With the crossing of another 31st March, a Financial Year comes to a close and a new one begins. The year that passed was fraught with economic meltdowns and struggling markets. I hope the coming year brings strong economic indices and prosperity for all individuals and the economy as a whole. What the difficult past year has taught us is that the need of the hour is for professionals who can cope with financial and economic ups and downs. It is especially in such trying times that professionals must adhere to value based socio-economic choices. Professionals must make right choices in the cases and causes they take up or reject. They need to make wise choices at all levels. I am sure that our Federation will inspire professionals to live up to such expectations. I am also sure that the Federation will develop into an intellectual capital for budding professionals.

Implementation of the much discussed, awaited and feared GST is on the cards.

If one is fearful and resentful of change in the taxation system, it does not solve the problem but only adds to the anxiety. One must remember that interpretation and implementation methodology of GST opens up new opportunity to professionals and challenges them to prove their worth. It has been suggested that emphasis will be on periodical audits that will function as an in built safeguard and to bank more on selfassessments.

This would once again need a high standard of professional ethics and conduct and I appeal to all the members to live up to call of the times. All the above holds good in respect of the much awaited Direct Tax Code too. The code is being redrafted with regard to the provisions relating to MAT on Gross Assets, Capital Gains Tax in case of Non-residents, DTAA’s, General Anti Avoidance Rule, Taxation of Charitable Organisations, EEE and EE T, to name a few. Once again, a sea of opportunity awaits us professionals. As a step in the direction of integrating our joint professional expertise with the awaited new laws, I recently met the Hon’ble Finance Minister and submitted a Representation to him with a request to include the Federation/its members in the GST Committee and Central Direct Taxes Advisory Committee and thus be involved in finalising the final draft of the Acts. This would, I believe, be beneficial to all, as the combined efforts would naturally incorporate the views of the Government, the tax payers as well as the tax professional, which would not leave much to unnecessary litigation.

I once again hope that the Federation inculcates desired values in one and all of its members, which will make each one of you a proud citizen of this great country. I believe that this Federation will meet India’s growing need of tax professionals of worldclass excellence and expertise.

With good wishes.

M.L. Patodi
National President