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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2 The Management Accountant - July 2024
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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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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
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July 2024 - The Management Accountant
5
6 The Management Accountant - July 2024
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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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