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September 28, 2020

Open Letter to FM : A Chartered Accountant’s Nightmare

by facelesscompliance in Compliance Law, GST, Income Tax

Open Letter to FM : A Chartered Accountant’s Nightmare

A Global pandemic, 3 months of complete lockdown with restricted movements in the beginning of the financial year, closure of business of various clients and loss in revenue. This could be considered as the worst time of a practicing Chartered Accountant. Countless representations and still an utterly silent finance minister. #FM missing

Game changers for Industries whose staff is sitting in remote part of the countries and are expected to meet the deadline even if they are down with any ailment, forget COVID-19.

  • GST annual audit and annual return due date 30th Sept 2020;
  • E-invoicing mandatory from 1st Oct 2020;
  • TCS on sale of goods from 1st Oct 2020. Most essential goods “Electricity” also covered in its ambit. Other acts like GST etc exempt the same. Total chaos as to no clarity on various fronts;
  • MCA filings like of LLP due date 30th Sept 2020;
  • Tax audits and corporate tax returns.

There have been various professional body representations but the government chooses to be silent. The client blames the CA for not doing its work in time. Where does the CA go in such a case ?

A CA helps in nation building by asking its clients to be compliant. At the same time penalty is levied on them for not doing their job. If the same nation does not understand its plea you think he/she would co-operate in future ?

Dear FM, you are just forcing a group of professionals to revolt. There is only so much a person can handle. In tough times like these when each nation is putting on a brave front, least expected is co-operation from all ends.

Why should someone ask for an extension in such a large scale? Why not show your support to national compliance teams of professionals and extend your helping hand.

A totally paranoid Chartered Accountant.   

Some tweets from professionals

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