A Two- Day Capacity Building Programme on Goods and Service Tax (GST) for State Tax Officers, jointly organized by Institute of Chartered Accountants of India (ICAI) and State Taxes Department, J&K, commenced here at Jammu and Srinagar simultaneously.
In Jammu, the programme was inaugurated by Additional Commissioner State Taxes, Administration & Enforcement, Jammu, Namrita Dogra, while in Srinagar the session was inaugurated by Additional Commissioner State Taxes, Administration & Enforcement, Kashmir Shakeel Maqbool.
In the first session, ICAI’s resource persons Achal Jain and Vineet Kohli educated the officers of Jammu division while similar exercise was conducted in Srinagar by resource person Kapileshwar Bhalla .The resource persons cleared the doubts of STOs through question and answer session, wherein basic concepts of accounting to advance and technical issues were discussed in detail.
The resources persons covered several topics like scope and methods of accounting, double entry system, debit and credit note, classification of accounts, capital and revenue receipts and expenditure, accounting of GST, accounting for depreciation, ledger posting and preparation of Trial Balance.
In the second session of the day, ICAI’s resource person Numit Verma delivered the lecture on preparation of Financial Statements while Umer Bashir covered similar topic for officers of Kashmir division in Srinagar.
The Capacity Building programme also deliberated on issues like GST law pertaining to real estate, hospitality and tourism sector, banking and insurance industry, work contracts as well as analysis of financial statements of banking and insurance companies with GST perspective.
Types of Red Flag reports, investigation experiences – interesting cases with practical insights, system overview of scrutiny and audit and return and E-invoicing under GST were also deliberated during the session.
Speaking on the occasion, Namrita Dogra said that the Capacity Building Programme has been initiated under the guidance of Commissioner State Taxes Department, Dr Rashmi Singh, and is result of recent MoU signed by the department with ICAI in presence of Lieutenant Governor, Manoj Sinha. She said that this strategic move not only enhances the productivity of tax officers of the department but also promotes significant partnership between the Chartered Accountant community for larger economic growth of the nation.