from the desk of the chairman - noida-icai.org newsletter 2017.pdf · to apply our knowledge for...

NEWSLETTER SEPTEMBER-2017

With warm professional regards….

CA. ATUL AGRAWAL CHAIRMAN, NOIDA BRANCH Mobile: 9990057390 Email: [email protected]

FROM THE DESK OF THE CHAIRMAN ….

Respected Professional Colleagues, As a part of the Institute of Chartered Accountants of India, most of us would be busy in Audits of our clients and also in advising them regarding implementation of GST. Eventually, this year is full of lots of challenges especially because of implementation of GST, ICDS, IndAS, applicability of Tax Audit u/s 44AB in certain cases where the turnover is below threshold limits and also considering the compliances related to IDS/ Demonetization. My firm belief is, we as Chartered Accountants have the capabilities of meeting out all challenges whether personal, professional or social and therefore we are the members of the prestigious institution "The Institute of Chartered Accountants of India" which was founded on July 1, 1949 i.e. even before implementation of Constitution of India.

Friends, in this dynamic environment, we as a professionals need to get updated with day to day amendments/changes in the economy across the globe and need to apply our knowledge for the betterment of economic growth of our client and country as well. I believe, through our Institution ICAI, we are making a difference in the world and in the years ahead we as a part of ICAI, will serve the Nation on a Global scale. The Institute of Chartered Accountants of India challenges us to become best professionals, to become ambitious in the ways that matters to strive for higher goals and to become a partner in the Nation building.

Friends, as a part of NOIDA Branch, me and my entire team are trying hard to serve my professional brothers & sisters and also the future of the profession i.e. my dear students. Keeping in view of need of an hour, we have started a reading room facility in the Branch and are also in the process of setting up of library which will be operational latest by the end of September’ 2017.

During the month of August, we organized Symposium on GST under the aegis of CIRC of ICAI, which was held on August 11, 2017 which was attended by more than 258 Chartered Accountants. There after we celebrated Independence Day on August 15, 2017 where more than 50 Chartered Accountants and students participated. We also represented NOIDA Branch in 38

th

Regional Conference of CIRC of ICAI held on 26th and

27th August, 2017 at Kanpur.

For the month of September, we have plans to celebrate Teacher's Day on 5

th September and to organize

CPE hours Seminars on 9th, 16

th & 23

rd

September, 2017 respectively. For students, we got an approval from Mother Dairy for their Industrial visit which proposed to be held on September 22, 2017 and more than 100 students are going to participate in the said Industrial visit.

Friends, I once again would like to update you all regarding International Study Tour to St. Petersburg and Moscow which has been

finalized for 23rd

October till 28th October, 2017. Detailed

information of the tour is being circulated to you all on a regular basis and also attached in this Newsletter. This year CIRC has also planned International Study Tour for CA Students to Kathmandu, Nepal which is scheduled from 23

rd November till 25

th November, 2017.

The information for the same is also available in this Newsletter. I request you all, kindly motivate your articles to participate in this International Study Tour in maximum numbers. Last but not the least; I am also expecting your participation in maximum numbers in the International Study Tour being organized for members.

"WE DO NOT GROW WHEN THINGS ARE EASY, WE

GROW WHEN WE FACE CHALLENGES"

mailto:[email protected]


Secretary writes..........

Respected Professional colleagues,

Every time it is a delight feeling to communicate with all of you, writing for you is like writing a letter for my own very loved ones. I am glad to share that in the month of August,2017, we all have celebrated Independence Day. Dear Friend, Your Noida branch always try to organize one to one events, Seminars, conferences for the benefit professional upliftment of All CA fraternity. Like On 9th September we are organizing a seminar on ICDS and Tax Audit Under Section 44AB of Income Tax Act and on 16th September we are going to organise a seminar on GST. This seminar belongs to practical aspect to our practice which we are facing now a days. In the Month of October we are planning to organise CFO meet with the CIRC of ICAI. The Schedule of the programe will also be shared soon. Many more event are the pipe lines. Further, We are also organizing a International Study Tour for 5 Nights and 6 Days From 23rd October to 28th October to Moscow ( Capital of Russia) and St. Petersburg (the IInd largest City of Russia). Friends we all committee members were working on it by long time and negotiating the Cost of the Tour. With the Great efforts of Our Chairman Sir CA Atul Aggarwal Ji and all my committee members, We are here now with very competitive rate with maximum comfort. The detailed itinerary of proposed International Study Tour will be forwarded shortly by the Branch. I request to all the members who wish to join the tour, Please register immediate. Further CIRC is also organizing an International Study Tour for the Students of ICAI for Kathmandu, Nepal from 23rd November to 25th November, 2017. We all Committee Members are always trying to serve the best to the profession in your guidance and suggestion. We are requesting to give your valuable suggestion for betterment of the branch activities. I will conclude with...... “Until you spread your wings you will have no idea how far you can fly” With Best Wishes & Regards, CA TANUJ KUMAR GARG SECRETARY, NOIDA BRANCH OF CIRC Mob: 9899508755 Email ID: [email protected]


Electronic Ledgers in GST

In the changing era, when we say a lot of reforms in Indian Commercial Laws, where the Companies Act, 1956

was replaced by the Companies Act, 2013, ICDS got implemented in exercise of Powers conferred u/s 145(2)

of the Income Tax Act, 1961, GST is one of the most important game changer in the history of Indirect Taxes

in India. GST subsumed 17 indirect taxes with effect from 1 July, 2017. Returns under GST can only be filed

electronically on the GSTN Portal whether directly uploading the details, or using the offline tools available on

our own or availing the services of GST Practitioners or ASPs or GSPs and the details furnished by the supplier

and the recipient would be electronically matched as per the provisions made in this regard. Further there

would be maintained electronic ledgers for each registered person for managing the liabilities, credits

available and the discharge of liabilities. The data in the electronic ledgers would be flowing through the

returns. The beauty of the system is that everything would be electronically managed which is paving the way

for digital India.

Section 49 of the Central Goods and Services Tax Act, 2017 read with Rule 85, 86 and 87 of the Central Goods and Services Tax Rules, 2017 specifically talks about the mechanism devised for electronic ledgers. For every registered tax payer there will be maintained three ledgers on the common portal Electronic Liability Ledger Electronic Credit Ledger Electronic Cash Ledger We will discuss the details relating to these ledger, forms and will also understand the interlinkages amongst them.

Electronic Cash Ledger (Section 49 (1), (3), Rule 87

There shall be maintained an Electronic Cash Ledger on the Common Portal which will be an account of deposits made by the tax payer and the utilization of the cash balance in the said ledger to discharge various GST related liabilities. This Ledger will be maintained in the Form GST PMT-05. The said ledger shall be credited by the amounts deposited by the tax payer through any of the prescribed modes:

Internet Banking through authorised banks;

Credit card or Debit card through the authorised bank;

National Electronic Fund Transfer or Real Time Gross Settlement from any bank; or

Over the Counter payment through authorised banks for deposits up to ten thousand rupees per challan per tax period, by cash, cheque or demand draft:

The restriction for deposit up to Rs 10000 per challan in case of an Over the Counter payment shall not apply to deposit to be made by – (a) Government Departments or any other deposit to be made by persons as may be notified by the Commissioner in this behalf; (b) Proper officer or any other officer authorised to recover outstanding dues from any person, whether registered or not, including recovery made through attachment or sale of movable or immovable properties;


(c) Proper officer or any other officer authorised for the amounts collected by way of cash, cheque or demand draft during any investigation or enforcement activity or any ad hoc deposits.

The person depositing the amount shall generate a challan in Form GST PMT-06 on the common portal and enter the details of amount towards the following:

Tax

Interest

Penalty

Fees or

Any other amounts payable. The said challan generated shall be valid for fifteen days.

Where the payment is made by NEFT/RTGS from any bank, the mandate form shall be generated along with

the challan on the common portal and the same shall be submitted to the bank from where the payment is

to be made. The said mandate form shall be valid for a period of fifteen days from the date of generation of challan.

On successful credit of the amount to the concerned government account maintained in the authorised bank, a Challan Identification Number(CIN) shall be generated by the collecting bank and the same shall be indicated in the challan. On receipt of the Challan Identification Number(CIN) from the collecting bank, the said amount shall be credited to the electronic cash ledger of the person on whose behalf the deposit has been made and the common portal shall make available a receipt to this effect.

Where the bank account of the person concerned, or the person making the deposit on his behalf, is debited but no Challan Identification Number (CIN) is generated or generated but not communicated to the common portal, the said person may represent electronically in FORM GST PMT-07 through the common portal to the bank or electronic gateway through which the deposit was initiated.

Any amount deducted under section 51 (TDS by Central / State Government or local authority or Government Agencies) or collected under section 52 (TCS by e-commerce operator) and claimed in FORM GSTR-02 by the registered taxable person from whom the said amount was deducted or, as the case may be, collected shall be credited to his electronic cash ledger.

Where any discrepancy is noticed by any registered person in his electronic cash ledger, such person shall communicate the same to the officer exercising jurisdiction in the matter, through the common portal in FORM GST PMT-04.

Electronic Credit Ledger (Section 49(2), (4), (5) and Rule 86)

Input tax credit as self-assessed in the return of a registered person shall be credited to the Electronic Credit Ledger. It will be maintained in the FORM GST PMT-02 for every registered person eligible for input tax credit on the common portal. Every claim for input tax credit shall be credited to the electronic cash ledger and shall be debited to the extent of discharge of tax liability utilizing the input tax credit . No direct entry shall be allowed in the electronic credit ledger. Where any discrepancy is noticed by any registered person in his electronic credit ledger, such person shall communicate the same to the officer exercising jurisdiction in the matter, through the common portal in FORM GST PMT-04.

The amount available in the electronic credit ledger can be used for making any payment towards output tax payable under the provisions of the Acts or Rules. The Credit of IGST can be utilized towards payment of IGST, CGST, SGST/UTGST in that order. The credit of CGST can be utilized for the payment of CGST and the balance if any towards payment of IGST. The balance of SGST/UTGST can be utilized towards payment of SGST/UTGST


respectively and the balance if any towards payment of IGST. It is worth noting that the credit of CGST cannot be utilized towards payment of SGST/UTGST or vice versa. The credit of cess can only be utilized towards payment of cess only.

Electronic Tax Liability Register (Section 49(7), (8) and Rule 85 The electronic liability register shall be

maintained in FORM GST PMT-01

for each person liable to pay tax, interest, penalty, late fee or any other amount

on the common portal and

all amounts payable by him shall be debited to the said register, being: the amount payable towards tax, interest, late fee or any other amount payable as per the return furnished by the said person; the amount of tax, interest, penalty or any other amount payable as determined by a proper officer in pursuance of any proceedings under the Act or as ascertained by the said person; the amount of tax and interest payable as a result of mismatch under section 42 or section 43 or section 50; or any amount of interest that may accrue from time to time.

Subject to the provisions of section 49, payment of every liability by a registered person as per his return shall be made by debiting the electronic credit ledger maintained as per rule 86 or the electronic cash ledger maintained as per rule 87 and the electronic liability register shall be credited accordingly. Amount deducted under section 51, or the amount collected under section 52, or the amount payable on reverse charge basis, or the amount payable under section 10, any amount payable towards interest, penalty, fee or any other amount under the Act shall be paid by debiting the electronic cash ledger maintained as per rule 87 and the electronic liability register shall be credited accordingly. Any amount of demand debited in the electronic liability register shall stand reduced to the extent of relief given by the appellate authority or Appellate Tribunal or court and the electronic tax liability register shall be credited accordingly. The amount of penalty imposed or liable to be imposed shall stand reduced partly or fully, as the case may be, if the taxable person makes the payment of tax, interest and penalty specified in the show cause notice or demand order and the electronic liability register shall be credited accordingly. Where any discrepancy is noticed by any registered person in his electronic liability ledger, such person shall communicate the same to the officer exercising jurisdiction in the matter, through the common portal in FORM GST PMT-04. Liability of a taxable person must be discharged in the following order:

1. Self-assessed tax and other dues arising out of returns for previous tax periods 2. Self-assessed tax and other dues relating to the return of the current tax period. 3. Any other amount payable under this Act or the rules made thereunder including the demand determined under section 73 or section 74.


Every person who has paid the tax on goods or services or both under this Act shall, unless the contrary is proved by him, be deemed to have passed on the full incidence of such tax to the recipient of such goods or services or both.

Other important points: (1) A unique identification number shall be generated at the common portal for each debit or credit to the electronic cash/credit ledger, as the case may be. (2) The unique identification number relating to discharge of any liability shall be indicated in the corresponding entry in the electronic liability register. (3) A unique identification number shall be generated at the common portal for each credit in the electronic liability register for reasons other than those covered in the previous point.

Electronic ledgers are not only aiming to bring transparency and simplicity in the processes and procedures but

also looking to bring certainty to issues by promoting the tax payers to keep their records reconciled with the

data being displayed on the dashboard of GSTN and any discrepancies if any to be timely taken care of.

Ledger Formats

Form GST PMT –01 [See rule 85(1)]

Electronic Liability Register of Registered Person (Part–I: Return related liabilities)

(To be maintained at the Common Portal) GSTIN –

Name (Legal) – Trade name, if any

Tax Period – Act – Central Tax/State Tax/UT Tax /Integrated Tax/CESS /All (Amount in Rs.)

Note – 1. All liabilities accruing due to return and payments made against the same will be recorded in this ledger. 2. Under description head - liabilities due to opting for composition, cancellation of registration will also

be covered in this part. Such liabilities shall be populated in the liability register of the tax period in which the date of application or order falls, as the case may be.

3. Return shall be treated as invalid if closing balance is positive. Balance shall be worked out by reducing credit (amount paid) from the debit (amount payable).

4. Cess means cess levied under Goods and Services Tax (Compensation to States) Act, 2017.


Form GST PMT –01

[See rule 85(1)] Electronic Liability Register of Taxable Person (Part–II: Other than return related liabilities)

(To be maintained at the Common Portal) Demand ID - GSTIN/Temporary Id – Demand date - Name (Legal) – Trade name, if any - Stay status – Stayed/Un-stayed Period - From ------- To -------- (dd/mm/yyyy) Act - Central Tax/State Tax/UT Tax /Integrated Tax/CESS /All (Amount in Rs.)

Note – 1. All liabilities accruing, other than return related liabilities, will be recorded in this ledger.

Complete description of the transaction to be recorded accordingly. 2. All payments made out of cash or credit ledger against the liabilities would be recorded accordingly. 3. Reduction or enhancement in the amount payable due to decision of appeal, rectification, revision,

review etc. will be reflected here. 4. Negative balance can occur for a single Demand ID also if appeal is allowed/partly allowed. Overall

closing balance may still be positive. 5. Refund of pre-deposit can be claimed for a particular demand ID if appeal is allowed even though the

overall balance may still be positive subject to the adjustment of the refund against any liability by the proper officer.

6. The closing balance in this part shall not have any effect on filing of return. 7. Reduction in amount of penalty would be automatic, based on payment made after show cause

notice or within the time specified in the Act or the rules. 8. Payment made against the show cause notice or any other payment made voluntarily shall be shown

in the register at the time of making payment through credit or cash ledger. Debit and credit entry will be created simultaneously.



Electronic Credit Ledger of Registered Person (To be maintained at the Common Portal)

GSTIN – Name (Legal) – Trade name, if any - Period - From ------- To -------- (dd/mm/yyyy) Act - Central Tax/State Tax/UT Tax /Integrated Tax/CESS /All

(Amount in Rs.)

Balance of Provisional credit

Mismatch credit (other than reversed) Sr. No. Tax period Amount of mismatch credit

Central

Tax

State Tax UT Tax Integrated Tax Cess Total

1 2 3 4 5 6 7 8

Note –

1. All type of credits as per return, credit on account of merger, credit due on account of pre-registration inputs, etc., credit due to opting out from composition scheme, transition etc. will be recorded in the credit ledger.

2. Description will include sources of credit (GSTR-3, GSTR-6 etc.) and utilisation thereof towards liability related to return or demand etc. Refund claimed from the ledger will be debited and if the claim is rejected, then it will be credited back to the ledger to the extent of rejection.

Sr. No. Tax period Amount of provisional credit balance

Central Tax State Tax UT Tax Integrated Tax Cess Total

1 2 3 4 5 6 7 8



Electronic Cash Ledger (To be maintained at the Common Portal)

GSTIN/Temporary Id – Name (Legal) – Trade name, if any Period - From ------- To -------- (dd/mm/yyyy) Act - Central Tax/State Tax/UT Tax/Integrated Tax/CESS/All (Amount in Rs.)

Note – 1. Reference No. includes BRN (Bank Reference Number), debit entry no., order no., if any, and

acknowledgment No. of return in case of TDS & TCS credit. 2. Tax period, if applicable, for any debit will be recorded, otherwise it will be left blank. 3. GSTIN of deductor or tax collector at source, Challan Identification Number (CIN) of the challan against

which deposit has been made, and type of liability for which any debit has been made will also recorded under the head “description”.

Thanks & Regards CA SHWETA PATHAK MANAGING PARTNER- MNC FIRM MOBILE # 9811057619 WWW.MNCFIRM.COM

tel:098110%2057619

http://www.mncfirm.com/


HEDGE Accounting - WHAT is allowed to be hedged?

In continuation to our earlier article on “Risk Management Strategy vs. Risk Management objectives”, let’s

understand what is allowed to be hedged as per the Accounting Standard.

WHY do we hedge?

Simple answer is to mitigate all expected losses or adverse effect on fair values of any balance sheet items (e.g.

Investments etc) or an effect on Profit/Loss due to changes expected in cash outflow. Accounting Standard on

Financial Instrument requires/ defines certain specific items which can be hedged or in other words these are

those items which can be identified to mitigate their risks on Financial Statements subject to the Risk

Management Strategies.

Let’s first look at the Accounting standard reference which talks about the scope of items which can be

considered for hedge accounting –

Ind-As 109 – Financial Instruments

Para -6.3.1 -A hedged item can be a recognised asset or liability, an unrecognised firmcommitment, a forecast

transaction or a net investment in a foreignoperation. The hedged item can be:

(a) a single item; or

(b) a group of items (subject to paragraphs 6.6.1–6.6.6 and B6.6.1–B6.6.16).

A hedged item can also be a component of such an item or group of items……

Para -6.3.3 -If a hedged item is a forecast transaction (or a component thereof), that transaction must be highly

probable.

Para- 6.3.4 -An aggregated exposure that is a combination of an exposure that could qualify as a hedged item

in accordance with paragraph 6.3.1 and a derivative may be designated as a hedged

item.…………………….(further text)

Para-6.3.5 -For hedge accounting purposes, only assets, liabilities, firm commitments or highly probable

forecast transactions with a party external to the reporting entity can be designated as hedged

items……………………………………………………..(further text)

Now,

Without getting into too much formal discussion on this, let’s have point wise notes on what items would be

eligible for Hedge Accounting-

1- Let’s understand what is Recognized assets/ liability and what is Unrecognized Assets/ Liability?-

A recognized assets/ liabilities are those which have been accounted in the books of accounts/ Financial

Statements. The related assets or expected liability which fulfills the basic framework for recognizing any assets/

liabilities will be called recognized asset/ liability. If we look at the logic by using recognized asset/ liability

only, then we would realize that the recognized asset or liability will be exposed towards risks e.g. interest rate,

foreign currency etc and it make sense to touch only recognized assets/ liabilities because it is certain to have all

NEWSLETTER SEPTEMBER-2017 effect on Financial Statements related to the risks associated with these asset/ liability. Hence Standard requires

recognized assets/ liability in order to identify its eligibility to go for Hedge Accounting.

In contrast, there are certain unrecognized assets/ liabilities which are still eligible for Hedge accounting if falls

under these two category –

A) Firm Commitment – It is a legal binding agreement between the Entity and a party external with an agreed

price (fixed agreed price), future date specification. The Firm Commitment would be having legal

consequences in case it does not complete. Standard allows such UNRECOGNISED firm commitment for

hedge accounting.

Example- Entity P enters into a Firm commitment on April 2017 to purchase 1000 Kg of Sugar at a

price of 13/Per KG in Jan 2018. The price of Sugar would vary at the closing of Financial

Statement and till it is actually settled and hence a Fair value Hedge accounting can be initiated if

other conditions meet.

B) Forecast Transaction- There are certain transactions which are not firm(confirmed yet) but highly probable

to occur in future would be eligible for Hedge Accounting. Such transactions are those which are yet to

become either Firm commitment or recognized asset/ liability but it is highly probable that it will be done in

near future. One can argue that what is highly probable?, it means “more likely than not” i.e. more than 50%

chances to happen. Hence if these kind of unrecognized transactions which qualifies as highly probable then

it may be considered for Hedge Accounting. Since the transaction will affect future cash outflow, hence it

will be covered under “Cash Flow Hedge” subject to the fulfillment of other criteria.

Example- A highly probable forecast purchase of 1000 tons of copper is expected to be done on

March 2018. It has been assessed that the purchase requirement is in line with the production

requirements of the entity and it’s more likely than not, that this purchase will happen. This

Forecast transaction may be eligible for Cash Flow Hedge accounting subject to other conditions.

2- The standard also allows “Net Investment in foreign operations” which essentially means that translation

exposure in a foreign currency entity in which an Investment is made other than in functional currency. The

exposure towards foreign exchange in net investment may be used for Hedge Accounting subject to other

conditions, Net Investment could also cover loans given to such investment entities subject to some conditions,

3- Standard specifically allows using either a SINGLE item of recognized assets/ liabilities or firm commitment,

forecast transactions or it can be used in a GROUP that means similar type of risks could be hedged in a Group if

risks are common among the Group items.

Example- Entity P is having debt instruments with different fixed rate coupons and different maturities

but falls over all in a range of 4-5 years maturity. The debt instrument is having risk of fair value which

can be hedged by using an Interest rate swap on Group basis. The fair value of each bond will change

in line with market Risk-free rate in a proportionate of its value. It means one debt will be having a

value at inception when we club together in a grouped hedged item concept, now after the Interest

changes in the market comparing to risk- free rate which eventually affect all debt in similar way (same

direction) in respect of their values and hence the risk will be in a proportion to overall group. Hence

Fair Value Hedge accounting may be considered subject to other conditions.

4- It is quite clear that all hedged items which are to be used for Hedge Accounting purposes must expose towards

the risk of changes in either Fair value or Cash flows which essentially effect PROFIT or LOSS, that could be

either be current year PL or future period PL,

5- One can conclude that there is nothing which can be hedged on Equity items or items affecting directly to equity,

6- Standard allows to hedge financial items e.g. forwards, options etc and/or Non –financial items e.g. Inventory

etc for Hedge Accounting purposes, Both are allowed,


7- Standard is emphasizing on all such recognized or Unrecognized i.e. firm commitment and Forecast transaction

MUST be with a party EXTERNAL to the entity with some exceptions,

8- Net position of any item is not allowed to be used as Hedged item, for Example- There are certain foreign

currency purchase and sale transaction for the same item will not be allowed to use as net exposure on such

transaction as one can see that the risk involved in sale and purchase will work in opposite direction and hence

cannot be used as net exposure for Hedge Accounting.

Since Hedge Accounting needs more deliberation and proper understanding of various terms and structure of

financial products, hence we would be going step by step to understand Hedge Accounting process in detail in

future articles time to time..

Readers are requested not to take this article as any kind of advice (it is not exhaustive in nature) and should

evaluate all relevant factors of each individual cases separately.

(Author of this article is an experienced chartered accountant who has specialization on various GAAP

conversions assignments covering different industries around different part of the world including acting as an

Independent IFRS Advisor & Corporate Trainer. He can be reached via email at [email protected] or

Whatsapp +91-9634706933)

Regards, CA. ANUJ AGRAWAL B.COM., F.C.A(IND), CERTIFR(UK) WHATSAPP- +91-9634706933 TWITTER- @GYANIFRS HTTP://GYANIFRS.COM


tel:096347%2006933

http://gyanifrs.com/


Regards CA MANOJ AGRAWAL PAST CHAIRMAN, NOIDA BRANCH


NOIDA BRANCH-INTERNATIONAL STUDY TOUR - ST. PETERSBURG & MOSCOW

We are pleased to inform you that the Managing Committee of NOIDA Branch has decided to organize an

International Study Tour to Moscow and St. Petersburg from 23rd October, 2017 till 28th October, 2017. This

tour is for 5 nights and 6 days where we have scheduled the Itinerary for 3 nights stay in St. Petersburg and 2

nights stay in Moscow.

In Moscow, we are in the process of having a tie-ups with a company named “RTCOM (Russian Trading

Company)" based at Moscow which is engaged mainly into Commercial Equipment, Agriculture Machineries

and Commercial Timbers. They have their partners in Italy, Poland, Kazakhstan, Uzbekistan, Mongolia. The

company's Associate concern CJSCOGNEUPORKOKSSERVIS is engaged in rendering Technical Services

to the various PSUs in India. As per the discussion held with their Indian Representative Mr. Daljit Singh, our

entire team will be interacting with the CEO of the company to understand the Accounting Standards and

Auditing Practices adopted by the company and also to understand the Tax Laws applicable in Russia.

Apart from that all delegates will get an opportunity to understand the available business activities and professional activities in Russia particularly in Moscow and St. Petersburg as these two cities are the largest cities of Russia. Main industrial units/ commercial/ business hubs are being carried out in these two cities. Besides, from the professional activities all delegates will also go for excursion and will get an opportunity to visit the Russian Monuments and to understand Russian Culture. The tour has been planned in a way where the participants will be enriched with the knowledge and leisure both. The estimated cost (Ex-Delhi) of the Study tour is Rs. 90,000/- per person on twin sharing basis and Rs. 1,07,500/- per person on single occupancy basis. The package will include the followings:

3 Night accommodation in St. Petersburg

2 Night accommodation in Moscow

Conference Setup for 4 hours every day in the hotel (Excluding travelling days)

All breakfasts

All lunch and dinner

St. Petersburg City Tour

Moscow City Tour

Visit to Russian Circus

All transfer to seat in coach basis

Return Airfare

Fare from travel from St. Petersburg to Moscow by high speed train

GST @ 5%

All Visa Charges

The detailed itinerary of proposed IST is as under:

DAY 01 | Arrive Saint Petersburg On arrival, our representative greets you at the 'meeting point' at the exit after immigration and customs and transfers you comfortably to your hotel (check-in after 1400hrs). Panoramic city-tour: Nevskiy prospect, Kazan Cathedral, the Admiralty, Bronze Horseman (all outside). Dinner in Indian restaurant Overnight in Saint Petersburg. In the evening, we will conduct Seminar from 06:00 pm to 08:00 pm.

DAY 02 | In St. Petersburg

After breakfast in the hotel, Seminar from 09:30 to 11:30 am. After seminar, proceed to Hermitage (main building). One of the most important museums in the world. It houses a fabulous collection of nearly three million works of applied art, archaeological finds, coins, graphic art and paintings in six different, buildings Lunch at Indian Restaurant Post Lunch, Peter & Paul's Fortress.


Dinner in Indian restaurant Coach and guide from 10:00 till 21:00 Overnight in St Petersburg Meals: Breakfast at the hotel, Lunch and Dinner is at Indian restaurant.

DAY 03 | In St. Petersburg Breakfast in the hotel, Seminar from 09:30 to 11:30 am, Visit to Pushkin palace Lunch at Indian Restaurant, Post Lunch, Shopping in Galleria Mall Dinner in Indian restaurant Overnight in St Petersburg, Meals: Breakfast at the hotel, Lunch and Dinner is at Indian restaurant.

DAY 04 | Trip to Moscow

Breakfast at the hotel, check out and Transfer to Railway Station, Speed Train to Moscow, meeting with English speaking guide.In the evening, Seminar from 05:00 pm to 07:00 pm. Enjoy Russian Circus show VIP

Seats. Rest of the time is free on own. Overnight in Moscow Meals: Dinner at Indian restaurant.

DAY 05 | In Moscow

In the morning, Seminar from 09:30 to 11:30 am. After that proceed on a guided panoramic city tour (outside only) of Moscow, which includes the iconic Red Square and the stunning St. Basil's Cathedral with its colorful onion-shaped domes. After observing St. Basil's Cathedral, Lenin Mausoleum, the State Historical Museum and other sights of the area we move along the Moskva River embankment. On the way, we enjoy views of Kremlin, and continue to the Cathedral of the Christ the Savior, New Maidens Convent, Moscow State University. Visit to the Sparrow Hills observation spot opens outstanding view on Moscow. Then we travel to the Memorial Complex at Poklonnaya Hill and Victory Park, Triumphal Arch, Kutuzov Avenue, New Arbat,

Boulevard ring, Pushkin square, Tverskaya street and end the tour at Arbat Street. Afternoon, visit Kremlin, the 'walled fortress' of Russia that holds much of its history, politics and religion. The walls, originally of white stone, were rebuilt in the late 15th century, in their distinctive red brick. Today, the Kremlin houses four cathedrals, three palaces and two museums and is the official residence of the Russian President. It holds many treasures of the former Czars. Tour of Cathedral of Saviour Overnight in Moscow Meals: Breakfast at the hotel, Lunch and Dinner at Indian restaurant.

DAY 06 | Moscow – Departure Breakfast is at the Hotel. Check out from the Hotel Transfer to Indian restaurant for Lunch Free time for Last minute shopping. Departure transfer to airport for your return flight

Hotels envisaged below or similar Moscow : Hotel Holiday Inn Sokolniki 4*

St.Petersburg : Hotel Park Inn by Radisson Pulkovskya OR /Korston Club Hotel 4* Package Cost Twin / Triple Sharing: Rs. 90,000/- per person inclusive GST Single Supplement: Rs. 17,500/- per person Package Cost Include: · International flight tickets on Aeroflot Airline /Uzbekistan Airlines Ex- Delhi or similar; · Twin/double sharing

accommodation with breakfast; · Meals i.e. Lunch& Dinners; · Transfers from/to the airport / Railway Station · Sightseeing Moscow – City Tour, Kremlin and Cathedral Tour · Sightseeing St. Petersburg – City Tour, Peter & Paul Fortress, Hermitage Museum Tour, Pushkin Palace · One-way SAPSAN speed train; . Russian Circus Show · Guide services (English speaking guide); · Visa support to Russia and Visa fees and processing charges;


Package Cost Exclude: · Cost for Optional Tours · Photo and video charges at sights/laundry · Other personal expenses not included

in the tour.

Payments: 60% advance at the time of booking or upto 20th September' 2017 which ever is earlier. 25% upto 10th October, 2017. Balance payment upto 15th October, 2017.

Early Bird Discount: Delegates who wish to pay entire package charges in advance i.e. upto 20th September, 2017, they will be eligible for Early Bird Discount of Rs. 2,500/- per delegate.

Seats are limited to 40. Booking is on first come first serve basis. Last date for booking is 20th September, 2017.

Cancellation policy: 50% cancellation applies, once booking is confirmed; Cancellation prior 21 days of departure – 80%; Cancellation prior 15 days of departure – 100%.

You all are requested to kindly plan your IST today and block your seat. Payments may be remitted in the following account:

NAME : ELYON HOLIDAYS

BANK : YES BANK LIMITED ACCOUNT NO : 012263400000192 IFSC CODE : YESB0000122 STATUS : CURRENT ACCOUNT MICR CODE : 400532015

You all are requested to send your complete particulars including NEFT Reference No., Bank Details, Name, Membership No. & GST particulars in the desired format.

Also forward you Passport in original with six months' validity along with 6 passport size picture with white background & signature on the back of each photo for issuance of VISA. Kindly note that you all must forward your passports to the Branch by 25th September positively to avoid any inconvenience.

For any clarification & query, kindly contact CA ATUL AGRAWAL CA TANUJ KR. GARG CHAIRMAN, NOIDA BRANCH SECRETARY, NOIDA BRANCH

Email ID - [email protected] Email ID - [email protected]

Mob. No. - 9990057390 Mob. No. - 9899508755

MEERA KISHORE BRANCH HEAD

Email ID [email protected] Mob. No. - 9810900418




SNAP DURING SYMPOSIUM ON GST


SNAP DURING INDEPENDENCE DAY


Views expressed in the articles are of the writers and do not necessarily reflect the official views of the Branch/ICAI

Designed By:- MRS. MEERA KISHORE-(BRANCH HEAD)

MR. OM PRAKASH YADAV–( IT FACULTY) MR. JITENDRA KUMAR YADAV

from the desk of the chairman - noida-icai.org newsletter 2017.pdf · to apply our knowledge for...

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