The Hindu Business Line : ICAI chief pitches for nationwide implementation of VAT

ICAI sees big global opportunities, particularly in the developing countries for chartered accountants, even as it anticipates a global shortage of CAs in the next 10 years.

Panaji , Sept. 22

THE President of the Institute of Chartered Accountants of India (ICAI), Mr Kamlesh Vikamsey, has made a strong case for the successful implementation of value added tax (VAT) as a precursor to a comprehensive single indirect tax regime.

Mr Vikamsey urged his members to work for its success all over the country. He enumerated initiatives such as guidance for accounting for VAT and a model audit report by ICAI.

Speaking as the guest of honour at the all India conference on `Making Today's Challenges, Tomorrow's Opportunities,' Mr Vikamsey said, "We will see that VAT is successfully implemented across the country." He recalled the speech of the Union Finance Minister, Mr P. Chidambaram, in April when he promised that VAT would ultimately culminate into a single goods and service tax (GST).

He ruled out a separate set of accounting standards and disclosure norms for small and medium enterprises (SMEs), since ICAI is following policies as an affiliate of international bodies. He, however, promised that such norms would be relaxed for SMEs. The three-day conference organised by members in industry of ICAI, was inaugurated by the Goa Governor, Mr S. C. Jamir, on Thursday. ICAI sees big global opportunities, particularly in the developing countries for chartered accountants (CAs), even as it anticipates a global shortage of CAs in the next 10 years. It has thus decided to reach out to colleges to attract students to the accountancy profession. "Catch them young," would be the mantra, indicated Mr Vikamsey.

He cited the Institute's initiatives to expand educational service not only within the country, but also abroad. The board of studies of the ICAI has launched e-learning and virtual classes. Moreover, ICAI has also made changes in the curriculum, training and examination pattern.

The institute has opened courses for chartered accountancy outside India, targeting NRIs , as in the case of West Asia.

Especially among the members of ICAI living abroad, there is a growing desire to get their children enrolled under Indian courses, Mr Vikamsey said. ICAI has even relaxed its curriculum norms for these countries by incorporating local laws.

The institute has set up centres of excellence in Noida, Mumbai, Hyderabad and Kolkata and the Chennai centre is awaiting permission from the State Government.

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