CA institute signs pact with CBEC

The Institute of Chartered Accountants of India (ICAI) has signed a memorandum of understanding (MoU) with the Central Board of Excise and Customs (CBEC) to improve tax-payer services. The ICAI President, Mr Amarjit Chopra, and Vice-President, Mr G. Ramaswamy, said here today that the MoU is a step forward towards association of the ICAI with the Government. The initiative would help all those assessees who may not have the requisite IT infrastructure, or resources, to use the Automation of Central Excise and Service Tax (ACES) programme to improve tax-payer services. This MoU opens a new professional avenue for the members as they could now provide services to the assessees of CBEC in filing their returns and other documents electronically under ACES. Mr Chopra said ICAI could help in implementing the Government's decision with regard to the Goods and Services Tax (GST), likely to be effective from April 1, 2011. ICAI will suggest formats to the Government to ensure compliance with GST legislations and avoidance of revenue leakage. It has also chalked out a plan for country-wide training at all levels, as soon as the basic design of GST is agreed upon. The Institute will also be engaged in a capacity-building exercise for small and medium practitioners through different approaches. Besides, ICAI would help the UAE develop a strong national workforce and introduce innovative technologies which can enhance organisational efficiency and performance in specific business and industry segments. – www.thehindubusinessline.com