BCAS Vice President CA Chirag Doshi’s Message for the Month of February 2023
Is the Budget a Visionary budget for India@100
The Budget was first introduced in India on April 7, 1860 when Scottish economist and politician James Wilson from East India Company presented it to the British Crown. Independent India’s first budget was presented on November 26, 1947 by the then Finance Minister R K Shanmukham Chetty.
Some of the historic updates on the budgets:
- Longest speech ever was given by Ms Nirmala Sitharaman in 2020
- At 18650 words Mr Manmohan Singh delivered the longest budget scheme in terms of words used in 1991
- Finance Minister Mr Hirubhai Patel delivered the shortest speech of approx. 800 words in 1977
- Moraraji Desai holds the record of delivering the highest number of Budgets. He presented 10 budgets.
The Finance Minister of India called it the first Budget in Amrit Kaal. The vision for the Amrit Kaal is an empowered and inclusive economy that is technology-driven and knowledge-based with a robust financial sector.
The Important elements of this year’s budget are:
a. Inclusive Development – Digital infrastructure for agriculture and accelerated funds for Agri start up, health sector and education and skills development
b. Opportunities for youth – development of Skill India Digital Platform. Centre of Excellence for AI.
c. Reaching the last mile – Building on the success of the Aspirational Districts Programme, the Aspirational Blocks Programme was recently launched covering 500 blocks.
d. Infrastructure and investments – Capital investment outlay increased for the third consecutive year – by 33% to Rs 10 lakh crore making it 3.3% of GDP.
e. Green energy – An outlay of Rs 19,700 crores has been allocated to the National Green Hydrogen Mission to facilitate transition of the economy to low carbon intensity, reduce dependence on fossil fuel imports, and make the country assume technology and market leadership in this sunrise sector.
f. Financial sector – additional collateral-free guaranteed credit of Rs 2 lakh crore. The cost of the credit will be reduced by about 1% and many more.
Ease of doing business – To enhance ease of doing business, more than 39,000 compliances have been reduced and more than 3,400 legal provisions have been decriminalised under the amendments to the Companies Act 2013
Budget estimates (2023 – 24)
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Particulars
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Amount in Rs. Crore
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Revenue receipts (Tax and Non Tax)
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26,32,281
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Capital receipts (including borrowings)
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18,70,816
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Total Expenditure
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45,03,097
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The Youth of the country is mainly concerned about job security, financial security, and education support and skill development. The budget considers this factors well as it’s a balanced budget with increase in capital outlay creating more jobs, boost to start ups, higher fund allocation towards education and skill development and increasing the tax exemption slabs and limit of presumptive tax.
Overall a well appreciated full budget, before the country witnesses another election next year.The budget booklet published by the Society covers the same in a very lucid manner and is available for purchase now. Jai Hind !
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Events
THE REALITY AND DEPTH OF HOMOEOPATHY
Hybrid Meeting on The Reality and Depth of Homoeopathy – on Meditation to Cure the Mind on Thursday, 15th December, 2022 at Bombay Chartered Accountant Society at the HRD Study Circle Meeting.
For more details visit – https://www.youtube.com/watch?v=1RGiTNm9bNc
LECTURE MEETING ON METAVERSE
The world is on the verge of experiencing the beginning of a new era of the Internet; and considering this, the BCAS organised a lecture meeting on Metaverse and Web3 Technologies on 14th December 2022.
For more details visit – https://www.youtube.com/watch?v=GJ8YgVgc600
STUDY CIRCLE MEETING FOR BUDDING ENTREPRENEURS
The Human Resources Development Committee organized a hybrid study circle meeting titled “Kal, Aaj aur Kal for Budding Entrepreneurs” – Insights about how to win the battle called 2030 with Right Strategies, on 13th December, 2022, at the Bombay Chartered Accountants Society office
For more details visit – https://www.youtube.com/watch?v=A_hy2gQfW4w
MEETING TO HIGHLIGHT CHANGES IN REPORTING IN GSTR 9 AND 9C
The Indirect Tax Study Circle organised a meeting on 9th December, 2022 to highlight the changes in reporting in GSTR 9 and 9C for FY 2021-22 as compared to previous FYs.
MEETING – ‘RECENT LANDMARK SC RULINGS’
On 5th December, 2022, the Direct Tax Study Circle held a meeting on ‘Recent Landmark Rulings’. The landmark Supreme Court Rulings discussed included Singapore Airlines Ltd vs. CIT [2022], New Noble Educational Society vs. CCIT [2022], Dinesh Vazirani vs. PCIT [2022], PCIT vs. Wipro Ltd [2022], Seema Jagdish Patil vs. NHRC Ltd & Ors [2022] and S.A. Metro Plots (Pvt.) Ltd vs. ITO [2022].
‘ENTERPRISE RISK MANAGEMENT (ERM) 101’- A JOINT PROGRAM WITH IRM, INDIA AFFILIATE
BCAS has entered into an MoU with the Institute of Risk Management (IRM), India Affiliate, to provide knowledge and learning opportunities about ERM concepts to students and young professionals. The Society organised a program titled ‘Enterprise Risk Management (ERM) 101’ on 3rd December, 2022 at the Jio World Convention Centre, Mumbai. BCAS and IRM have entered into an agreement to conduct ERM 101 repeatedly throughout the year.
LECTURE MEETING – “DECODING GLOBAL FINANCIAL MARKET AND CHANGES IN REGULATIONS – ODI”
BCAS organised a Lecture Meeting on “Decoding Global Financial Market and Changes in Regulations – Overseas Direct Investment” on 30th November 2022 on Zoom and was telecast live on YouTube.
ONLINE MEETING – ‘REVERSE CHANGE MECHANISM’
The Indirect Tax Study Circle organized an online meeting on ‘Reverse Change Mechanism – Is it a better proposition for seamless credit?’ on 28th November, 2022. The speaker presented 11 case studies on Reverse Charge Mechanism.
MEETING – BRITISH ECONOMY CHALLENGES
ON 23rd November, 2022, the International Economics Study Group conducted a meeting on the topic ‘Decline of British Economy, Downfall of British Empire and Londongrad and Current status of Economy & Markets’.
WORKSHOP – ‘MACROS RECORDING FOR GST COMPLIANCES’
The Indirect Taxation Committee of BCAS organized a half-day workshop on ‘Macros Recording for GST Compliances’ on 19th November, 2022 at the Babubhai Chinai Hall, IMC.
SEMINAR – ‘BUSINESS RESTRUCTURING’
On 14th November, 2022, the Taxation Committee of BCAS, in association with the IMC Chamber of Commerce and Industry and Bombay Chamber of Commerce and Industry, organised a hybrid seminar on ‘Business Restructuring’.
For more details visit – https://bit.ly/3HTbQJ4
Forthcoming Events:
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Topics
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Date
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Speaker Name
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Fees
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Regn. Link
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ChatGPT – An opportunity or a threat to professionals?”
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Saturday 18th February 2023
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Mr. Vastsal Kanakiya
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Free to All
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Click here
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Brain Trust Session on Case Studies on International Tax
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Saturday, 18th February 2023
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Moderator – CA Ganesh Rajgopalan
Brain Trustees – CA Gautam Nayak,
Mr. Sanjeev Sharma,
CA Yogesh Thar
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Members: Rs. 500 + 18% GST
Non-members: Rs. 500 + 18% GST
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Click here
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Interactive Session with Students for Success in CA Exams
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Sunday, 19th Feb 2023
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CA Mayur Nayak
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Free to All
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Click here
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Lecture Meeting on Challenges in implementation of Audit Quality
Maturity Model (AQMM)
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Monday, 20th February 2023
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CA Durgesh Kabra & CA N. Jayendran
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Free to All
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Click here
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XIIth Residential Study Course on Ind AS
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Friday to Sunday 24th to 26th March 2023
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Various Speakers
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Double Occupancy (In Rs.)
Members – Early bird (till 28th February 2023) Rs. 20,060/-
From 1st March 2023 Rs. 22,420/-
Single Occupancy (In Rs.)
Members Early bird (till 28th February 2023) Rs. 24,780/-
From 1st March 2023 Rs. 29,500/
Double Occupancy (In Rs.)
Non-Members Early bird (till 28th February 2023) Rs. 22,420/-
From 1st March 2023 Rs. 24,780/-
Single Occupancy (In Rs.)
Non-Members Early bird (till 28th February 2023) Rs. 29,500/-
From 1st March 2023 Rs. 31,860/- |
Click here
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Overview of Deemed Conveyance with Legal Issues and Solutions
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Monday, 27th February, 2023
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Adv. Viral Shukla
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BCAS MEMBERS ONLY
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Click here
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Lecture Meeting on Social Audit of Social Enterprises
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Wednesday, 1st March, 2023
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CA Sangeeta Kumar
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Free to All
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Click here
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Power Summit The Time is Ripe!
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3rd & 4th March 2023
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Various Speakers
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Members – Rs. 6750 + GST = Rs.7965/- (Triple Occupancy)
Rs. 8000 + GST = Rs.9440/-
(Double Occupancy)
Non- Members – Rs. 8750 + GST = Rs.10325/- (Triple Occupancy)
Rs. 10000 + GST = Rs.11800/-
(Double Occupancy)
For members of BCAS born on or after 1st January 1988 (i.e. under the
age of 35 as on 31-12-2022):
Rs. 5,000 + GST = Rs. 5900/-
(Triple Occupancy)
Rs. 6,250 + GST = Rs. 7375/-
(Double Occupancy)
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Click here
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Master Class on Mergers & Acquisitions
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3rd & 4th March 2023
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Various Speakers
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Members Rs. 5300 /-(Incl of GST) Non
Member Rs. 6500/- (Incl of GST)
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Click here
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Workshop on Practical Aspects of Audit for SME Practitioners
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Friday,10th March 2023 & Saturday,11th March 2023
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Various Speakers
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Members – Rs. 2,500 + Rs. 450 (18% GST) = Rs. 2,950/-
Non-members – Rs. 3,500 + Rs. 630 (18% GST) = Rs. 4,130/- |
Click here
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10th YRRC
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17th, 18th & 19th March 2023
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Various Speakers
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Early Bird Upto 15/02/2023
Members: Rs. 15,000 + GST
Non-Members: Rs. 16,000 + GST
From 16/02/2023
Members: Rs.17,000 + GST
Non Members: Rs. 18,000 + GST
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Click here
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Half-day Seminar on Basic Learning’s to be an IBC Professional
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Friday, 24th March 2023
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Various Speakers
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Members: Rs. 750 + 18% GST
Non-members: Rs. 1000 + 18% GST
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Click here
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Full day Workshop – Approach to litigation under GST
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Saturday 25th March, 2023
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Various Speakers
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Members
1,500+ GST = Rs.1770/- (Physical)
1,500 + GST = Rs.1770/- (Virtual)
Non-members
2,000 + GST = Rs.2360/- (Physical)
2,000+ GST = Rs.2360/- (Virtual)
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Click here
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27TH INTERNATIONAL TAX & FINANCE CONFERENCE
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Thursday, April 6 2023 to Sunday April 9 2023
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Various Speakers
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Members:
Rs.27,500 + GST 4,950 = Rs. 32,450
Non-Member:
Rs.30,000 + GST 5,400 = Rs. 35,400
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Click here
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17th Residential Study Course on GST
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Thursday, 22nd June 2023 to Sunday, 25th June 2023
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Various Speakers
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Enrolments on or before 31-03-2023
Members
Rs. 24,000 + GST 4,410 = Rs. 28,910
Non- Members
Rs. 27,500+ GST 4,950 = Rs.32,450
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Click here
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Thank You!
With Best Regards,
CA Chirag Doshi
Vice President
Please feel free to write to me at vp@bcasonline.org
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