Book Lending!

The Bombay Chartered Accountants’ Society is pleased to reopen its Library Lending Service, welcoming members and students to rediscover the joy of reading. With a thoughtfully curated collection—from technical resources to enriching general reads—the library offers a space to learn, reflect, and grow.

Library Access at a Glance:

•  Who Can Borrow? BCAS members and students
•  Deposit: A one-time refundable ₹500
•  Borrowing Allowance: One book per month
•  Easy Returns: Drop-off at the BCAS office

We encourage members and students to explore the book list, understand the borrowing guidelines, and enrol to enjoy the benefits of this valuable resource.

Explore the Book List: https://lin-k.ai/BCAS-Library-List-2025x

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Library Enrollment Form & SOP: https://lin-k.ai/BCAS-Library-Enrollment-Form

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IV. BCAS IN NEWS & MEDIA

• BCAS has been featured in several news and media platforms, showing our active involvement, professional contributions, and commitment to the field. This reflects the growing recognition of BCAS in the public and professional space.

Link: https://bcasonline.org/bcas-in-news/

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