CMA Bhawan, A-122/2, Nayapalli, E-mail: [email protected], Web...

CMA Bhawan, A-122/2, Nayapalli,

Nilakantha Nagar, Bhubaneswar - 751 012

Tel.: (0674) 2396622, 2395622, Mob.: 6370813308

E-mail: [email protected], Web : www.icmaibbsr.in

Chairman’s Communique

CMA Damodar MishraChairman

Dear Members, Professional Colleagues &

Students,

I am happy to announce the release of the Volume-12

(December-2018) edition News Letter which is again a land

mark of success and achievement of the ICAI- Bhubaneswar

Chapter in this Golden Jubilee year. I feel privileged &

honoured on having got the opportunity to serve the ICAI-

Bhubaneswar Chapter in the Golden Jubilee year as

Chairman .There is a growing momentum in our activities &

growing confidence in our future . We should work

relentlessly to achieve our goal of professional excellence,

appropriate jobs for our newly qualified members , growth of

the members in practice .

I feel immense pleasure to convey that The Institute

OF Cost Accountants of India ,Tax Research Department &

Bhubaneswar Chapter organising 3-Day National Seminar

on Taxation on the Theme “Reformed Taxation System-

Catalyst to Sustained Economic Growth “ at KIIT st rdAuditorium,Campus-6 on 21 -23 December 2018 . I would

like to request all the members & professionals to participate

in the National Seminar on Taxation to make it a showcase

the strength of the ICAI –Bhubaneswar Chapter & a grand

success

Wishing you and your family all round success, good

health & Prosperity on Merry Christmas & Happy New Year

2019.

With warm Regards & Best Wishes .

(CMA Damodar Mishra)

CMA TAPAS RANJAN SWAINSecretary

From Secretary's Desk

“All knowledge that the world has ever received comes from the mind; the infinite library of the universe is in our mind….

- Swami Vivekananda-Respected Readers,

It is my proud privilege to announce that, The Institute of Cost Accountants of India- Bhubaneswar

thChapter is going to release its 12 volume of quarterly “NEWSLETTER” on the occasion of celebration of its Golden Jubilee Year (2018-19).

You would appreciate that, ICAI-Bhubaneswar Chapter aims to provide members and students with adequate facilities and opportunity for continuously enhancing their knowledge and skills to enable them to meet both the challenges and threats thrown by dynamic economic environment. ICAI-Bhubaneswar Chapter is going to organize 3-Day National Seminar on Taxation in

stassociation with ICAI-Tax Research Department from 21 rdDec-2018 to 23 Dec-2018. Publication of quarterly

newsletters is one of the important drives for updating its members, students and brand building of CMA Professionals and Stakeholders.

I sincerely acknowledge and appreciate the support and effort of the entire Team in the Managing Committee and

thhighly committed Staffs to bring out the 12 edition of quarterly Newsletter of Bhubaneswar Chapter.

I request all the readers of the NEWSLETTER to share the article on various contemporary topics for the purpose to publish in future publication(s).

Wish You All and Your Family Member for all Success, Good Health, Happiness and Prosperity in Personal and Professional Career.

“Best Wishes for Merry Christmas and Happy New Year 2019 to all the Members of CMA Family & Stakeholders”

(CMA Tapas Ranjan Swain)

NewsletterVol-12, December, 2018

Message

(Statutory body under an Act of Parliament)

THE INSTITUTE OF COST ACCOUNTANTS OF INDIA

E-mail : [email protected], Website: www.icmai.in

(Statutory body under an Act of Parliament)

CMA Bhawan, 12, Sudder Street, Kolkata-700016

Best wishes to all CMA Family Members

It is my pleasure to intimate that, this year 2018-19 is the Platinum Jubilee Year of the Institute and

Golden Jubilee Year of the Bhubaneswar Chapter. To mark the auspicious year, Tax Research Department &

Bhubaneswar Chapter is organizing 3 – Day National Seminar on Taxation on exclusively on the theme on the

theme “Reformed Taxation System- Catalyst to Sustained Economic Growth” at KIIT Convention Center, st rdCampus-6 (Kosi) KIIT University Campus, Bhubaneswar, Odisha during 21 to 23 December,2018. To add

value of the National Seminar in updating the knowledge bank of Participants, organizers are commemorating

the occasion with a Souvenir.

I hope 5 Technical session kept of the National seminar - Specified Financial Transactions –Tool to

Eradicate Black Money, Restriction in Admissibility of Expenses-Tax Planning, Dispute Resolution

Mechanism under Direct & Indirect Tax Laws, Advance Ruling on Classification, Supply and Valuation,

Import and Export Procedure including Valuation under Custom Law and Audit Under GST Law will help

to the finance professionals for updating their knowledge. CFO's meet planned for one session, will be the

inspiration to all finance professionals. Besides, one Open house discussion session also give a chance to the

participants to get resolve their queries. Hope the deliberations and discussion of the resource persons in

various technical sessions will be immensely helpful to all the participants not only to enhance their

professional skills but also will be helpful for nation building.

I congratulate the earnest effort of the full team of ICAI-Tax Research Departments, Member of the Taxation

Committee & Bhubaneswar Chapter & extend my best wishes for grand success of the Seminar & Souvenir.

A Dream does not become reality through music; it takes sweat, determination & hard work” - Colin Powel“

CMA Niranjan MishraCouncil Member,Chairman, Taxation Committee &Chairman, RCs and Chapters Co-ordination Committee The Institute of Cost Accountants of India and Chairman, Conference Committee, 3 –Day National Seminar on Taxation

With warm Regards & Best Wishes .

(CMA Damodar Mishra)

1


2


Members at Helm

CMA Pradeep Ku. DasDirector (Finance)

ITDC Ltd

CMA Ambika Prasad PandaChairman - Cum-

Managing DirectorSECL, Ranchi

CMA K.R. VasudevanDirector(Finance)

Mahanadi Coalfields Ltd

CMA B. P. MahapatraDirector (Finance)

OPTCL & GRIDCO Ltd

CMA Pravakar MohantyDirector (Finance)

OHPC Ltd. & OPGC Ltd

CMA Sarvjit Singh DograDirector (Finance)

GRSE Ltd.

CMA Patitapaban SahuSr. GM (Finance)

OHPC Ltd

CMA Saroj Ku. MishraDirector (Finance)

UPPTCL, UP

CMA S.S KhuntiaDirector (Finance)

Balmer Lawire & Co. Ltd.

CMA Thomas MathewCEO, Bhubaneswar

Stock Exchange

CMA R. C. MishraCGM (Finance) & CFO

OPTCL

CMA Srinibas MohapatraC.G.M (Finance), OPTCL

CMA Niranjan SahooSr. GM (Finance)

OPTCL

CMA N. SwainSr.GM (Fin.)OPGC

CMA K SreekantDirector(Finance)

PGCIL

MEMBERS OF CENTRAL / REGIONAL COUNCIL OF ICAI

CMA Niranjan Mishra Council Member, ICAI

CMA Shiba Prasad PadhiMember, EIRCICAI-

MANAGING COMMITTEE MEMBERS OF THE CHAPTER

CMA Saswat TripathyMember

CMA Uttam Ku. NayakMember

CMA Tapas Ranjan SwainSecretary

CMA Himoj MishraTreasurer

CMA Mrutyunjaya PaniChairman, Infrastructure Development Committee

CMA Saktidhar SinghVice-Chairman

CMA Mukesh ChaubeyChairman, Professional

Development Committee

CMA Ajay Kumar SamalMember

CMA Damodar MishraChairman

CMA Trinath BeheraCFO, ONGC Petro

Additions ltd, Baroda

CMA Biswajit DebCGM (Costing)JK Papers Ltd.

CMA Debasish SahaCompany Secretary-cum

CFO, OTPCL

CMA B. P. RathPresident & CEOOrtel Comm. Ltd

CMA G. B. SwainAssociate Vice PresidentBSES Yamuna Power Ltd.

CMA Manoranjan SarangiCFO, Odisha Television Ltd.

CMA S.B MohantyDy Chief Accounts Officer

Paradeep Port Trust

CMA Nilamani MohapatraHOD(Finance)

Riverside Utilities Pvt. Ltd.

CMA B.N. MallickCFO, SOUTHCO

3


OFFICERS / STAFFS OF THE CHAPTER

Shri H. K. BiswalAsst. Admin. OfficerMob: 97789 40481

Shri S. K. Sahoo

Mob: 92388 75993Dy. Superintendent

Shri P. C. Sahoo

Mob: 99384 14480Coaching

Shri T. R. Mohanty

Mob: 96926 65372Accounts

Shri N. R. SwainAccounts

Mob: 98611 35560

Shri B. K. ChahatarayMaintenance

Mob: 99375 03454

Shri P. SwainOffice Attendant

Mob: 99381 86875

Shri S. K. SwainOffice Attendant

Mob: 97779 03371

CMA B.Com. (Hons.), FCMA

Gangadhar Madala CMA FCMA

Gopal Charan Sahoo CMA M.Com., MBA(F), ACMA

Ligaraj SarangiCMA ACMAJ. B. NayakCMA Debadutta Swain

ACMACMA D.K. Singh

B.Com. (Hons.), ACS, ACMACMA Durga Prasad DashB.Sc. (Hons.), MBA, FCMA

CMA Debasish SahaM.Com, LLB, ACS, FCMA

Dr. MA(Math), LLM

(Gold Medalist), Phd.(Math)

Manoranjan Mishra CMA M.Com., LLB, ACS, FCMA

Niranjan Sahoo CMA B.Com., LLB, ACS, FCMA

Niranjan SwainCMA M.Com., FCMA

M.R. Lenka CMA M.com, ACMA

P.K. Pradhan CMA M.com., M.Phil, Phd, FCMA

P.K. Swain CMA Mcom., LLB, MBA, FCMA

Pramod Kumar Kuanar CMA Pragyan P. PatiPG (Eco), ACMA

CMA S.K. PanigrahiFCMA

CMA ACMA

Sankarsan Sahoo CMA M.Com., ACMA

Santanu Kumar Rout CMA M.Com., ACMASatyabrata Samal CMA

M.Com., MBA, FCMAShuvasis Prusty CMA

M.Com., LLB, ACS, FCMAShyam Sundar Sonthalia CMA

B.Com.(Hons.), ACMAS. K. Parida CMA

B.Com.(Hons.), FCMASrikanta Ku. Sahoo

CMA B.Com., LLB, FCMA

Subrat Ku. SwainCMA M.Com., ACS, LLB, FCMA

Srinibas Mohapatra CMA B.Com.(Hons.), ACA, FCMA

Sudhansu Ku. Sahu CMA ACMA

Sovan Ku. Samal CMA ACMA

Tapas Ranjan Swain CMA M.Com., LLB, MBA, FCS, ACMA

U. K. Mohalik

Our Eminent Teaching Members/ Faculties

CMA A.K.SwainM.Com, FCMA

CMA A. K. NayakB.Com, (Hons.),

MBA, ACMA

CMA ACMA

Aradhana Panda CMA Abhimanyu SahooACMA

CMA Birupakshya Moharana ACMA & ACA

CMA B.B.NayakM.Com., MBA, FCMA

CMA Damodar MishraB.Com. (Hons.), FCMA

CMA C.K. BiswalB.A (Hons.), M.Com, ACMA

CMA Prafulla Ku. SwainProfessor of Finance

S 'O' A University

CMA R.K. SahooCompany Secretary-cum-Finance Officer, BWCCL

CMA Badyanath MoharanaHOD (Fin.)

NEPCO LTD, Shilong

CMA P.K. MohantyCompany Secretary,

OHPC Ltd

CMA S. P. Kar Sr.GM (Fin.)CESU

CMA Durga Prasad DashFA & CAO, OCC Ltd

CMA C.K. BiswalDy. Director

(Financial Analyst), OERC

CMA Santunu Ku. PanigrahiCFO, IPICOL

4


OUR CMA’s ARE IN THE FIELD OF PRACTICE

A. LIST OF PRACTICING FIRM (Partnership)

1. M/s A R & Associates, Reg. No. 000554Plot-246/A, Saheed Nagar, Bhubaneswar -751007 Tele : 9437383843, Email : [email protected]

2. M/s Asutosh & Associates , Reg. No. 000258Plot No. N4/232,I R C Village, Behind Reliance Fresh, Nayapalli, Tele : 9437060997,E-mail : [email protected]

3. M/s B S S & Associates Cost Accountants Reg. No. 001066N-5/278,1st Floor, IRC Villege, Nayapali, Bhubnaeswar - 751015Tele : 9040051117, 0674-2360002E-mail :[email protected],

[email protected]

4. M/s Bankim & Co. , Reg. No. 00033397, Bhoi Nagar, BHUBANESWAR- 751022 Tele : 9861062899,

5. M/s C M U & Associates, Reg. No. 000460Plot No-250, Saheed Nagar, Near IMFA Park, Bhubaneswar-751007, Tele : 9821638020Email : [email protected]

6. M/s Chandan Singh & Associates, Reg. No. 000501"Budha Bapa", Plot No. 1162, Lane-II, Aerodrome Area, Near Navin Niwas, Bhubaneswar -751020Tele : 9439880412, Email : [email protected]

7. M/s D K Mishra & Co., 48/947A, Baunsa Khani Area, Mahatab Road, Old Town, Bhubaneswar - 751002Tele : 9938137306E-mail : [email protected]

8. M/s Das Pati & Associates, Reg. No. 000552M I G - A/28, Brit Colony, Nayapalli, Bhubaneswar - 751012, Tele : 9853026383E-mail : [email protected]

9. M/s Dash Nayak & Associates, Reg. No. 0003671939/7611, Satya Vihar, Opposite to Satpasati Temple, NH-5, Palasuni, Rasulgarh, Bhubaneswar - 751010,E-mail : [email protected] & [email protected]

10. M/s J U P & Associates, Reg. No. 000435Flat No. 601, Horizons, Tower- 6, Uniworld City, New Town, Rajarhat, Kolkata - 700156 Tele : 9231032774, E-mail : [email protected]

Bhubaneswar -751007

Reg. No. 000451

E-mail : [email protected]

11. M/s M P & Associates, Reg. No. 000505Shankar Bhawan, Infront of HDFC Bank, Bisra Chowk,

Rourkela - 769001,Tele : 9438142615E-mail : [email protected]

12. M/s Moharana Mohapatra & Associates, Reg. No. 0004788/2452 Rasulgarh Industrial Estate, Bhubaneswar

Khurda-751010 , Tele : 9439992253E-mail [email protected]

13. M/s N R C & Associates , Reg. No. 000553

Gurukkupa Niwas, Rath Road, Barik Sahi Chhak

Old Town, Bhubaneswar-02, Tele : 9937113606,

9937113606, E-mail : [email protected]

14. M/s Nayak & Co., Reg. No. 000472

Plot No. L/B-425, Bhimatangi, Old Town, H B

Colony, Kapil Prasad, Phase - II, Bhubaneswar - 02

Tele : 9439444499

Email : [email protected]

15. M/s Niran & Co., Reg. No. 000113

ESEN DEN, 475, Aiginia, Asiana Plaza Entry,

Khandagiri, Bhubaneswar - 19, Tele : 9437065173,


16. M/s P K Mohanty & Associates, Reg. No. 100494

C/o Bansidhar Satpathy Plot No. 278/1851, Vimpur,

Ganganagar Square, Unit -6, Bhubaneswar 751001

Tele : 9937300162 9937300162


17. M/s P N & Associates, Reg. No. 000244

16/5, Sahapur Colony, Near Gupta Brothers,

New Alipore, Kolkata - 53, Tele : 9674371079


18. M/s P R & Associates , Reg. No. 103892

Plot No. 178/5538 & 5539, Ground Floor, Chakeisiani,

Near Mancheswar, Industrial Estate, Rasulgarh,

Khorda, Bhubaneswar - 751010, Tele : 9438622922,

Email: [email protected]

19. M/s R R & Associates, Reg. No. 000254

Plot No. 297/3685, Mega House, Back Side of Sri Guru

Kalyan Mandap, Jaydev Vihar, Bhubaneswar - 751013

Email: [email protected]

20. M/s Rajesh Mohakud & Associates,

Reg. No. 000577

Plot No. 382, Sahid Nagar, Bhubaneswar-751007

Tele : 9861282781


21. M/s Ray Nayak & Associates, Reg. No. 000241

MIG - 26, Manorama Estate, Rasulgarh,

Bhubaneswar - 751010, Tele : 9938605235


22. M/s S A P S J & Associates, Reg. No. 000445

Plot No. - 466, B/1, Ground Floor, Adjacent to

Nayapalli Sub-Post Office, Nayapalli, Nilakantha

Nagar, Nua Sahi, Bhubaneswar - 751 012, Odisha

Tele : 8763413213, 9938459525


23. M/s S C Mohanty & Associates, Reg. No. 000114

Plot No. 370/1861/2157, Shakti Bhavan,

At - Patia, P.O. KIIT, Bhubaneswar - 24

Tele : 9437205605, E-mail : [email protected]

24. M/s S Dhal & Co., Reg. No. 000197

Plot No. 400/4897, Baramunda Village,

Baramunda, Bhubaneswar - 751003,


25. M/s S S M & Associates, Reg. No. 000163

Flat No. 4, Sidhartha Appartment, Road No. 8,

Unit - 9, Bhubaneswar - 751022, Tele:9437522606,

E-mail: [email protected]

26. M/s S S Sonthalia & Co., Reg. No. 000167

Plot No. 395/4688 & 172/4689, Padmavati

Vihar, P.O. Sailashree Vihar, Bhubaneswar - 21,

Tele:9437081528, E-mail: [email protected]

27. M/s Sahu & Co., Reg. No. 000529

Plot No. 40, Stadium VIP Road, Near KNDA Office,

Post F C Project, Jajpur Road, JAJPUR - 755020


28. M/s Swain Patra Nayak & Associates

Reg. No. 000157

A/141, Saheednagar, Bhubaneswar - 751007

Tele : 9437423623, Email : [email protected]

29. M/s Swain Pradhan & Associates,

Reg. No. 000305

Plot No. A/141, Saheed Nagar,

Bhubaneswar - 751007 , Tele : 9337680504,


30. M/s Tanmaya S Pradhan & Co.,

Reg. No. 000177

A-13, Nilakantha Nagar, Nayapalli,

Bhubaneswar-751012, Tele : 9437088847,


31. M/s Tripathy Sharma & Associates,

Reg. No. 000494

3/A3, 3rd Floor, Lewis Plaza, Lewis Road,

Bhubaneswar - 7510014,Tele : 9438127810,


1. M/s Ashis Kumar Nayak & Associates,

Reg. No. 101862

Plot No. LB - 425, Phase - II, Bhimatangi, Old Town,

Bhubaneswar - 751002, Tele : 9861123217,


2. Asutosh Debata, Reg. No. 102370

Plot No. 159/A, At/PO. Nayapalli,

Near Kalinga Stadium, Bhubaneswar - 751012

Tele : 0674 2551397,9437060997,


B. LIST OF PRACTICING FIRM (Proprietorship):

5


3. Abhaya Charan Swain, Reg. No. 102078

440, Saheednagar, Bhubaneswar - 751007

Tele : 2544519, 06742547052,9861135560,


4. M/s Moharana & Co., Reg. No. 102440

Shop no. KXS-18, Kalyani Market Complex Unit - 8, Nayapali, Bhubaneswar - 751012 Tele : 9438023541, E-mail : [email protected]

5. M/s Bishnu Prasad Behera & Associates,

Reg. No. 100881

Plot No. 938/ 1504, G.G.P. Colony, Rasulgarh, Bhubaneswar-751010, Tele :09438631576,


6. M/s B.B. Kar & Associates, Reg. No. 100838

7. M/s B. Pradhan & Co., Reg. No. 100336

Plot No. 1466/2898, Jagannath Nagar, Road No. 8, Rasulgarh, Bhubaneswar - 751010, Tele : 9337680504, Email : [email protected]

8. Bankim Kumar Mishra, Reg. No. 102204

97, Bhoi Nagar, Bhubaneswar - 751022

Tele : 2542828, 9861062899,


9. M/s Chitaranjan & Co. Reg. No. 103740

At - Kochilakana Nuasahi, P.O. - Gurujanga, KORDHA - 752055, Tele : 9040874427,


10. M/s Debashis Nayak & Co., Reg. No. 102892

QR. No. L/B 425, Bhimatangi, H. B., Phase - II, Old Town, Bhubaneswar - 751002 Tele : 9883615546, Email : [email protected]

11. M/s Debasish Saha & Associates,

Reg. No. 101101

C/o. Aashirbad, B1/95 Lingaraj Vihar,Pokhariput, Airfield Area, Bhubaneswar -20, Tele :8018014116, E-mail : [email protected]

12. Debendra Kumar Mishra, Reg. No. 100786

Plot No. 48/947A, Baunsakhani Area, Dr. Alka Das Lane, Mahatab Road, Bhubaneswar -02

Tele : 9938137306,


13. M/s D Prusty & Associates, Reg. No. 001192HIG-6, Phase-7, At/Po Sailashree Vihar, Bhubaneswar -751021,Tele : 06742301589, 94372 50244, E-mail :[email protected]

14. M/s R.K. Rao & Associates Reg. No. 100521S/o. Ch. Narayan Rao, Powell Street, (Near Venkateswara Temple), Dist: Ganjam, Berhampur - 01 Tele : 9437026173, E-mail : [email protected]

15. M/s Gangadhar & Associates, Reg. No. 100330CMA Gangadhar Madala, House No. L-1/512,Phase- 3, Dumuduma H.B. Colony, Bhubaneswar - 19 Tele : 0674 2471870, 9337178416, Email: [email protected]

Udaya Nagar,Angargadia (Near Rly. Sub-Station),Balasore - 756001, Odisha

Tele :9861035574, 9658471808


16. M/s Sar & Associates, Reg. No. 100907

MIG - 58, Anant Vihar, BDA Colony, Phase III,

Pokhariput, Bhubaneswar -20,

Tele: 0674-2352320, 9937475644,


17. M/s I C. Kundu & Co. Reg. No. 100778

C/O. M/S. SCM Associates, Keshori Talkies Complex, 98, Kharvel Nagar, Bhubaneswar - 751001

Tele : 06742390054, 9338435839


18. M/s Routray & Associates, Reg. No. 102664

Plot No. N/3-282, District Centre,

Chandrasekharpur, Bhubaneswar - 751016,

Tele : 0671-2334500 0671-2442771, 9937048771,


19. M/s Kiran & Associates Reg. No. 101640

HIG 1, House No. 61, Kapil Prasad, BDA Colony,

Bhubaneswar - 751002, Tele: 0674 2593715,


20. M/s Minarva & Associates Reg. No. 101857

Plot No. LB - 425, Bhimatangi, Old Town,

Bhubaneswar - 751002 , Tele : 9778296223,


21. M/s Samantaray & Co. Reg. No. 100748

C/o. Aswini Kumar Debta, Plot No. 159/A,

Nayapalli (Nr. Kalinga Stadium), Dist: Khurda,

Bhubaneswar - 751012, Tele : 2560097, 9337891896


22. M/s M.R. Mishra & Co. Reg. No. 100625

325 (F) N/ 4, IRC Village, Nayopalli,

Bhubaneswar - 751015, Tele : 0674 2557608,


23. M/s Mukesh Chaubey & Associates,

Reg. No. 103014

Plot No. 951/1, At/ P.O.- Bankual, Tankpani Road,



24. M/s N K & Co., Reg. No. 100449

Flat No. 206, “Krishnakunj Apartment”, Block - B,

Road No. 8, Unit - 9, Bhubaneswar - 751007

25. M/s Narayan Sahoo & Associates, Reg. No. 103646

C/o. Manmohan Mohapatra, Plot No. 3297,

Sriram Nagar, Samantarapur, Old Town,

Bhubaneswar - 751002,


26. Niranjan Mishra, Reg. No. 102244

Esen Den, 475, Asianaplaza Entry, Aiginia,

Khandagiri, Bhubaneswar - 751019

Tele : 06742472771, 9437065173,


27. M/s Om & Associates, Reg. No. 001896Plot No-914/2752,Mukunda prasad bypass, P N College, Khurda-752057, OdishaTele : 9853026383, E-mail : [email protected]

28. Patitapaban Dash, Reg. No. 103739

Plot - 4708, Jagannath Bhawan, At - Gajapati

Nagar, PO-Sainik School, Bhubaneswar - 05


29. M/s Pragyan & Associates, Reg. No. 001897

C/o. Kamala Sahu, Plot No. Mig - A/28,

Brit Colony, Nayapalli, Bhubaneswar- 751012,

Odisha, Tele : 9776497343,


30. M/s P K Patra & Co., Reg. No. 100424

F1/F-23, ID Market Complex, IRC Village,

Nayapalli, Bhubaneswar - 751015

Tele : 06742472770, 09338226953,


31. M/s Prashanta Kumar Mohanty & Co.,

Reg. No. 000955

32. M/s P K Nayak & Co., Reg. No. 100357

11-A, Brahmeswar Bag, Tankapani Road,



33. M/s P K Behera & Associates, Reg. No. 103502

C/o. Patitapaban Mohapatra, Tankapani Road,

B J B Nagar, Plot No. 722/738, Bhubaneswar -14

Tele : 9583086894,


34. R K Sahani & Co., Reg. No. 103679

At- Sriram Nagar, Khurda- 752055

Tele : 9853630556,


35. M/s R.G. Sahoo & Associates, Reg. No. 100723

B-54, Ashoka Market, Station Square, Ashoknagar,


0674 2595351, E-mail : [email protected]

36. Tanmaya S Pradhan, Reg. No. 102283

A-13, Nilakantha Nagar, Nayapalli,



37. Ranjit Kumar Tripathy, Reg. No. 102196

Plot No. 690, Tripathy Bhawan, Near Kalinga

Stadium, Nayapally, Bhubaneswar - 751012

Tele : 06742421269, 9938468385,


38. Rashmi Ranjan Nayak & Co., Reg. No. 101387

1939/7611, Satya Vihar, Opposite to Saptasati

Temple, NH-5, Palasuni, Rasulgarh,

Bhubaneswar - 751010 Tele : 9237318256,


Room No. 8, IInd Floor, S P A Market Complex,

Kacheri Bazar, Bhadrak- 756100, Odisha

Tele : 06742472770, 09338226953,


6


39. M/s R.N. Pattnaik & Co., Reg. No. 100682

HIG - 31, B.D.A. Colony, Jaydev Vihar,

Bhubaneswar - 751013

40. M/s R.K. Rao & Associates, Reg. No. 100521

S/o. Ch. Narayan Rao, Powell Street, Dist: Ganjam, Berhampur - 760001, Tele : 9861007952, 9437026173,


41. M/s Nanda & Associates, Reg. No. 101119

N6/1, IRC Village, BHUBANESWAR - 751015

Tele: 0674 2550776, 9437763178,


42. Sailabala Dhal, Reg. No. 102326

Plot No.325(F), N/4, IRC Village, Nayapalli,

Bhubaneswar - 751015, Tele : 0674 2562266,


43. M/s Sailen Kumar Mohapatra & Co.,

Reg. No. 102884

750/D, Vimpur, Unit - 6, Bhubaneswar - 751001

Tele : 9439994830,


44. Sasanka Sekhar Mohanty, Reg. No. 102152

Plot No. 177/4675, Pragati Vihar, P.O. Sailashree Vihar, Bhubaneswar - 751021 Tele : 9437522606, E-mail : [email protected]

45. M/s Shesadev Moharana & Co., Reg. No. 102883

750/D,Vimpur, Unit -6, Bhubaneswar - 751001

Tele : 9439992253, Email: [email protected]

46. M/s S P Padhi & Co., Reg. No. 100294

Plot No. - 466, B/1, Ground Floor, Adjacent to Nayapalli Sub-Post Office, Nayapalli, Nilakantha Nagar, Nua Sahi, Bhubaneswar - 751 012, Odisha

Tele : 06742544772/73, 9938459525,


47. M/s S K Parida & Co., Reg. No. 001654

Plot No. 1196, At/Po-Nayapalli,



48. M/s S. Roy & Associates, Reg. No. 100545

Plot No.8, Unit-8, Soovagyanagar,

SBI Co-op. Hsg. Colony, Bhubaneswar - 03

Tele : 2385628, 9437518297

49. M/s S S Sonthalia & Co., Reg. No. 102168

Plot No. 395/4688 & 172/ 4689, Padmavati Vihar, P.O. Shailashri Vihar, Bhubaneswar - 751021

Tele : (0674) 2744568, Fax :(0674) 2740568, 9437081528


50. M/s Subhasish Sahoo& Associates

Reg. No. 101748

C/o. Shri Batakrushna Swain, Plot No. 1997/F, Lingaraj Nagar, Old Town,


Tele : 9040406373


51. M/s S C M & Associates, Reg. No. 100305

Plot No.370/1861/2157, Shakti Bhavan, Beside

Toyota Show Room, At: Patia, P.O. KIIT,

Bhubaneswar - 751024 Tele : 9437205605,


52. M/s Swain & Associates, Reg. No. 101032

Room No. 7 & 8, (2nd Floor), A/ 22, Falcon House, Cuttack Road, Bhubaneswar - 751006

Tele : 0674-2575780, 9437966367,


53. M/s S Dash & Co., Reg. No. 101009

C/o. IMAIT, 841 - Cuttack Road, Bhubaneswar- 10, Tele : 06742549130, 9861161369,


54. M/s Suchitra Mishra & Co., Reg. No. 103542

L 3180, Housing Board Colony, Acharya Vihar, Bhubaneswar - 751013, Tele : 06742361156,


55. M/s Surya Narayan Mishra & Associates,

Reg. No. 103779

Plot No- 33, Gadamahavir Vihar, Samantarapur, Bhubaneswar - 754211 Tele: 9861337037,


56. M/s U. N. Nayak &Associates, Reg. No. 100906

Plot No. 754/760 (Part - 5), Jayadev Vihar,

Po: RRL, Bhubaneswar - 751013, Tele : 9438128756,


57. M/s Uttam Nayak & Co., Reg. No. 100906

Plot No. 248/A,Aerodrome Gate Area,

Bhubaneswar- 751020, Odisha, Tele : 7504455724, E-mail : [email protected]

58. M/s Barada & Co., Reg. No. 103693

Plot No-655(P), Behind Kanchan Villa Appartment, Behera Sahi, Nayapalli, Bhubaneswar - 751012 Tele : 9778377746, Email: : [email protected]

59. M/s J Panda & Co., Reg. No. 001236

N-6/391, IRC Village, Bhubaneswar-751015

Tele : 9437075919, 9556765253

E-mail :[email protected]

60. M/s P K Parida & Co., Reg. No. 101631

401, Shrestha Complex, Jaydev Vihar,

Bhubaneswar - 751013,

Tele : 9437019015,


61. C K Ray & Co., Reg. No. 102308

1st Floor, MIG 26, Manarama Estate Rasulgarh

Bhubaneswar-751010, Tele: 06742549660,

9938605235, Email : [email protected]

62. Abinash Rout, Reg. No. 103477

246/A, Shaheed Nagar, Bhubaneswar - 751007

Tele : ,9437383843 E-mail : [email protected]

63. M/s Maninath & Associates, Reg. No. 000907

1113 - Nayapalli, Behind Krishna Tower,

Bhubaneswar-751012, Tele :06742562935,


64. M/s Muralidhar Swain & Co. , Reg. No. 001216

K- III, Plot No- 75 Kalingavihar

Bhubaneswar -751029, Tele : 09437028887,


65. M/s S Subudhi & Co. , Reg. No. 001167

Plot No - 905 C/o- Shri Sachikanta Tripathy Samantrapur Road Near Canal Bridge ,

Old Town, Bhubaneswar -751002,

Tele : 9556255499


66. M/s K C Nath & Associates , Reg. No.101484

MIG-II, Block 5/13, BDA,

Chandrasekharapur, Bhubaneswar-751016, T

ele : 9937832658,


67. M/s Mohapatra & Associates,

Reg. No. 101087

Plot No.: L-11/68, SRIT Colony, Budharaja

Sambalpur-768004, Tele: 9439212649


68. M/s T R Khuntia & Co., Reg. No. 001804

Plot No.: SR-22, Pandav Nagar,

Tankapani Road, Bhubaneswar-751018

Tele: 9776347216


69. M/s H M Das & Co., Reg. No. 104338

Qr. No. - 2RB-24, IDC Colony, Jaydev Vihar,


Tele : 9437104697


70. M/s SCP & Associates, Reg. No. 001210

GKV-38, Gatikrushna Villa, Tankapani Road

Brahmeswar Bagh, Bhubaneswar - 751018

Tele: 9861019554


vvv

7


VOLATILITY IN INDIAN STOCK MARKET

CMA Saktidhar SinghM.COM, LLB, ACMA

Well-developed securities markets are the backbone of any financial system. Apart from providing the medium for channelizing funds for investment purposes, they aid in pricing of assets and serve as a barometer of the financial health of the economy. The Indian securities markets have witnessed far reaching reforms in the post-liberalization era in terms of market design, technological developments, settlement practices and introduction of new instruments. A healthy national stock market has been considered essential to national economic growth due to its various bundles of crucial services that stimulates the accumulation of capital and contributes to improvement in productivity. The markets have achieved tremendous stability and as a result, have attracted huge investments by foreign investors. There is still tremendous scope for improvement in both the equity market and the government securities market. However, it is the corporate debt market, which needs to be given particular emphasis given its importance for providing long-term finance for development. A satisfactory pace of economic growth in any economy is contingent upon availability of adequate capital.

A well-developed securities market, while acting as provider of funding for economic activity at macro level, plays the specific roles in an economy, viz., diffusing stress on the banking sector by diversifying credit risk across the economy, supplying funds for long-term investment needs of the corporate sector, providing market-based sources of funds for meeting government's financing requirements, providing products with flexibility to meet the specific needs of investors , borrowers and allocating capital more efficiently. The main impulse

for developing securities markets, including both equity and debt segments, depends on country-specific histories and more specifically, in the context of the financial system. It relates to create more complete financial markets, avoiding banks from taking on excessive credit, risk diversification in the financial system, financing government deficit, conducting monetary policy, increasing capital inflows and providing a range of long-term assets. Prior to the early 1990s, the financial markets in India faced controls of pricing, entry barriers, transaction restrictions, high transaction costs and low liquidity. A series of reforms were undertaken since the early 1990s so as to develop the various segments of financial markets by phasing out administered pricing system, removing barrier restrictions, introducing new instruments, establishing institutional framework, upgrading technological infrastructure and evolving efficient, safer and more transparent market practices.

The behavior of share price depends on many factors. Some of them can be explained by the fundamental characteristics or intrinsic value of a company. Still there a lot more factors which are responsible for the variation in stock prices and cannot be explained or explained by fundamental analysis alone. Besides, there are other analysis concerning behavior of share prices like technical analysis and random-walk-theory. An individual investor weighs the benefits of consuming today against the benefits that may be gained by investing unconsumed funds in order to enjoy greater consumption at some point in the future. According to Von Neumann and Morgenstern, individual investors are: (1) Completely rational, (2) Able to deal with complex choices, (3) Risk averse, (4) Wealth maximising. Investors try to select stocks that maximise expected returns with minimum risk.

Stock market is regarded as an essential part of the Indian economy. It is indispensable for the proper functioning of corporate enterprise. It brings together large amount of capital necessary for the economic progress of a country. It provides necessary mobility to capital and directs the flow of capital into profitable and successful enterprises. It

8


is the barometer of general economic progress in a country and exerts a powerful and significant influence as a stimulant of business activity. Stock market provides an organized marketplace for the investors to buy and sell securities freely. The market offers perfectly competitive conditions where a large number of sellers and buyers participate. The efficient functioning of the stock market is responsible for creating a good climate for an active and growing primary market for new issues. Apart from providing a market that mobilizes, distributes the nation's savings, the stock market ensures that the flow of savings is utilized for the best purpose from the community's point of view. The stock market in India, thus have an important role to play in the building of a real shareholders' democracy.

Stock market in a country generally solves the problem, particularly in industrial sector. Traditionally the industrial finance was done by the banking sectors, where securities or collateral securities were necessary to avail the finance. Under this system the industrial growth was slow or was not up to the expectation. With the introduction of stock market, mobilization of savings and challenging these savings to the industrial sector, become smooth. Also without the requirement of securities can raise the finance through the stock market. Not only is this but the performance of the industries is assessed to a great extent to the stock market by its share prices. Initially the companies raise their capital by the initial public issue which is popularly known as IPO. Later on the companies are listed in the secondary market, which is popularly known as stock exchange, in order to trade their shares in the stock exchange.

Generally, public use to invest their saving in the banking sector to get a risk free rate of return. Now with the awareness of the stock market, people are investing their savings in the stock market. However the return in share market is more than that in the banking sector, as the risk is also more. The share market needs better understanding of its volatility, assessment or review the activities of the shares of different companies. Therefore owing to the above requirements, even today majority people in India do not prefer to invest in share market.

Moreover the share market facilities or the trading facilities in share market are available in major cities only. Earlier it was available in the metro cities with manual trading facilities. At present with the availability of online trading, the volume in the share trading has increased. Also access to the share trading, geographically as well as different sections of people have been expanded.

The ups and downs of the financial markets are always in the news. After all, there is plenty of report. Wide price fluctuations are a daily occurrence on the world's stock markets as investors react to economic, business, and political events. Of late, the markets have been showing extremely erratic movements, which are in no way tandem with the information that is fed to the markets. Besides being the most recent period, major changes were brought about in the structure and functioning of the Indian stock markets. In the wake of the scam of 1992 and the information, communication, and entertainment (ICE) meltdown of 2001, major regulatory activities took place. For example, screen-based trading was introduced in the NSE (1994) and BSE (1995), circuit filters were introduced by the NSE in 1995, dematerialization of shares and hence 'paperless trading' begun in 1997 was made compulsory in January 1999. Rolling settlements were introduced in December 1999 in a limited manner, index-based futures were introduced in June 2000, index options in June 2001, and carry forward of trades was abolished from 2nd July 2001.

Seasonal variations in production and sales are a well known fact in business. Seasonality refers to regular and repetitive fluctuation in a time series which occurs periodically over a span of less than a year. The main cause of seasonal variations in time series data is the change in climate. For example, sales of woolen clothes generally increase in winter season. Besides this, customs and tradition also affect economic variables for instance sale of gold increase during marriage seasons. Similarly, stock returns exhibits systematic patterns at certain times of the day, week or month. Certain months provide better returns as compared to others i.e. the month of the year effect. Similarly, some days of the week provides better returns as compared to other trading days i.e. day of the week effect.

9


Broadly speaking, calendar effects occurs when the returns of financial assets display specific characteristics over specific days, weeks, months or even years. Undoubtedly, this is in contradiction to the efficient market hypothesis where returns should be random and as such, should not be associated with a specific time period. However, a number of studies have documented the presence of calendar effects on several stock markets.

However, one must consider the fact that those anomalies may not necessarily mean that these market are inefficient. In fact, it may turn out that gains on a specific time period may be insignificant when transactions costs are taken into account. Also, one must control for risk premium which may be time varying such that high returns on a specific day may be associated with high risk on that same day. It has been observed that many financial time series in developed as well as developing countries frequently exhibit volatility clustering, where tranquil periods of small returns are interspersed with volatility periods of large returns.

Volatility is technically defined as the degree to which a market rises or falls in a short period of time .Since the 1970's volatility in the bond and stock markets has increased globally and stock market volatility is not only detrimental to investors but also can be harmful to the stability of national and global economic system. The Asian financial crisis of 1997 is only one example of the negative effect stock market volatility can have on the global financial network and as a result there is strong interest in both the private & public sectors to understand the antecedents of global stock market volatility.

A rise in stock market volatility can be interpreted as a rise in risk of equity investment and thus a shift of funds to less risky assets. This move could lead to a rise in cost of funds to firms and thus new firms might bear this effect as investors will turn to purchase the stock in larger, well known

firms. While there is a general consensus on what constitutes stock market volatility and, to a lesser extent, on how to measure it, there is far less agreement on the causes of changes in stock market volatility. Some economists see the causes of volatility in the arrival of new, unanticipated information that alters expected returns on a stock. Thus, changes in market volatility would merely reflect changes in the local or global economic environment. Others claim that volatility is caused mainly by changes in trading volume, practices or patterns, which in turn are driven by factors such as modifications in macroeconomic policies, shifts in investor tolerance of risk and increased uncertainty. The degree of stock market volatility can help forecasters predict the path of an economy's growth and the structure of volatility can imply that investors now need to hold more stocks in their portfolio to achieve diversification.

Just 10 years ago, when the stock markets crashed, the Indian equity investor went into a tizzy, selling stocks and exiting mutual fund SIPs in a tearing hurry. Then in 2015, when the markets witnessed volatility following global cues, there was very little knee-jerk reaction, indicating growing maturity on the part of the Indian investor. This gradual evolution of equity investors has been evident during the dips in the past few years, and is clearly on display during the current market correct.

The best strategy, of course, is to have an overall financial plan in place and invest in line with the goals, not being disturbed by short-term market noises. Investors should, of course, consider their asset allocation and manage the risk to the portfolio, making sure they are not exposed too much to one particular asset. Market corrections are a part of the normal market cycle, a way for an overvalued market to right itself. Since these take place regularly and are typically short-lived, investors should not worry about these and stick to their financial plans.

10


WORKS CONTRACT IN GST REGIME & TDS ON GST

CMA Kedar Kumar PatraB. Com, ACMA (In Practice)

GST rollout w.e.f 01st July 2017 was a planned

event for ministry and department, but all most all

business entity was expecting a delay and hence

preparation was really half- hearted. The most

important thing was how to manage the chorus

activities of finance under such situations like –

Payment to Contractors and suppliers including small

vendors, as there was nothing ready for accepting the

challenges of this new taxation era, with the passage of

time, things GST requirements are getting stabilized. If

we analyze this situation, nothing was abnormal and

there was only lack of preparedness at both the end.

In this article, a small effort has been put-in to

place the changes in works contract.

A works contract is treated as supply of services

under GST under the previous regime; there were

issues in tax treatment of works contract. Both the

central government (on the service component of

works contract) and the State Government (on the sale

of goods portion involve in the execution of works

contract) used levy tax thus the same contract was

subject to taxation by both central government and the

State Government. GST eliminates controversy by

defining what will constitutive a works contract

applicable for immovable property only, by stating that

works contract will constitute a supply of service and

specifying uniform rate of tax applicable on save value

across India under GST taxation of works contract will

be simply and easier to administer.

Works contract service litigation prone after

introduction of service tax. Complexities of works

contract increased as issue of valuation, TDS and

reverse charge. After introduction of GST and

abolition of distinction between goods and services

the concept of works contract has become reduce.

As per Para 6 schedule II of CGST Act it is a

supply of service but as per article 366 (27A) of

constitution of India Works contract is deemed sales

of goods. Works contract is a contract for work, where

supply of material is incidental to the contract for

work. It essentially and inherently a contract of service

irrespective of legal friction created by article of

constitution of India.

Example of Works Contract :

While stitching your cloth by Tailor, use thread,

button, inner cloth for pockets and services.

When we Xerox our documents from the

vendor he use paper and Services.

Photograph from photographers use photographic

paper and services.

Ÿ Buying a flat, purchase of Steel, cement, bricks, tiles,

bathroom fittings which are used in the flat and

services.

Summary of main issues decided is as follows...

No transfer of Property in goods if material get exhausted / evaporated in execution of works Contract. No Sales No Sales Tax.

There is no supply when Hospital uses some goods during operation but if Hospital sales medicines sale tax will be payable.

Plant and machinery or structure assemble or erected at site is works contract and supply of Services.

Dominant nature of contact is not relevant for works contract even of dominant intention of contact is not transfer the property of in goods and rather it in rendering of services. Sales Tax can be imposed on material used is such contract even if minor material is transferred it can be works contract. Development Agreement, Tripartite agreement between owner of land, developer and purchaser of flat is works contract.

Ÿ

Ÿ

Ÿ

11


Taxable value is the value of goods at the time of transfer, not the cost to contractor. Value at the time of incorporation of goods in the works is relevant even though property in goods passes later.

Building contract is a species of works contract.

If agreement is entered into after flat or unit is

already constructed then there would be no works

Contract as there was no purchaser when the building

was under construction.

Works Contract would be from stage of entering

into agreement; the value addition made to goods

transferred after the agreement is enter into with third

Purchaser can only be made chargeable to tax by State

Government.

Indivisible contract can be segregated into

Contract for sale of goods involve in works contract.

For supply of labour and service.

A contract may involve both a contract for work &

labour and contract for sale, in such composite

contract, the distinction between contract for sale of

goods and contact for work (services) is virtually

diminished.

The term works contract is broad and includes all

obligations and all type of contract even if some

obligations are imposed in addition of supply of goods

and materials and performance or services, such

contact is still a works contract.

Works contract is a contract for undertaking or

bringing into existence some works.

As per section 2 (119) of CGST Act, 2017, Para

6(a) Schedule II

Works contract, by definition, is an agreement to

carry out for cash, deferred payment, or other valuable

consideration – building, construction, fabrication,

completion, erection, installation, fitting out,

improvement, modification, repair, maintenance,

revocation, alteration or commissioning of any

immovable property. Typically, it is a combination of

goods and services but is neither a composite nor a

mixed supply as defined under the CGST Act. It also

includes transfer ofproperty (whether as goods or in

some other form). Which has happened for the

purpose of execution of a works contract. Any contract

in relation to an immovable property where service

are provided along with transfer of goods is works

contract.

In the previous regime, works contract was

treated as a combination of goods and services. This

meant that VAT was applicable on the goods

component, and Service Tax on the service

component. If in the course of work contract, a new

product would be manufactured, and excise would

also be applicable. The situation was complicated, as

different states had different VAT rates, as well as

different composition scheme for different VAT rates.

To add to the complication, the abatement of Service

Tax on new works contract was 60%, whereas the same

for repair contract was 30%. It also required a great

deal of documentation, as under VAT specific records,

such as purchases, sales, stocks, VAT account, works

contract account, and so on. These records to be

maintained and retained for at least a period of 5 years

from the end of the financial year in which they were

effected. More complicated because of different

states had different VAT rates and composition

schemes, different abetment rates, for new works

contract and repair works contract in service tax.

Maintenance of large amount of VAT documentation.

GST on works contract services has become

much simpler. A major change is that the GST council

has decided to consider works contract purely as a

service. The works contract GST rate has been fixed at

18%. It is to be noted, that the treatment of works

contract under GST will be applicable only for

immovable properties. Schedule II clearly states that

works contract amount to supply of service. A single

rate has been fixed for services provided under works

contract and the entire amount shall be taxed at this

rate without any bifurcation between goods and

service.

Separate Works Contract Accounts

A registered taxable person executing a works

contract should keep separate accounts for works

contract, which should contain information pertaining

to name and address of persons on behalf of whom

12


works contract is executed as well as suppliers:

description, Value and quantity of goods or service

received and utilized for works contract; details of

payment received is respect of every works contract

undertaken, name and address of supplier from whom

he received goods or services. Under GST regime the

scope of works contract has been restricted to any

activity under taken is relation to immovable property

only.

Decentralized Service Registration

As per GST law, every supplier shall be liable to

register, provided his aggregate turnover crosses the

threshold limit of INR 20 Lakhs. The same rule will be

applicable for a works contract service provider as well.

However, the catch each services, in the previous

regime had a Centralized registration. Whereas under

GST the registration is decentralized the fact that a

works contractor will now need to obtain registration in

all the states where he has a project office.

No Composition Scheme

The construction sector in particular, over the

years, has got habituated to pay taxes under simplified

composition schemes on the total project value,

without any GST Regime input Tax Credit. Due to the

unorganized nature of this sector, there has always

been a class of contractors, who may not be able to

maintain records as per the prescribed norms. But

unfortunately, the composition scheme for services

under GST is restricted only for persons supplying

restaurant service. This means that any works contracts

service provider will need to register as a normal

supplier on crossing the threshold. This will be a big

blow to the small sub-contractors who cannot opt for

composition scheme, and thus will be facing an

increase in compliance and associated costs.

Composition scheme is not available to works

contractors as it's under GST. Composition scheme is

only available to suppliers of goods and the restaurant

industry (not serving alcohol). He will have to register as

normal supplier on crossing the limit specified.

A contract of works may be related to both

immovable and immovable property. e.g. if a

sub-contractor undertakes a sub-contract for the

building work, it would be a works contract in relation

to immovable property. Similarly, if a composite supply

in relation to movable property such as fabrication /

painting / annual maintenance contracts etc is

undertaken, the same would come within the ambit of

the broad definition works contract.

The Constitution of India and insert Article

366(29A) (b) which enabled the governments to levy

tax (VAT) on transfer of property in goods (Whether as

goods or in some other form) involved in the execution

of a works contract.

Service Tax

Works contract has been defined in section 65B

of the Finance Act, 1994 as a contract wherein transfer

of property in goods involved in the execution of such

contract is levaible to tax as sale of goods and such

contract is for the purpose of carrying out

construction, erection, commissioning, installation,

completion, fitting out, repair, maintenance,

renovation, alteration of any moveable or immoveable

property or for carrying out any other similar activity or

a part thereof in relation to such property.

By virtue of section 66E of Finance Act, 1994 the

service portion involved in the execution of works

contract was a declared service. Hence Service Tax

could be levied only on the service element of the

works contract. The principals of segregation of the

value of goods were provided in rule 2A of the Service

Tax (Determination of Value) Rules, 2006.

From the above it can be seen that the term

works contract has been restricted to contract for

building construction, fabrication etc of any

immovable property only.

Rate of GST

Two GST rate have been prescribed 18% IGST

(SGST & CGST each 9%) or 12% IGST (SGST & CGST each

6%)

13


IGST

SGST

CG

ST

18

%

9%

9%

12

%

6%

6%

Construction service other than (i), (ii),(iii), (iv), (v) & (vi) above 1

8%

9%

9%

Construction of a complex, building, civil structure or a part thereof, including a complex or building intended sale to a buyer, wholly or partly, except where the entire consideration has been received after issuance completion certificate, where required, by the competent or after its first occupation, whichever is earlier. (Provisions of paragraph 2 of this notification shall apply for valuation of this service.

Composite supply of works contract as defined in clause 119 section 2 of Central Goods and Services Tax Act, 2017

Composite supply of works contract as defined in clause (119) of section 2 of the Central Goods and Service Tax Act, 2017, supplied to the Government , a local authority or a Government authority by w a y o f c o n s t r u c t i o n , e r e c t i o n , commissioning, installation, completion, fitting out, repair, maintenance, renovation, or alteration of, -a) a historical monument, archaeological,

site or remains of national importance, archaeological excavation, or antiquity s p e c i f i e d u n d e r t h e a n c i e n t monuments and archaeological sites and remains Act, 1958 (24 of 1958);

(b) canal, dam or other irrigation works;(c) pipeline, conduit or plant for (i) water

supply (ii) water treatment, or (iii) sewerage treatment or disposal.

* Composite supply of works contract as defined in clause (119) of section 2 of the Central Goods and Service Tax Act, 2017, supplied by way of construction, erection, commissioning, installation, completion, f itting out , repair, maintenance, renovation, or alteration of,

(a) a road, bridge, tunnel, or terminal for road transportation for use by general public;

(b) a civil structure or any other original works pertaining to a scheme under Jawaharlal Nehru National Urban Renewal Mission or Rajiv Awaas Yojana;

(c) Civil structure or any other original work obtaining to in-situ rehabilitation of existing slum dwellers using land as resource through private participation under the housing for all urban mission / Pradhan Mantri Awas Yojana, only for existing slum dwellers.

(d) A civil structure or any other original works pertaining to the beneficiary led individual house construction / enhancement under the housing for all urban mission / Pradhan Mantri Awas Yojana.

(e) A pollution control or effluent treatment plant, except located as a part of a factory or,a structure meant for funeral, burial or cremation of deceased

Composite supply of works contract as defined in clause (119) of section 2 of the Central Goods and services Tax Act, 2017, supplied by way of construction, erection, commissioning, or installation of original works pertaining to,-(a) railways, excluding monorail and

metro;(b) a single residential unit otherwise part

of a residential complex;(c) low-cost houses up 60 square metres

per house in a housing project approved by competent authority empowered under the 'Scheme of Affordable Housing in Partnership' framed by the Ministry of Housing and U r b a n P o v e r t y A l l e v i a t i o n , Government of India;

(d) low cost house up to a carpet area of 60 square metres per house in a housing project approved by the competent authority under(1) the “Affordable housing in

Partnership” component of the housing for all (Urban) Mission / Pradhan Mantri Yojana; (2) any housing scheme of a state Government;

(e) Post-harvest storage infrastructure for agricultural produce including a cold storage for such purposes; or

(f) mechanized food grain handing system, machinery or equipment for units processing agricultural produce as food stuff excluding alcoholic beverages Service provided to the C e n t r a l G o v e r n m e n t , S t a t e Government, Union territory, a local authority or a governmental authority by way of construction, e r e c t i o n , c o m m i s s i o n i n g , installation, completion, fitting out, repair, maintenance, renovation, or alteration of –

(a) a civil structure or any other original works meant predominantly for use other than for commerce, industry, or other business or profession; (b) a structure meant predominantly for use as (i) an educational, or (iii) an art or cultural establishment; or (c) a residential complex predominantly meant for self-use or the use of their employees or other persons specified in paragraph 3 of the schedule III of the Central Goods and Service Tax Act, 2017.

Valuation

Valuation of a works contract service is

dependent upon whether the contract includes transfer

of property in land as a part of the works contract. In

case of supply of service involving transfer of property in

land or undivided share of land, the value of supply of

service and goods portion in such supply shall be

equivalent to the total amount charged for such supply

14


less the value of land or undivided share of land, the value

of land or undivided share of land, in such supply shall be

deemed to be one third of the total amount charged for

such supply.Consideration charge for service XXX

Amount charge for transfer of land or Undivided scheme

of land. XXX

Total amount charged XXX

Less value of land/ undivided share of land (1/3 rd of total

amount) charged for supply XXX

XXX

Input Tax Credit

Under GST regime as per sec 17 (5) C of CGST Act,

2017, chapter V input tax credit is not available for works

contract service when supplied for construction of

immovable property. (Excluding plant and machinery).

Except where it is an input service for the further supply of

works contract service – which means that contractor can

avail the ITC in respect of service available for the

sub-contractor. Also, ITC will not be available for all goods

or services accepted by a taxable person for constructing

immovable property with his own account. This excludes

plant and machinery, even used for use in the course of

furtherance of business. In simple ITC of works contract

can be available only to the same line of business and

using such services received for further supply of works

contract. ITC in respect of bill raised by sub- contractor is

allowed to the main contractor. Plant and machinery in

certain cases, when affixed permanently to the earth

would immovable property, thus works contract for

construction of P&M, ITC paid to works contractor

available to recipient. No abatement has been prescribed

for works contract, so significant increase in tax burden.

ITC has been defined as credit of IGST / CGST /

SGST charged on any supply of goods and or a service used

or intended to be used in the course or furtherance of

business and includes the tax payable under reverse

charge. Registered taxable person shall be eligible to avail

ITC credited to the e-credit ledger subject to condition

prescribed without restriction of availment.

The input Tax credit (ITC) would be permitted

to be utilized as following manner-

ITC

CGST SGST IGST

SGST IGST IGST CGST SGSTCGST IGST

Place of Supply in respect of works Contract

Works contract under GST would necessarily

involve immovable property. In view of the same

the place of supply would be governed by section

12(3) of the IGST Act, 2017, Both the supplier and

recipient are located in India. The place of supply

would be where the immovable property is located.

The immovable property is located outside India,

and the supplier as well as recipient both are

located in India, the place of supply would be the

location of recipient

As per section 13(4) of the IGST, 2017, either

the supplier or the Recipient are located outside

India, the place of supply

shall be the place where the immovable

property is located or intended to be located.

Time of Supply

As per Section 13, point of taxation is

determined based on time of supply

Time of supply is as follow:

Normally

1. Date of Issue of Invoice (if Invoice issued

within 30 days of supply of service) or

Date of Provision of Service (if Invoice not

issued within 30 days)

2. Date of Receipt of Payment (Date on which

the payment is entered in the books or credit

to the bank account whichever is earlier)

In any other case

Date of receipt of service in the books of account of

the Recipient

Supply

Composite supply Mixed supply

Under GST, a composite supply would mean :

- A supply made by a taxable person to a recipient.

- Consisting of two or more taxable supplies of

goods or

15


service or both, or any combination thereof:

- Which are naturally bundled and supplied in

conjunction with each other in the ordinary

course of business, one of which is a principal

supply

Mixed supply

In order to identity if the particular supply is a mixed

supply.

- Only if it is not a composite supply.

- Supplies not naturally bundled in the ordinary

course of business.

The tax liability on a composite or a mixed supply

shall be determined in the following manner:

(a) A composite supply comprising two or more

supplies, one of which is a principal supply,

shall be treated as a supply of such principal

supply

(b) A mixed supply comprising two more supplies

shall be treated as a supply of that particular

supply which attracts the highest rate

Works Contract – Important aspects

Under model law presently there is no abatement or

exemption has been provided in relation to works

contract.

No RCM mechanism under GST for works contract.

There is no TDS applicable has been notified so far.

Composition Scheme is not applicable for works

contract.

TDS to sub-contractor as per IT Act

Any person who is a contractor other than individual

or HUF, who is responsible for payment to any

resident and who undertakes a contract along with

a subcontractor for carrying out or for supplying

labour.

The contact shall deduct an amount i.e. equal to 1%

of the amount as income tax on income comprised

there on.

At the time of credit of the amount in the account of

sub contractor or at the time of payment in cash.

By using a cheque or a draft or by any mode.

Whichever is earlier.

Nature of Payment Rate ofTDS (If PAN

Available)

Rate of TDS (If PANunavailable)

Payment or Credit to a residentIndividual or HUF

1% 20%

Payment or Credit to other than

resident other thanHUF

2% 20%

Payment or Creditto Transporter

NIL 20%

TDS not to be deducted in following cases...

When the amount that is paid or credited for any

contract is less than 30000.

When the amount of money credited or paid or

likely to be credited or paid is not more than Rs 1

Lakh during financial year.

if the payment or the amount to be credited to

the contractor is for personal use, an individual

or HUF need not deduct.

No individual or HUF shall be liable to deduct tax

on the amount that is credited or paid.

TDS on Woks Contract

Under section 194 C, TDS is deducted from

payment made to people in relation to contractor or

sub-contractor. The provision u/s 194C is

applicable to works contract and labour contract

but not applicable to any contact that deals with the

sale or supply of any goods or product. Tax is

deducted if any single payment or credit exceeds

INR 30000 in any instance. If total payment or credit

amount given to the contactor more than INR one

Lakh in the financial year though individual

Ÿ

Ÿ

Ÿ

Ÿ

16


payment is less than INR 30000.

Section 51 TDS on GST.st

From 1 October 2018 TDS or TCS is applicable to the assessee as per the GST law.

The amount of TDS deducted shall be paid to

the government by the detector within 10 days after

the end of the month in which such deduction is

made. The deductor shall furnish to the deductee a

certificate mentioning there in the contract value,

rate of deduction, amount of deduction, amount paid

to the government and such other particulars in

GSTR 7A.

Provided that no deduction shall be made if the location of the supplier and place of supply is in a state or union territory which is different from the state or as the case may be Union Territory of registration of the recipient.

Location ofSupplier

Place of Supply

Location of Recipient

TAXType

TDSApplicable

Delhi Delhi Delhi CGST /SGST

YES

Delhi Delhi UP CGST /SGST

NO

Delhi UP UP IGST

YES

Delhi UP Bihar IGST

YES

The amount of TDS deducted shall be paid to

the government by the detector within 10 days after

the end of the month in which such deduction is

made.

To deduct tax @ 1% from the payment made or

credit to the supplier of taxable goods or services or

both where the total value of such supply under a

contract exceeds INR 250000.

Who can deduct TDS

A department or establishment of the Central

Government or the state government.

Local Authority (Panchayat, Municipality)

Government Agencies or, Persons or category of

persons as may be notified by Government on the

recommendation of Council.

Notified person u/s 51(1)(d) an authority or a

board or any other body.

Setup by an act of Parliament or a state legislature

or,

Established by any government with ≥ 51%

participation by way of equity or carryout any

Ÿ

Ÿ

Ÿ

Ÿ

Ÿ

Ÿ

function.

Society established by the central government or

the state government or local authority under

the societies Registration Act 1860.

For the purpose of TDS the value of supply shall

be taken as the amount excluding Central Tax,

Sale Tax, union territory tax, integrated tax, and

cess indicated in the invoice.

Drawing and disbursing officer (DDO) can

deduct TDS. He register for deduction on GST

law.

Record to be maintained by the DDO for filing

GSTR 7

Ÿ

Ÿ

Ÿ

Sl. N

o.

GST

IN o

f th

e

Ded

uct

ee

Trad

e N

ame

Am

ou

nt

Paid

toth

eD

edu

ctee

o

n

IGST

CG

ST

SGST

/ U

TGST

Tota

l

If any deductor fails to furnish to the deductee the certificate, after deducting the Tax at source within five daysof crediting the amount deducted to the government the deductor shall pay by way of a late fee a sum of INR 100, after the expiry of such 5 days period until the failure is rectified, subject to maximum amount of INR 5000.

The deductee shall claim credit, in his electronic cash ledger of the tax deducted and reflected in the returns of the deductor furnished under section 39(3) in such manner as may be prescribed.

If any deductor fails to pay to the government the amount deducted as tax under subsection 1 he shall pay interest @ 18% in addition to the amount of tax deducted.

The determination of the amount in default under the section shall be made in the manner specify in Section 73 or, Section 74Refund to the deductor or deductee arising on account of excess or erroneous deduction can be claimed as refund.Provided that no refund to the deductor shall be granted, if the amount deducted has been credited to the electronics cash ledger of the deductee.In GST, TDS provision there is no nil return, no deduct of TDS, no file GSTR 7A, filing of GSTR 7A not required.

17


1. What is TCS ?

It stands for the tax collection at source. It is a

concept borrowed from the Income Tax. Basically the

payer (viz. collector) is required to collect some

amount as tax while making the payment to the

supplier. Such amount shall be collected separately

over and above the invoice value. Hence let us say

INR 1180 is the invoice value (Basic amount is INR

1000 plus tax is INR 180). Then the payer shall

collect 1% (i.e. INR 10) and make the payment of

such tax to the Government. Net amount of INR 1170

(i.e. 1180-10) shall be paid to the concerned supplier.

On the other hand, supplier can claim credit of

the tax so collected while discharging his liabilities. It

acts as a powerful instrument to prevent tax evasion

and expands the tax net, as it provides for the

creation of an audit trail.

2. Who is required to collect the TCS (i.e. who

is the collector) ?

As per Sec. 52(1) of the CGST Act, 2017 every

electronic commerce operator, not being an agent,

shall collect an amount calculated at such rate not

exceeding one per cent, as may be notified by the

Government.

Electronic commerce operator is defined u/s

2(45) of the CGST Act, 2017 as under:

“electronic commerce operator means any

person who owns, operates or manages digital or

electronic facility or platform for electronic

commerce”

Hence the persons who either owns or

operates or manages digital or electronic facility or

platform for electronic commerce shall be

considered as electronic commerce operators.

Further “electronic commerce” is defined u/s 2(44)

of the CGST Act, 2017 as under:

“electronic commerce means the supply of

goods or services or both, including digital products

over digital or electronic network”

Combined reading of the above definitions

will entail that only companies who are in the

business of providing such platform for electronic

commerce shall be regarded as electronic

commerce operators. Hence companies like

Amazon, Flipkart, etc. which displays / lists on their

portal products as well as services which are

actually supplied by some other person to the

consumer are electronic commerce operator. On

placing the order for a particular product/ services

the actual supplier supplies the selected

product/services to the consumer. The

price/consideration for the product/services is

collected by the Operator from the consumer and

passed on to the actual supplier after deducting his

commission by the Operator. Such Operator is only

required to collect the tax at source.

3. On which transaction is TCS required to be

collected ?

As per Section 52(1) of the CGST Act, 2017, TCS is to

be collected by an electronic commerce operator on

the net value of taxable supplies made through it by

other suppliers where the consideration with

respect to such supplies is to be collected by such

operator.

Hence TCS is to be collected if:

a. taxable supplies are made through the

Operator by other suppliers AND

b. consideration with respect to such supplies is

collected by the Operator.

Thus TCS is required to be collected on all

taxable supplies made through an electronic

commerce operator where the consideration is

received by such operator.

There is thus no threshold exemption from

TCS once the above cited conditions are fulfilled.

However, the supplies made by the electronic

TAX COLLECTED AT SOURCE (TCS)

CMA Rakesh Ranjan DashACMA

18


commerce operator on its own account are not

subject to TCS requirements since the above stated

conditions are not fulfilled.

4. On what value is TCS required to be collected ?

As per Sec. 52(1) of the CGST Act, TCS is required to be collected on the “net value of taxable supplies”. Further “net value of taxable supplies” is defined by an Explanation to Sec. 52(1) as under:

“net value of taxable supplies shall mean the aggregate value of taxable supplies of goods or services or both, other than services notified under sub-section (5) of section 9, made during any month by all registered persons through the operator reduced by the aggregate value of taxable supplies returned to the suppliers during the said month.”

Same can also be explained through the following equation:

Net Value of Taxable Supplies = [(Aggregate Value of Taxable Supplies of Goods + Services) – (Section 9(5) Services)]} – (Aggregate Value of Returned Taxable Supplies + Goods)]

Let us take an example to understand. Gross taxable value of supplies made by a particular supplier in a month is let us say INR 10 lakhs. During the said month, the aggregate value of supplies returned (original supply might have been done during the same month or even before) is INR 1 lakhs. Then, as per the above definition, “net value of taxable supplies” shall be INR 9 lakhs on which TCS is to be collected for that particular month.

It may be noted that the “value of taxable supplies” shall not include the GST since Sec. 15(2)(a) of the CGST Act, 2017 clearly excludes the same.

It may also be noted that the value of services notified u/s 9(5) are to be excluded. As per Notification No. 17/2017-Central Tax (Rate) dated 28.06.2017 following supplies have been notified u/s 9(5):

a. services by way of transportation of passengers by a radio-taxi, motorcab, maxicab and motor cycle

b. services by way of providing accommodation in hotels, inns, guest houses, clubs, campsites or other commercial places meant for

residential or lodging purposes, except where the person supplying such service through electronic commerce operatoris liable for registration under sub-section (1) of section 22 of the said Central Goods and Services Tax Act

c. services by way of house-keeping, such as plumbing, carpentering etc., except where the person supplying such service through electronic commerce operatoris liable for registration under sub-section (1) of section 22 of the said Central Goods and Services Tax Act

In all the above three cases, since the electronic commerce operator has been made liable to pay the tax as if he is the supplier u/s 9(5), there is no requirement to collect TCS.

5. Is there any threshold exemption for TCS ?

There is no exception to collection of TCS if all the stipulated conditions (mentioned supra) are fulfilled. Hence there is no threshold exemption.

6. Whether TCS is to be collected even if the supplier is unregistered ?

As per Sec. 24(ix) of the CGST Act, 2017 persons who supply goods or services or both, other than supplies specified under sub-section (5) of section 9, through an electronic commerce operator, who is required to collect tax at source under section 52, shall obtain compulsory registration.

Thus if the supplier is making inter-state supply of goods, through an electronic commerce operator, such person needs to obtain compulsory registration and hence the question of collecting TCS from unregistered person shall not arise.

It may be noted that the Government vide Notification No. 65/2017-C.T., dated 15-11-2017 has granted threshold exemption to persons making inter-state supply of taxable services through an electronic commerce operator if the aggregate turnover, to be computed on all India basis, does not exceed INR 20 lakhs (INR 10 lakhs for special category States). However no such exemption has been granted to persons making inter-state supply of goods.

19


Hence if a supplier only makes intra-state

supplies of services and enjoys the threshold

exemption, the question will remain as to whether

TCS needs to be collected from such supplier ?

Plain reading of Sec. 52(1) provides that TCS

shall be collected from all the suppliers. However

Explanation to the said provision provides that the

“net value of taxable supplies” shall mean the

aggregate value of taxable supplies of goods or

services or both, other than services notified under

sub-section (5) of section 9, made during any month

by all registered persons through the operator.

Hence only supplies by registered persons are

covered.

Thus in case of an unregistered person, the

“net value of taxable supplies” shall be NIL and hence

TCS is not to be collected.

7. What is the rate of TCS ?

Vide –Notification No. 52/2018 Central Tax,

rate of TCS shall be 0.5% for Central Tax. Hence 0.5%

shall also be for State Tax. For IGST, rate of TCS shall

be 1% as notified by –Notification No. 02/2018

Integrated Tax.

8. Is collector required to be compulsorily

registered ?

As per Sec. 24(x) of the CGST Act, 2017 every

electronic commerce operator must be compulsorily

registered. Hence there are no threshold limits for

registration as collector. This clause has been

amended vide the CGST Amendment Act, 2018 to

restrict applicability of compulsory registration to

only those cases of e-commerce operator who is

required to collect TCS under Section 52. The

operation of said amendment is yet to be notified.

As on date, there is also no provision for

centralized registration for intra-state supplies

made in the respective States. Hence the electronic

commerce operator will be required to register in

every State where the concerned suppliers are based

to comply with the TCS provisions.

9. Which form is to be filed for obtaining the

registration ?

Form GST REG-07 needs to be filed for

obtaining the registration as collector. Applicants

who don't have PAN can register on the basis of TAN.

The proper officer may grant registration after due

verification and issue a certificate of registration in

FORM GST REG-06 within a period of three working

days from the date of submission of the application.

10. When TCS is to be collected ?

Sec. 52(1) of the CGST Act, 2017 only provides

that the amount of tax shall be collected at such rate

(1%) of the net value of taxable supplies. Hence the

point of collection (i.e. accrual or payment) has not

been clearly prescribed.

Explanation to the said provision however

provides that “net value of taxable supplies” shall

mean the aggregate value of taxable supplies made

during the month by the concerned registered

supplier. Hence it appears that the TCS shall be

collected at the point at which it can be said that the

supplies have been made. Hence the time of supply

as determined u/s 12 & 13 of the CGST Act, 2017

(usually an invoice) shall be the point of collection.

Let us take an illustration to understand.

Suppose a customer places an order on Amazon

platform on 31.10.2018 and makes the payment.

Goods are however dispatched on 02.11.2018 and

hence invoice is also prepared on such date. In such

scenario, Amazon is required to collect TCS only in

the month of November (i.e. the month in which

supply is made) and not October when payment is

received.

11. When TCS is required to be paid ?

As per Sec. 52(3), TCS collected during a

particular month is required to be paid within ten

days after the end of the said month.

12. Whether TCS is to be shown on the invoice

by the supplier ?

As per Rule 46 of the CGST Rules, 2017 there is

no requirement to indicate TCS on the invoice issued

by the concerned supplier.

13. Which return needs to be filed by the

collector ?

As per Sec. 52(4) read with Rule 67(1), every

electronic commerce operator shall furnish a return

containing the details of outward supplies of goods

or services or both effected through it, including the

20


supplies of goods or services or both returned

through it, and the amount collected in the FORM

GSTR-8 electronically through the common portal.

Details furnished in FORM GSTR-8 shall be made

available electronically to each of the suppliers in

Part C of FORM GSTR-2A.

14. What is the due date for furnishing the

return in FORM GSTR-8 ?

Return in FORM GSTR-8 needs to be filed

within ten days after the end of each month.

15. How to rectify any errors in the return ?

As per Sec. 52(6) of the CGST Act, 2017 if any

operator after furnishing a return discovers any

omission or incorrect particulars therein, other than

as a result of scrutiny, audit, inspection or

enforcement activity by the tax authorities, he shall

rectify such omission or incorrect particulars in the

statement to be furnished for the month during

which such omission or incorrect particulars are

noticed, subject to payment of interest, as specified

in sub-section (1) of section 50 (i.e. 18%).

However no such rectification of any omission

or incorrect particulars shall be allowed after the

due date for furnishing of statement for the month of

September following the end of the financial year or

the actual date of furnishing of the relevant annual

statement, whichever is earlier.

16. Is there a concept of TCS certificate ?

As on date there is no concept of TCS

certificate.

17. Then how will the supplier claim credit of

the TCS ?

As per Sec. 52(7) of the CGST Act, 2017 the

supplier who has supplied the goods or services or

both through the operator shall claim credit, in his

electronic cash ledger, of the amount collected and

reflected in the statement of the operator furnished

under sub-section (4) (i.e. GSTR-8), in such manner

as may be prescribed.

Hence the amount collected and reflected in GSTR-8

shall be credited in the electronic cash ledger of the

concerned supplier.

18. Is electronic commerce operator required

to file annual return ?

Yes. As per Sec. 52(5) of the CGST Act, 2017

every operator who collects the tax shall furnish an

annual statement, electronically, containing the

details of outward supplies of goods or services or

both effected through it, including the supplies of

goods or services or both returned through it, and

the amount collected under the said sub-section

during the financial year, in such form and manner

as may be prescribed, before 31st December

following the end of such financial year. Said annual

return needs to be filed in FORM – 9B.

19. Will there be matching of details declared

by the electronic commerce operator with

the details declared by the concerned

supplier ?

Yes. As per Sec. 52(8) of the CGST Act, 2017 the

details of supplies furnished by every operator

under sub-section (4) (i.e. GSTR – 8) shall be

matched with the corresponding details of outward

supplies furnished by the concerned registered

supplier (i.e. GSTR – 1) in such manner and within

such time as may be prescribed.

Further the mismatched amount (i.e.

discrepancy) shall be communicated and such

amount (along with the interest) shall be added to

the output tax liability of the concerned supplier if

such discrepancy is not rectified in the statement of

the month in which the same is communicated.

As on date, no such mechanism for matching

has been made operational.

20. Can department ask for any other

information (i.e. other than GSTR-8) from

the electronic commerce operator ?

As per Sec. 52(12) of the CGST Act, 2017 any

authority not below the rank of Deputy

Commissioner may serve a notice, either before or

during the course of any proceedings under this Act,

requiring the operator to furnish such details

relating to —

(a) supplies of goods or services or both effected

through such operator during any period; or

21


(b) stock of goods held by the suppliers making

supplies through such operator in the

godowns or warehouses, by whatever name

called, managed by such operator and

declared as additional places of business by

such suppliers, as may be specified in the

notice.

Every operator on whom a notice has been

served shall furnish the required information

within fifteen working days of the date of service of

such notice. Failure to furnish such details may

invite penalty which may extend to twenty-five

thousand rupees in addition to any action u/s 122.

21. What are the consequences of not complying with the TCS provisions ?

Sr. No. Event Consequence

1 TCS not collected As per Sec. 122(1)(vi) of the CGST Act, 2017 failure to collect the tax as per Sec. 52(1) can invite penalty of INR 10,000/ - or the amount not collected or short collected, whichever is higher.

2 TCS collected but not paid to the Government

In our opinion Sec. 76 of the CGST Act, 2017 can be invoked by the officer to recover such TCS along with interest. Penalty u/s 122(1)(vi) may also be imposed subject to principles of natural justice.

3 Late filing of TCS returns Provisions of Sec. 47 of the CGST Act, 2017 imposing late fees shall not apply to the TCS return since the same is to be filed u/s 52(4) of the said Act (which is not covered u/s 47). However general penalty up to INR 25,000/ - can be imposed u/s 125.It must however be noted that unless the return is filed, the concerned suppli er shall not get the credit in his electronic cash ledger.

22. How shall the amount collected in excess be refunded ?

As per Sec. 52(6) of the CGST Act, 2017 any errors or omissions in the return filed can be corrected

subject to certain time limit. However there is no specific provision to seek refund of the tax

collected in excess. Hence the concerned supplier can claim the credit of such excess tax in his

cash ledger and utilize the same.

22


ACTIVITIES OF THE CHAPTER DURING THE PERIOD

thv “Commerce Conclave” held on 7 October,

2018

We have the pleasure to inform you that, The

Institute of Cost Accountants of India (ICAI)-

Bhubaneswar Chapter has organized “Commerce thConclave” on 7 October, 2018 at its Conference

hall at CMA Bhawan, Nayapalli, Bhubaneswar to

mark its Golden Jubilee year (2018-19) of the

Chapter. More than 150 Principals and HOD

/Professor in Commerce from various Universities &

Colleges have actively participated.

CMA Damodar Mishra, Chairman of the

Chapter delivered welcome address and highlighted

about the facilities provided to the Students and

Shri Soumya Ranjan Patnaik, Hon'ble MP

(Rajya Sabha), Odisha & Founder of M/s Eastern

Media Ltd. inaugurated and graced the "Commerce

Conclave" as "Chief Guest". He praised a lot

regarding such initiatives taken by ICAI-

Bhubaneswar Chapter for growth of Commerce

Profession in State of Odisha. To mark this

auspicious occasion, this Chapter also released its th11 Volume of quarterly NEWSLETTER.

CMA Manas Kumar Thakur, Past President

and Chairman, Training and Education Facilities

Committee and CMA Niranjan Mishra, Council

Member and Chairman-Taxation and Regional

Councils & Chapters Co-ordination Committee, The

Institute of Cost Accountants of India have graced the

Occasion as “Special Guest”. They highlighted about

the role of Cost and Management Accountants for

Development of Indian Economy and Society at a

large. He also highlighted about various initiatives

taken by the Institute and suggestions given to the

Ministry of Corporate Affairs, Govt. of India

specifically on implementation and simplification on

GST. Both the Guests also appreciated lot about the

new initiative of Career Counseling Programme

organized by the ICAI- Bhubaneswar Chapter for

further capacity building of the CMA Profession.

various activities undertaken for its members and st

Stakeholders. He also highlighted about the 21

times Best Chapter Award consecutively received

by the Chapter in the Eastern Region under

Category-A for commendable performances in

various fields.CMA Tapas Ranjan Swain, Secretary

of the Chapter extended formal vote of thanks.

23


vand Disclosure Standards (ICDS)” held on 28.10.18The Institute of Cost Accountants of India

(ICAI)-Bhubaneswar Chapter has organized one day seminar on “Income Computation and

thDisclosure Standards (ICDS)” on 28 October, 2018 (Sunday) at its conference hall to mark its Golden Jubilee year (2018-19).

One Day Seminar on “Income Computation v

Accounts and Audit” held on 03.11.18

This Chapter has organised one Practitioners Meet on 03.11.18 at its conference hall on the topic “GST-Accounts and Audit”.

CMA Bibhuti Bhusan Nayak, DGM (Fin), GRIDCO Ltd. and Past Chairman of the Chapter was “Resource Person” on the Occasion and interacted

Practitioners Meet on the topic “GST-

CA Satyjit Mohanty, Director (Finance), Odisha Mining Corporation Ltd. (OMC) has inaugurated and graced the seminar as “Chief Guest” in the presence of CMA Mrityunjay Acharjee, Sr. Vice President (Internal Audit & Taxation), M/s Balmer Lawrie & Co Ltd., Kolkata, CMA Damodar Mishra, Chairman, CMA Tapas Ranjan Swain, Secretary, CMA Mukesh Chaubey, Chairman. PD Committee & All the Managing Committee Members of Bhubaneswar Chapter.

CMA Damodar Mishra, Chairman of the Chapter delivered welcome address and key note address,CMA Mukesh Chaubey, Chairman, Professional Development Committee of the Chapter facilitated the seminar and CMA Tapas Ranjan Swain, Secretary of the Chapter extended formal vote of thanks.

CMA Mrityunjay Acharjee, Sr. Vice President (Internal Audit & Taxation), M/s Balmer Lawrie & Co Ltd., Kolkata delivered in details on the topic “Income Computation and Disclosure Standards (ICDS)” with lot of examples/amendments , interacted with the participants and clarified their queries.

With collective effort of Members of Managing Committee and Staffs the Seminar was a grand success. More than 150 Cost and Management Accountants and Invitees/Guest actively participated in the Seminar.

In the Technical Session, the theme was CMA

Saktidhar Singh, Vice-Chairman & CMA Ajaya Kumar Samal, Students convener of the Chapter delivered key note address and CMA Mukesh Chaubey, Chairman, PD Committee of the Chapter extended formal Vote of thanks. CMA Bibhuti Bhusan Nayak, DGM (Fin), GRIDCO Ltd. and CMA Shiba Prasad Padhi, Sr. Partner, SAPSJ & Associates, Cost Accountants were the “Resource Person” on the occasion. They Interacted with the participants and complied their queries related to various critical issues of GST.

With the collective effort and Co-operation of Managing Committee Members and Staffs of the Chapter, programme ended with a gala success and ended in most discipline way. All the participants have been provided Certificate of participation along with one trophy to commemorate.

"GST Outlook- Academician-Vs- Professionals".

24


v Observance of “International Accounting Day” on 10.11.18

This Chapter has observed "International Accounting Day"on 10.11.18 at its Conference hall in a grand way

CMA CS (Dr.) P V S Jaganmohan Rao, Vice President, SAFA and Chairman, Corporate Laws Committee, ICAI, Kolkata graced the occasion as "Chief Guest".

CMA Damodar Mishra, Chairman, ICAI- Bhubaneswar Chapter, CMA Mukesh Chaubey , Chairman, PD Committee, CMA Tapas Ranjan Swain, Secretary, CMA Himoj Mishra, Treasurer, CMA Uttam Kumar Nayak, Member of MC, CMA Nilamani Mohapatra , Past Chairman of the Chapter and all Members of Managing Committee participated in the celebration . Around 100 students and CMA members actively joined in the celebration.

v One Day Seminar on “Companies Act, 2013- Recent Amendments, Annual Return and Director's Report” held on 11.11.18

This Chapter has organized a seminar on “Companies Act, 2013 – Recent Amendments,

thAnnual Return & Director's Report” on 11 November, 2018 (Sunday) at its conference hall to mark its Golden Jubilee year (2018-19).

CMA CS (Dr.) P V S Jaganmohan Rao, Council Member and Chairman, Corporate Laws Committee, ICAI and Vice President, SAFA has inaugurated and graced the seminar as “Chief Guest” in the presence of CMA Niranjan Mishra, Council Member and Chairman-RCs & Chapters Coordination Committee and Taxation Committee, ICAI, CS Prashant Panda, Company Secretary, Odisha Television Ltd. (OTV), CS Bharat Kumar Sahu, Additional Company Secretary, NALCO Ltd., Bhubaneswar, CMA Damodar Mishra, Chairman, CMA Tapas Ranjan Swain, Secretary, CMA Mukesh Chaubey, Chairman. PD Committee & All the Managing Committee Members of ICAI-Bhubaneswar Chapter.

CMA Damodar Mishra, Chairman of the Chapter delivered welcome address and key note address on the organized topic “Companies Act, 2013 – Recent Amendments, Annual Return & Director's Report”. CMA Mukesh Chaubey, Chairman, Professional Development Committee of the Chapter facilitated the seminar and CMA Tapas Ranjan Swain, Secretary of the Chapter extended formal vote of thanks.

On the occasion CMA CS (Dr.) P V S Jaganmohan Rao, CS Prashant Panda and CS Bharat Chandra Sahu delivered in details on the aforesaid topic with lot of examples/amendments and interacted with the participants.

With collective effort of one and all, the Seminar was a grand success. More than 150 Cost and Management Accountants and Invitees/Guest actively participated in the Seminar.

with the Participants on various critical issues on GST Audit. CMA Damodar Mishra, Chairman of the Chapter delivered welcome address and assured for conducting maximum educative programmes and other activities to commemorate its golden jubilee year. CMA Tapas Ranjan Swain, Secretary of the Chapter extended formal vote of thanks. More than 40 Practicing Cost and Management Accountants including members of the Managing Committee actively participated.

25


v Career Awareness Programmee at Jupiter College of Commerce Bhubaneswar held on 13.11.18

This Chapter has organized one Career Awareness Programme at Jupiter College of Commerce, Bhubaneswar on 13.11.18 to mark the Career counseling month as per notification of the Institute. Around 100 pursuing +3 and +2 Commerce Students including faculties of the said college actively participated and interacted.

CMA Mukesh Chaubey, Chairman, PD Committee of the Chapter highlighted about the Institute, Course Curriculum and Career Prospects in CMA Course. All the participants get clarified their queries and few students have also shown their interest to pursue CMA Course during pursuing their graduation course.

v Campus Placement conducted by Viraj Group of Companies on 15.11.18

This Chapter has successfully facilitated the Campus Placement at its premises on 15.11.18. The said Campus placement was conducted by M/s Viraj Group of Companies for June,2018 term qualified Cost and Management Accountants. In the Said Campus interview 02 nos. qualified CMA students have been selected by M/s Viraj Group.

v Career Awareness Programmee at Institute of Commerce & Professional Studies, Bhubaneswar held on 20.11.18

This Chapter has organized one Career Awareness Programme at Institute of Commerce and Professional Studies (ICPS), Bhubaneswar on 20.11.18 to mark the Career counseling month as per notification of the Institute. 70 nos. +3 and +2 Commerce Students including faculties of the said institute actively participated and interacted.

CMA Saktidhar Singh, Vice Chairman of the Chapter and CMA Ajay Kumar Samal, Students Convener of the Chapter highlighted about the Institute, Course Curriculum and Career Prospects in CMA Course. All the participants get clarified their queries and few students have also shown their interest to pursue CMA Course during pursuing their graduation course.

v Career Awareness Programmee at

Debarai College, Bhubaneswar held on

28.11.18

This Chapter has organized one Career

Awareness Programme at Debarai College,

Bhubaneswar on 28.11.18 to mark the Career

counseling month as per notification of the

Institute. 65 nos. pursuing +2 and +3 Commerce

Students including faculties of the said institute

actively participated and interacted.

CMA Ajay Kumar Samal, Students Convener of

the Chapter and CMA Debadutta Swain, Member of

the Chapter highlighted about the Institute, Course

Curriculum and Career Prospects in CMA Course. All

the participants get clarified their queries and few

students have also shown their interest to pursue

CMA Course during pursuing their graduation

course.

26



Nimapara College held on 29.11.18


Awareness Programme at Nimapara College on

29.11.18 to mark the Career counseling month as per

notification of the Institute. 90 nos. pursuing +2 and

+3 Commerce Students including faculties of the said

institute actively participated and interacted.

CMA Bibhuti Bhusan Nayak, Past Chairman,

CMA Ajay Kumar Samal, Students Convener and CMA

Subhasish Sahoo, Member of the Chapter highlighted

about the Institute, Course Curriculum and Career

Prospects in CMA Course. All the participants get

clarified their queries and few students have also

shown their interest to pursue CMA Course during

pursuing their graduation course.


Binayak Degree College, Bhadark held on

30.11.18


Awareness Programme at Binayak Degree College

on 30.11.18 to mark the Career counseling month as

per notification of the Institute. 40 nos. pursuing +2

v

Bhadark

Career Awareness Programmee at

Charampa College, held on

30.11.18

This Chapter has organized one Career Awareness Programme at Charampa College on 30.11.18 to mark the Career counseling month as per notification of the Institute. 100 nos. pursuing +2 and +3 Commerce Students including faculties of the said institute actively participated and interacted.

CMA Tapas Ranjan Swain, Secretary & CMA Ajay Kumar Samal, Students Convener of the Chapter highlighted about the Institute, Course Curriculum and Career Prospects in CMA Course. All the participants get clarified their queries and few students have also shown their interest to pursue CMA Course during pursuing their graduation course.

and +3 Commerce Students including faculties of

the said institute actively participated and

interacted.

CMA Tapas Ranjan Swain, Secretary & CMA

Ajay Kumar Samal, Students Convener of the

Chapter highlighted about the Institute, Course

Curriculum and Career Prospects in CMA Course. All

the participants get clarified their queries and few

students have also shown their interest to pursue

CMA Course during pursuing their graduation

course.

27


v P r a c t i t i o n e r s M e e t o n t h e t o p i c

“Interaction on GST” held on 04.12.18

This Chapter has organised one Practitioners

Meet on 03.11.18 at its conference hall on the topic “

Interaction on GST ”.

CA Tarun Kumar Agarwalla, Partner, T.K.

Agarwalla & Co & CMA S.P. Padhi, Past Chairman,

ICAI -EIRC were the “Resource Persons” on the

Occasion and interacted with the Participants on

various critical issues on GST.

14. Health awareness programme on “Life

Style Management” held on 9th

December, 2018 (Sunday)

This Chapter has organized a Health awareness programme on “Life Style Management” held on 9th December, 2018 (Sunday) at its conference hall to mark its Golden Jubilee year (2018-19).

Dr. Milind Parasar, Medical Officer, J K Yoga and Naturopathy Hospital and Research Center, Banara,Cuttack, Dr. Pratap Kumar Singh,HOD, Medicine,Sum Hospital, Bhubaneswar, CMA

Nilamani Mohapatra, Past Chairman of the Chapter were the resource persons on the occasion.

CMA Damodar Mishra, Chairman of the Chapter delivered welcome address , CMA Mukesh Chaubey, Chairman, Professional Development Committee of the Chapter facilitated the programme and CMA Saktidhar Singh, Vice- Chairman of the Chapter extended formal vote of thanks.

On this occasion a book “Atma Bikash”

Written by one of our founder and senior member

CMA Nilamani Mohapatra was released by the

dignitaries on the dais.

28

CMA Bhawan, A 122/2, Nayapalli, Nilakantha Nagar, Bhubaneswar, Odisha-751 012Tel: 0674-2396622, 2395622, Mob: +91 6370813308Email: [email protected] Website: www.icmaibbsr.in

BHUBANESWAR CHAPTERCMA Bhawan,12 Sudder Street, Kolkata - 700016Ph.: 091-33-2252 1031/34/35/1602/1492, Toll Free : 1800 345 0092/ 1800 110 910Email: [email protected], Website: www.icmaibbsr.in

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