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The Management Accountant - July 2024

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July 2024 VOL 59 NO. 07 Pages - 124 100

GOODS AND SERVICES TAX

GOODS AND SERVICES TAX

A Gateway to

Rationalise Indirect Tax Ecosystem

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THE INSTITUTE OF COST ACCOUNTANTS OF INDIA

(Statutory Body under an Act of Parliament)

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2 The Management Accountant - July 2024

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Editor – CMA Sucharita Chakraborty on behalf of The Institute of Cost Accountants of India, 12, Sudder Street, P. S.

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मत्योमार्मतं गमय

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Editor – CMA Sucharita Chakraborty on behalf of The Institute of Cost

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West Bengal - 700 016.

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www.icmai.in

July 2024 - The Management Accountant

3

JULY 2024

INSIDE

JUNE VOL 56 NO.06 `100

JULY VOL 59 NO.07 `100

COVER STORY

GOODS AND SERVICES TAX –

A GATEWAY TO RATIONALISE

INDIRECT TAX ECOSYSTEM ---- 22

TACTICAL GAMBIT OF ITC DISCONTINUATION ON CSR SPENDS –

DOES IT AFFECT CORPORATE VALUE ADDITION IN

PHILANTHROPIC CAUSES? ---- 26

TEXTILE TAXATION TRANSFORMATION: PERSPECTIVES FROM

AHMEDABAD'S TEXTILE MANUFACTURERS AND

TRADERS ON GST ---- 30

GST AND LOGISTIC INDUSTRY:

THE PROTAGONISTS OF GOOD ECONOMY ---- 34

THE FORMATION OF THE GST APPELLATE TRIBUNAL:

CHARTING THE PATH AHEAD ---- 38

GOODS & SERVICES TAX:

ROLE IN DEVELOPING THE ECONOMY OF THE COUNTRY ---- 44

IMPLICATION OF GST ON GI TAG PRODUCTS:

SPECIAL REFERENCE TO ARANMULA MIRROR ---- 50

AN INSIGHT OF GST APPELLATE TRIBUNAL ---- 54

TRANSFORMING INDIA'S TAX LANDSCAPE:

A DEEP DIVE INTO GST VALUATION ---- 58

4 The Management Accountant - July 2024

www.icmai.in

From the Editor’s Desk

President’s Communiqué

Glimpses - NCMAC 2024

Down the Memory Lane

Digital Object Identifier (DOI) - Dec - 2023

News from the Institute

Statutory Updates

06

08

15

102

104

106

119

..............................................................................................................................................................................................................................................................................

PRESIDENT

CMA Ashwin G. Dalwadi

president@icmai.in

VICE PRESIDENT

CMA Bibhuti Bhushan Nayak

vicepresident@icmai.in

COUNCIL MEMBERS

CMA (Dr.) Ashish Prakash Thatte, CMA Avijit Goswami, CMA Chittaranjan Chattopadhyay,

CMA Harshad Shamkant Deshpande, CMA (Dr.) K Ch A V S N Murthy, CMA Manoj

Kumar Anand, CMA Navneet Kumar Jain, CMA Neeraj Dhananjay Joshi, CMA Rajendra

Singh Bhati, CMA Suresh Rachappa Gunjalli, CMA T C A Srinivasa Prasad, CMA (Dr.) V.

Murali, CMA Vinayaranjan P, Ms. Anita Shah Akella, Shri Jyoti Prakash Gadia, Shri Inder

Deep Singh Dhariwal, CS (Dr.) Shyam Agarwal, Shri Sushil Kumar, IAS (Retired)

Secretary

CMA Kaushik Banerjee

secy@icmai.in

Senior Director (Studies, HR & Admin Kolkata)

CMA (Dr.) Debaprosanna Nandy

studies.director@icmai.in

Senior Director (Membership)

CMA Arup Sankar Bagchi

membership.director@icmai.in

Director (Examination)

Dr. Sushil Kumar Pareek

exam.director@icmai.in

Additional Director (PR Corporate, Public Relation & Admin-Delhi)

Dr. Giri Ketharaj

admin.hod@icmai.in, pr.hod@icmai.in

Additional Director (Tax Research)

CMA Rajat Kumar Basu

trd.hod@icmai.in

Additional Director (Career Counselling and Placement)

CMA (Dr.) Sumita Chakraborty

career-counselling@icmai.in, placement.hod@icmai.in

Additional Director (PD & CPD)

CMA Nisha Dewan

pd.hod@icmai.in

Additional Director (Technical)

CMA Tarun Kumar

technical.addldir1@icmai.in

Additional Director (Infrastructure)

CMA Kushal Sengupta

Infrastructure.hod@icmai.in

Director (Discipline) & Additional Director

CMA Rajendra Bose

discipline.director@icmai.in

Additional Director (Journal & Publications and Board of Advanced Studies &

Research)

CMA Sucharita Chakraborty

journal.hod@icmai.in

Additional Director (BFSI)

CMA Dibbendu Roy

bfsi.hod@icmai.in

Additional Director (Information Technology)

Mr. Ashish Tewari

it.hod@icmai.in

Joint Director (Internal Control)

CMA Indu Sharma

intcontrol.hod@icmai.in

Joint Director (Finance)

CMA Soma Banerjee

finance.hod@icmai.in

Joint Director (Legal)

Ms Vibhu Agarwal

legal.hod@icmai.in

Joint Director (CAT)

CMA R. K. Jain

cat.hod@icmai.in

Joint Director (International Affairs)

CMA Yogender Pal Singh

intlaffairs.hod@icmai.in

...................................................................................................

..............................................................................

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publication material. Unsolicited articles and transparencies are sent in at the owner’s risk and the

publisher accepts no liability for loss or damage.

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Institute of Cost Accountants of India. All disputes are subject to the exclusive jurisdiction of

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RBI’S ROLE IN PROMPTING THE COMPLIANCE

AND STABILITY OF PRIMARY (URBAN)

COOPERATIVE BANKS

CO-OPERATIVE DEVELOPMENT

⑧⓪

GREEN COSTING

GREEN COSTING

⑦⑧

INDIA’S TEA TRADE IN THE POST

GLOBALISATION ARENA: AN ANALYSIS

VOLATILITY - TEA INDUSTRY

⑧④

NEW WINGS IN

MANAGEMENT ACCOUNTANCY

MANAGEMENT ACCOUNTANCY

⑨⓪

SENSEX SURGES CROSSING THE 75 K

THRESHOLDS, PAVING THE WAY TO

INDIA'S ECONOMIC ASCENT

AND VISION OF VIKSIT BHARAT@2047

VIKSIT BHARAT

⑨④

CRAFTING NEW BUSINESS AND REVENUE

MODELS BY AMBIDEXTROUS BLEND OF

PHYSICAL AND DIGITAL CAPABILITIES

DIGITAL TRANSFORMATION

⑦⓪

SUSTAINABLE FINANCE AT THE

GIFT-IFSC

SUSTAINABILITY LEAF

⑥⑧

Cover image source:

https://blog.ipleaders.in/analyze-3-years-gst-far-succeeded-meeting-objectives-challenges-remaining/

⑥④

CMA Rajesh Shukla

Head (Indirect Taxation)

Tata Motors Ltd., Pune

INTERVIEW

www.icmai.in

July 2024 - The Management Accountant

5

6 The Management Accountant - July 2024

www.icmai.in

Goods and Services Tax - A Gateway to rationalise Indirect Tax Ecosystem

even years ago, on

1st July 2017, GST

came into reality as

a simplified indirect

tax regime across India. GST in

India has changed the perspective

of the indirect tax system

consolidating most of the taxes

on goods and services levied on

traders, manufacturers and sale

and consumption of goods and

services into a single tax called

GST. GST has subsumed almost

all the then existing indirect taxes

such as Excise, Central Sales Tax,

VAT and Service Tax.

The main reason behind the

implementation of the GST is

to smoothen and simplify the

indirect taxation system and

rationalize tax administration to

generate more revenues for social

security, infrastructure and several

other developmental activities.

There have been multiple

a m e n d m e n t s

t o

t h e

provisions of GST laws. The

latest GST Council meeting,

held in June 2024 under the

Chairpersonship of Union

Minister for Finance and

Corporate Affairs marked a

pivotal moment in the evolution

of the GST framework in India. It

is refining the GST framework for

the greater benefit of tax payers.

Several major changes have

been introduced to streamline

GST compliance and address

industry-specific concerns aimed

at enhancing the taxpayers’

experience, improving the ease

of doing business and reducing

litigations.

This issue of Management

Accountant is focusing on Goods

and Services Tax – A Gateway

to rationalize Indirect Tax Eco

System.

Glimpses of Articles:

Goods and Services Tax – A

Gateway to Rationalise Indirect

Tax Ecosystem focuses on the

most important section in the

Goods and Services Act in which

the principles of valuations are

outlined namely section 15 read

with Determination of Value of

Supply Rules 2017. This forms

the basis for determining the

taxable value of supply and

collection of tax.

Tactical Gambit of ITC

Discontinuation on CSR Spends

– Does it Affect Corporate Value

Addition in Philanthropic Causes

states that GST, being a unified

taxation framework in India, has

resulted in increased revenues for

the Government and has simplified

the returns. CSR activities mainly

focused on development sectors

like education, health, rural

development, and others are

mostly exempt from GST. Further

input tax credit (ITC) integral to

GST, has reduced the tax burden.

The study Textile Taxation

Transformation: Perspectives

from Ahmedabad’s Textile

Manufacturers and Traders

on GST seeks to identify the

perceptions towards GST

among textile manufacturers

and traders in Ahmedabad and

analyse the relationship between

their demographic profiles and

GST perceptions. The findings

offer insights as to how GST has

influenced business operations,

financial management and

compliance practices within the

textile industry, shedding light on

opportunities and challenges for

stakeholders.

GST and Logistic Industry: The

Protagonists of Good Economy

examines the possible growth

potential in logistic industry in

India after the introduction of

GST, especially keeping in mind

that GST has eliminated octroi

posts at State borders, introduced

e-way Bills, centralised

warehousing, construction of

national highways/corridors

etc, which have helped the

industry to grow further by even

reducing trip-time of truckers to

a considerable extent.

The Formation of The GST

Appellate Tribunal: Charting

the Path Ahead states that the

formation of the GST Appellate

Tribunal represents a significant milestone in

the implementation of GST law. The effective

functioning of the Tribunal will not only

streamline the dispute resolution process but

also help in enhancing the efficiency, fairness,

and transparency in the GST law.

Goods & Services Tax: Role in Developing

The Economy of the Country concludes that

GST has impacted our economy greatly and

streamlined the tax system by removing the age

old complex tax system. Despite the challenges,

this has helped the growth of the economy by

increasing the production of goods and services

as well as export earnings.

The research study Implication of GST on GI

Tag Products: Special Reference to Aranmula

Mirror probes how GST impacts Aranmula

Kannadi with reference to taxonomy, incentives

and changes that must be made for sustainable

development of this product and its traditional

values.

The GST Council constantly improvises

the mechanisms of GST. An Insight of GST

Appellate Tribunal provides an overview of

GSTAT, its working mechanisms and also puts

forth some valuable recommendations for GST

practitioners.

Transforming India’s Tax Landscape: A

Deep Dive into GST Valuation explores the

core principles of GST, its journey since

implementation, and delves into the critical

aspect of GST valuation - a cornerstone in

ensuring fair and accurate tax assessment.

Apart from these, this issue contains few

more articles on other contemporary matters

providing valuable reading material.

This issue also features an interview with

CMA Rajesh Shukla, Head (Indirect Taxation),

Tata Motors Ltd, Pune.

Enjoy reading and send your views and

suggestions to the Editor at editor@icmai.in

From the Editor’s Desk

www.icmai.in

July 2024 - The Management Accountant

7

PAPERS INVITED

Cover Stories on the topics given below are invited for ‘The Management Accountant’

for the four forthcoming months

The above subtopics are only suggestive and hence the articles may not be limited to them only.

Articles on the above topics are invited from readers and authors along with scanned copies of their recent passport size photograph

and scanned copy of declaration stating that the articles are their own original and have not been considered for anywhere else.

Please send your articles by e-mail to editor@icmai.in latest by the 1st week of the previous month.

DIRECTORATE OF JOURNAL & PUBLICATIONS

CMA Bhawan, 4th Floor, 84 Harish Mukherjee Road, Kolkata - 700025, India

Board: +91 33 2454 0086 / 87 / 0184 Tel-Fax: +91 33 2454 0063

www.icmai.in

Theme

Subtopics

Management

Accounting Practices

– Holistic Integrated

Thinking

Navigate Management Accounting Principles to Model Environmental, Social and

Governance Ecosystems

Management Accounting and Business Model – an Intertwined Relationship

Management Accountants – An approach to diversity – Transform ‘information’ through

‘insight’ to ‘influence’

Management Accounting Tools – an imperative to promote Organizational Vision and

Strategy

Automation and AI adoption – Catalyst to compliment / profess Management Accounting

Principles

CMA’s – a crusader to partner Global Business Leader in Growth Trajectory

Cyber security – a threat subsumed opportunity to CMA’s, - Effectuate Strategic Planning

and Risk Assessment

Global Disruptions and Management Accounting Principles – a pathway and

environmental driver

August 2024

Theme

Subtopics

Energy Consumption

Management:

A holistic approach to

greener future

Energy Management & ESG

Challenges of Energy Management

Understanding Energy Management for achieving Energy Security

Renewable Energy Source - A gateway to energy independence

Energy Management Software - dynamic & strategic tool for corporates

Role of CMAs in Energy Audit

Strategic Management of Energy Consumption - a damage control mechanism

Urban Energy Planning - Synchronization of demand & supply chain

Solar Power Generation and Energy Management

Solar Energy Technology and its roles in Sustainable Development

November 2024

Theme

Subtopics

Forensic Audit - A step ahead of Internal Audit

Operational Red Flags- key indicators for Forensic Audit

Legislature, SEBI guidelines governing Forensic Audit

Forensic Auditors - A multi facets professional

Banking Regulation Act and Forensic Audit

Applicability of Forensic Audit in different Industries

Earmarked judgements/case laws under Forensic Audit in India

CMAs - Corporate Partner as Forensic Professional

Forensic Audit Report - Metamorphosis of Traditional Audit Report

Forensic Audit:

A Step Ahead

October 2024

Theme

Subtopics

Accelerating India's

Transport & Logistic

Sector - A Corridor to

evolution

Transformation of transportation and logistic industry - a decade journey

Impact of Logistics Cost in Pricing of goods

Connectivity development - for securing country's defence mechanism

Flagship Highway Project - "Bharatmala" the journey so far

Green Logistic Technology, Smart cities, logistics parks - new generation innovation

Transportation landscape in India

GST impact on logistic industry

Satellite based toll collection: a smart way of revenue generation

September 2024

8 The Management Accountant - July 2024

www.icmai.in

“For those who dare to dream, there is a whole

world to win.”

-- Dhirubhai Ambani

My Dear Professional Colleague,

s I pen down this final communique

to you as the 66th President of our

esteemed Institute, I am filled with a

profound sense of gratitude, pride, and

reflection. This past year has been an incredible

journey, marked by numerous milestones,

challenges, and remarkable achievements that

have collectively strengthened the fabric of CMA

professionals.

I would like to take this opportunity to extend

my heartfelt thanks to my council colleagues

and government nominees for their unwavering

support, wisdom, and dedication in guiding the

Institute through a year filled with both challenges

and triumphs.

When I assumed the office, I envisioned a year

of progress and collaboration, and together, we

have surpassed many of our goals. Our efforts

to advance the field of cost and management

accounting have been relentless and fruitful. I am

happy to share some of the key accomplishments

and highlights of my tenure as follows:

Shifting Headquarters of ICMAI from

Kolkata to Delhi:

I am grateful to you all for supporting the

decision of the Council and active participation

CMA Ashwin G. Dalwadi

President

The Institute of Cost Accountants of India

in the referendum through e-voting conducted by

the Institute during 12-14 February, 2024 through

CDSL for shifting of Headquarters of the Institute.

The outcome of this historic referendum reflects

the collective voice of the CMA fraternity. I am

sure that the Ministry of Corporate Affairs shall be

issuing the necessary notification on the proposed

amendment in Regulation 89 of the Cost and

Works Accountants, Regulation, 1959 i.e. shifting

of headquarters of the Council from Kolkata to

Delhi.

MoU with Confederation of Indian Industry

(CII):

ICMAI has signed a MoU with Confederation of

Indian Industry (CII) with the objective to propel

the adoption of CII’s cutting-edge ‘Total Cost

Management (TCM) initiative, a transformative

approach designed to optimize cost structures

and enhance the overall competitiveness of Indian

industries on the global stage. The TCM initiative,

developed by CII, offers a comprehensive

framework that goes beyond traditional cost-

cutting measures. It focuses on holistic cost

management strategies, encompassing areas

such as supply chain optimization, technology

integration, and skill development. By leveraging

ICMAI’s proficiency in cost accounting and

management, this collaboration aims to equip

industries with the tools and knowledge necessary

to streamline operations and drive economic

prosperity.

MoU with Indian Institute of Management,

Ahmedabad (IIMA):

ICMAI has signed a MoU with Indian Institute

of Management, Ahmedabad (IIMA) with the

objective to formally document and provide

guidance to ICMAI for strategizing ICMAI’s

future trajectory.

Opportunity for Restoration of

Membership:

In accordance to Section 20 (1) (c) of the Cost

and Works Accountants Act, 1959, as amended,

read with Regulation 7(6) and 7(7) of the Cost

and Works Accountants Regulations, 1959, as

amended, the Council of the Institute took the

decision to remove the names of members from the

Register of Members on account of non-payment

PRESIDENT’S COMMUNIQUÉ

www.icmai.in

July 2024 - The Management Accountant

9

PRESIDENT’S COMMUNIQUÉ

the views and recommendations of the Institute

on the existing framework of Cost Accounting

Records and Cost Audit to improve the usefulness

of the Cost Audit Reports in various sectors of the

economy.

Members are requested to kindly go through the

above said report available at: https://icmai.in/

upload/Report-Cost-Accounting-Records-Cost%20

Audit%20Framework.pdf. A brief synopsis of the

report is also available at: https://icmai.in/upload/

Synopsis-Committee-Report.pdf.

Members may kindly write to the Ministry on

the areas they feel have remained untouched or

should be included or aspects which will make the

Cost records/ audit concept more relevant from

the point of view of Industry or the Government

itself. You are requested to kindly mark a copy of

your views/suggestions to PD & CPE Committee

at pd@icmai.in so that consolidated views can be

forwarded to the Government for its consideration.

Some of the other highlights of the

accomplishments during the year are as follows:

Release of new logo for the CMA

professionals;

Associate membership of ASEAN Federation

of Accountants (AFA);

Recognition to ICMAI SAO as Self-

Regulatory Organization (SRO) for Social

Impact Assessors in the context of Social

Stock Exchange;

Revision of Cost Accounting Standard

(CAS-2);

Revision in CPE requirements for the

Members in Practice & Industry;

Reduction in UDIN generation time from

60 days to 45 days w.e.f. 1st January, 2024

which was further reduced to 30 days w.e.f.

1st March, 2024;

Successful conduct of 1st CMA Overseas

Campus Placement Drive through online

mode;

Release of publications for the capacity

building of the members namely:

©

Guidance Note on Techniques of

Artificial Intelligence (AI) and the Role

of Cost and Management Accountants,

©

Guidance Note on Role of Cost

Accountants in Corporate Social

of membership fee. The Council of the Institute

recognizes the value each member brings to CMA

fraternity, and this decision was made with careful

consideration and a heavy heart.

However, the Council of the Institute has

announced that to bring back the members whose

names were removed due to non-payment of

prescribed fees, into the fold of membership, a

onetime opportunity is provided to the members,

whose names were removed from the Register of

Members for non-payment of fees, to restore their

names through a remission/amnesty scheme from

1st June 2024 to 30th June 2024, further extended

upto 15th August 2024, by paying the differential

rate of fees, viz - Membership fee for the FY year

of default, Re-Entrance Fee and Restoration fee

of ` 50/- each respectively and Membership fee

for the FY year of Restoration. Also during such

restoration, membership number will remain the

same.

I request you all to inform your known members

concerned to avail this one time opportunity to

restore their membership and reconnect their

bond with the Institute. Your support in spreading

this message is greatly appreciated.

The details and link of the onetime facility

is available on the member’s section of the

ICMAI website: https://eicmai.in/External/. For

any further clarification, please do not hesitate

to contact the membership department in the

matter at membership@icmai.in mentioning the

membership number.

Committee to review the existing

framework of Cost Accounting Records

& Cost Audit:

The report of the Committee constituted by the

Government of India on 04.10.2023 to “review the

existing framework of Cost Accounting Records

and Cost Audit to improve the usefulness of

the Cost Audit Reports in various sectors of the

economy” has been published by the Ministry

of Corporate Affairs (MCA) for eliciting of public

comments. The same is available on the link

e-Consultation of the Ministry of Corporate

Affairs. The views may kindly be sent on the link:

https://www.mca.gov.in/content/mca/global/en/

econsultation.html

I am thankful to the Committee for considering

10 The Management Accountant - July 2024

www.icmai.in

PRESIDENT’S COMMUNIQUÉ

Cooperative Training (NCCT), JIS

University, Parul University, IIT Madras,

Sri Ramachandra Institute of Higher

Education and Research, Government

Autonomous College Rourkela, ABBS

School of Management, Seshadripuram

Degree College, Calcutta Girls’ College and

FICCI Ladies Organisation (FLO);

Launch of CMA Faculty Lounge with the aim

to create a vibrant and dynamic space where

faculty members, educators and industry

experts can come together to share insights,

best practices and resources related to the

field of management accounting and allied

areas while delivering CMA Courses at

different levels;

Improvements in Members’ Online

System allowing members to make online

application with payment facility for

obtaining Good Standing Certificate, online

application for payment of membership

fee at a reduced rate [subject to eligibility

conditions vide CWA Regulation 7(4)] and

auto generate membership certification

required to obtain CISI certification;

Enhancement of facilities to CMA Students

by integrating a login feature into the Online

Registration Application System, enabling

students to access various services through

their accounts.

None of these accomplishments would have

been possible without the unwavering support,

dedication, and collaboration of my council

colleagues, employees of the Institute and

members at large. Your commitment to excellence

has been the cornerstone of our success.

I shall be handing over the baton to the incoming

President on 22nd July, 2024, I am confident that

the Institute will continue to thrive and evolve. I

urge you to extend the same level of support and

cooperation to my successor, ensuring that we

maintain the momentum we have built together.

61st National Cost and Management

Accountants’ Convention- 2024

I am delighted to inform that ICMAI has

successfully organised the 61st National Cost

and Management Accountants’ Convention

(NCMAC- 2024) on June 27-29, 2024 at Tent City

Responsibility (CSR) Practices, Audits

and Report Verifiers,

©

Guidance Note on Carbon Credit

Mechanism, Greenhouse Gas

Accounting, ESG Reporting with

different Sustainability Standards

(including the current IFRS S1 and

S2 Standard), and the Role of Cost

Accountants,

©

Guidance Note on Inventory Valuation

under the Income Tax Act, 1961,

©

Enterprise Performance & Risk

Management for MSMSEs,

©

Compendium on MSME Schemes,

©

Customs - Practice & Procedures,

©

Manual on Internal Audit of Risk

Management in the Mining Sector,

©

Research Publication: Digital

Transformation – A Prismatic View.

Release of a comprehensive compilation of

thoroughly revised FAQs on the Companies

(Cost Records and Audit) Rules, 2014;

With the aims to promote the CMA Course

widely and to contribute to the vision of

the Government of India for Amrit Kaal,

the Institute introduced Fees Waiver

Scheme offering 75% fees waiver for the

male students and 100% fees waiver for

the female students of Jammu and Kashmir

and any of the eight North Eastern States of

India (Arunachal Pradesh, Assam, Manipur,

Meghalaya, Mizoram, Nagaland, Sikkim

and Tripura) taking admissions in the CMA

Course (Foundation, Intermediate and Final

levels);

Signing of an agreement with National

Council for Vocational Education and

Training (NCVET), Ministry of Skill

Development & Entrepreneurship,

Government of India. Through this

agreement, ICMAI has been recognised

as an Awarding Body (Dual Category)

by the NCVET. This recognition will help

the Institute to secure more projects under

the Skill development programme of the

Government of India;

Signing of Memorandum of Understanding

(MoU) with the National Council for

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The Management Accountant - July 2024