'Note ban would have been effective with IDS'

INDORE : Centre's move of demonetisation would have been more effective in bringing in black money into the mainstream, if implemented simultaneously with the income declaration scheme (IDS), said chartered accountant Rakesh Gupta on Friday.
Gupta was speaking on tax implications due to demonetisation at the national conference of Institute of Chartered Accountants of India (ICAI). The parliament had recently passed the Income Tax Amendment Bill paving way for 75 per cent penalty on the undisclosed income under the Section 115 BBE of the Income Tax Act, he said
"The government will now have to ensure that accountability is brought into effect so that new provisions do not become tool for harassment," the chartered accountant added.
The ICAI conference also saw a session on GST. CA Bhavna Doshi spoke in length on supply, time and value determination after GST.
The GST regulations will be amalgamation of the service tax and the goods tax rules. CAs were waiting for more clarity on it. However, everyone was of the view that all CAs will have to practice GST, which makes audit mandatory. A delegation of CAs including Doshi and ICAI national council member Kemisha Soni met the commercial tax commissioner and discussed issues related to compliance that might creep up following implementation of GST.
ICAI had been supporting the government by way of extending suggestions on the Model GST Law, draft rules on registration, payment, return and invoice.
CAs Shailendra Kumar Porwal and Rajesh Mehta told TOI that ICAI Indore has been holding classroom sessions spanning eight days for its members on GST. Three batches of 100 participants have been held till date.