Department News

PANEL DISCUSSION ON GST

 

PANEL DISCUSSION ON GST

Wednesday 5th October 2016

10:30 am

On Wednesday Department of Economics along with Department of Management organized the panel discussion on GST. They invited CA Jatin Harjai, CA Yash Dadda and CA Keshav Gupta for introducing the concept of GST and its impact on Indian economy. CA Yash Dhadda is a fellow member of The Institute of Chartered Accountants of India. He is associated with M/s Dhadda & Co as Senior Partner (Taxation). CA Jatin Harjai is a practising Chartered Accountant based out of Jaipur. He has expertise as a knowledgeable professional, advisor, & consultant in the field of financial consultancy and tax advisory.

The discussion started with CA Jatin Harjai introducing the concept of GST. He discussed about Goods and services tax and its various types. He explained the various types of taxes in a very simple example of automobiles. He explained the various concepts like VAT, CST, Excise duty, Luxury Tax, Service Tax, Entertainment tax etc. He also told about the India’s tax structure complications because of which investors leave investments in India. He thus emphasized on the importance and benefits of GST. He ended his discussion part with informing that GST is not tax to manufacture, sale , entry, admission, luxury or provision but tax on the supply of goods and services.

CA Yash Dadda conducted the second part of the discussion. He stressed at the point that, “Is GST really a single tax?” He basically informed about the disadvantages of GST. He told about why customs duty is called customs duty.  He sarcastically said that it was in our tradition that people used to bring gifts for kings when they use to meet them so following that tradition we are also paying customs duty. He emphasized on one tax problem because of federalism in our country.  He introduced the concept of uniform tax structure and polling of sovereignty of states at the center. He told about central GST, State GST, and integrated GST. He said that manufacturing states will have problem of GST as states purchasing will get GST not the states that are manufacturing. He also informed about the GST council, Union list, State list and Concurrent list. He ended his discussion part by talking about Intra-state supply and Inter-state supply and the respective taxes implied on these supplies.

The third speaker was CA Keshav Gupta who talked about impact of GST on various sectors. He told that to register for GST registration has to be done and he told about the threshold for registration. He also told the advantages and disadvantages of registration. He also talked about who is liable to pay GST - suppliers and recipient of goods and service and features of audit under GST - turnover based audit and special audit. Coming to the point of impact of GST he informed that there is no exemption on test i.e. the burden to pay taxes will increase for consumer durables and textile/garments. Presently no tax is imposed on education sector i.e. school and colleges are not taxed for the services provided but after GST taxes will be paid on inputs. In case of banking and financial sector after GST will be implied tax horizon will expand. Small enterprises will be more compliance to pay tax as threshold limit will be free. And for automobiles taxes will be reduced from 30-40% to 20-23%.

The takeaways of panel discussion were that tax evasion will not be there, inflation will be controlled, multiple taxation will be reduced, increase in employability, compliances to pay taxes will increase and last but not the least no cascading effect. The panel discussion ended with questions asked by students of both the department who enthusiastically cleared all their queries by the help of our chief guest.

Thus, the discussion proved to be very informative and it was very helpful for all the students who attended the session.

 

Faculty Development Program

A faculty development program was organized by the Department of Accounting & Taxation, The IIS University, for its faculty members on 26th and 27th July, 2016.

The respected speaker for the session was CA Deepak Agarwal who has worked extensively in the area as freelance corporate trainerand came to the IIS University to train faculty members for ACCA program. CA Agarwal started his lecture by discussing about the various changes taking place in this field.

CA Agarwal discussed various International Financial Reporting Standards in detail. He also discussed about its applicability by stating numerous practical examples.

He talked about the exam pattern for the upcoming exams during the session 2016-17. CA Agarwal recommended study books, reference books and also sample question papers from premium publishers which are approved by ACCA itself.Mr.Agarwal also talked about websites and links from where students can read technical articles in their concerned subjects. Students can also review  e-learning module available on the web.

CA Agarwal also suggested faculty members to also act as a mentor for students pursuing ACCA and motivate them regularly for their exams.

It was a great learning experience for the faculty members of professional course.

 

 

Seminar on Association of Chartered Certified Accountant

A two days seminar on ASSOCIATION OF CHARTERED CERTIFIED ACCOUNTANTS (ACCA) was organized on 26th and 27th July 2016 at the IIS University, Jaipur, for the students of B.Com (H) in Applied Accounting and Finance. CA Deepak Agarwal welcomes the students and introduced the ACCA programme to all. During the interactive session, students were told about how to prepare and attempt the foundation level of ACCA. Students came across various aspects of ACCA programme, the simple ways in which one can prepare herself for the various papers of ACCA. The session was really very helpful as Mr. Agarwal also discussed the methodology in which one can prepare for higher level examinations i.e., the P-level examinations. He also talked about the marking scheme of papers along with the paper pattern. He further discussed the advantages of pursuing ACCA as a profession. The global exposure ACCA provides to students, and the numerous job prospects in this field. Lastly, students were also made aware about the various topics that they need to focus for different sections of the examinations.

Guest Lecture on Opportunities in commerce

A guest lecture on” Opportunities in Commerce” was organized by the  Accounting and Taxation department  of the IIS Universityfor B.Com honours students on 19thJuly’2016. We were fortunate to have CA.Yash Dadda from Dadda & Company for guiding students about the various career aspects available in commerce.What could have been better for career makers at this stage other than a valuable advice.

Mr Dadda with his presence made the atmosphere more interesting. He focused on the importance of strengthening the roots and cleared the concept of professionalism. He made the students aware about the CA, CS, CPA, CFP, FRM, CISA and ACCA courses and their future prospects. The session proved to be very beneficial for students.

Guest Lecture on "Become job ready before you get a Job"

With the vision of training and guiding students in obtaining the internationally acclaimed ACCA degree which would add to the knowledge base of students and enhance their credibility, thedepartment of Accounting and Taxation organized a guest lecture on “Become Job Ready before you get a Job” on 23rdJuly in the AV hall .Three efficient professionals from the ACCA Delhi and ISDC Bangalore were invited for delivering lecture on the topic: Mr. PrabhanshuMittal, Mr. NamanShrimal and Mr Shone Babu.

Mr. Prabanshu Mittal explained the ACCA course in detail and told how the ACCA degree is an edge over other professional courses.

Mr Shone Babu  and Naman Shrimal being the member of ACCA and ICAI told the students the difference between CA and ACCA. Later they interacted with the students and cleared their queries.

In the end Mr Prabhanshu Mittal‘s words “always come back and change your profile picture” truly inspired the students.

Seminar on Income Tax Reurn 

A Seminar was organized on 22nd Feburary 2010 by the department of accounting and taxation in the A.V. Hall of the IIS University. The speaker for the day was Dr. Ashish Gupta and the guest lecture was organized for B.Com Students. The theme of the guest lecture was “Income Tax Return”.

The students were made to know about the various income tax returns to be filed by Individuals—covering Salaried and Non Salaried Employees, Business Man, Companies, Firm etc.,

Dr. Ashish Gupta helped the students to know as how the retun is to be filed and what is the due date for filing the same.

The students learned a lot from the session as the session was entirely practical based.

Guest Lectuer on Why to be a CA

The Guest Lecture was organized on 13th September, 2010 by the department of accounting and taxation in the A.V. Hall of the IIS University. The speaker for the day was CA CL Yadav and the guest lecture was organized for B.Com (H) Students The theme of the guest lecture was “Why to be a Chartered Accountant”.

He started his session with the need of Chartered Accountant in different sectors like business, public finance, government, education etc., Chartered Accountants are in constant demand both at home and abroad, being recognized for their technical competence, professional standards, and veracity.

1. Be free to work in any industry you wish

The flexibility which this course provides is unparallel. You can choose to work in the field of taxation, accountancy, corporate finance, auditing or forensic accounting to name a few.

One could even become an author or an artist after doing CA. It is not necessary that you have to only work in the related fields for life.

Another upcoming avenue for budding and more so to the experienced CA’s is teaching.

Many CA’s also choose to work in the field of Government sector as public servants and later on shine in the CAG office.

2. Transformation into a professional

The rigor and the vigor one has to show to become a CA cannot be expressed in mere words. It can only be experienced. And that experience transforms a person into a professional. A professional knows the importance of commitment. And CA teaches you all these.

3. Entrance at higher level & growth opportunity

Usually CA’s even as a fresher are hired at the managerial level and not below. And with the right amount of exposure and opportunity CA s are most preferred to get a promotion and growth in the industry vis-à-vis other professionals.

Intra industry the other professionals, for example your colleagues will always look up-to you, as everyone knows the worth of the CA degree.

4. Good Perks and Global course

Lastly a CA earns quite handsomely compared to other professionals at the starting level and also has huge growth potential in future.

Not only does this course ensure good perks in India. But an Indian CA is also preferred in some other countries like Dubai, Australia & New Zealand.

Some of the accounting bodies in abroad have exempted Indian CAs from most of the papers in their CA exams.

Indian CAs are recognized and respected globally. Some countries in the middle east and also in Africa offer really handsome packages to Indian CAs.

Guest Lecture on Scope in Accounting and Finance 

The Guest Lecture was organized on 21st July 2009 by the department of accounting and taxation in the A.V. Hall of the IIS University. The speaker for the day was CA Garima Jain. The theme of the guest lecture was “Scope in Accounting and Finance”. The guest lecture was organized for B.Com Students. CA Garima Jain provided ample of details about the scope of accounting and finance. During the 1st hour of session, she explained about the need of Accounting, as irrespective of the nature & size, accountants are pivotal components of any business. Even in the recession period, accountants are crucial part of any organization. Due to the fact that every company needs an accountant, whether public, private or non-profit, individuals pursuing the finance course have the choice of finding accountant jobs in a diversified industry and companies. Garima Jain explained the related career profiles in accounting- =Bookkeeper =Clerk =Payroll clerks =Accounts clerk In fact, accountant job is quite extensive and an accountant is involved in diversified range of activities like quality management, cost computation, using information for tracking financial performance, tax strategies, mergers & acquisitions. She also explained as how to build a career in accounting? Basic education eligibility- =For undergraduate students-To get into three-year bachelor degree course in accounts, the candidate should complete the higher senior secondary examination with commerce subjects like economics, maths and accounts. =For postgraduate students- To pursue two-year master's degree, a student should hold a bachelor degree with commerce subjects. Also, there are various professional courses like chartered accountancy, ICWA, etc., which can be pursued either along with the graduation degree or after completing the college. Garima Jain also provided a list of companies who are offering jobs in India as Accounting and Finance is considered as one of the top career choices made by students.

Guest Lecture on Attitude , Motivation and Carrier Planning 

 

             Guest Lecture on Attitude , Motivation and Carrier Planning

 

The Guest Lecture was organized on 29th September 2014 by the department of accounting and taxation in the A.V. Hall of the IIS University. The speaker for the day was Mr. Amit Sharma. The theme of the guest lecture was “Attitute, Motivation and Career Planning” and the same was attended by under graduate students of the commerce faculty. Dr. Shweta Gupta, Head, Dept. of Accounting and Taxation, The IIS University welcomed him by presenting him a bouquet. During the course of Lecture, Mr. Amit Sharma emphasized that correct attitude of oneself helps a person to achieve great in career. Also, he said that bringing about a change in our personalities is difficult but with passion and determination, one could change.

He further elaborated that Career planning generally involves getting to know who you are, what you want, and how to get there. One should keep in mind that career planning is a continuous process that allows a person to move from one stage to another stage as life changes. If a career plan is to be effective, it must begin with an objective. When asked about career objectives, most managers will probably answer by saying that they want to be successful.

The lecture was a huge success and the students went back enlightened and inspired with some tips on how to shape their personality.

 

CHATKARA- The Chat Corner

 

                                           CHATKARA- The Chat Corner

An activity was organised by B.com Hons. (Professional) CS Sem I as a part of the syllabus in Business Environment and Entrepreneurship under the supervision of Mrs. Priya Jain and it was fondly named as Chatkara., a chat corner. This event was organised on 24th September, 2014. Other details are as follows:

Venue: E block corner, IIS university campus

Time:9:30 to 1:30

The class was categorized into 4 groups, which were allocated with different food items to be prepared all by themselves.

Hereby mentioned are the name of groups which were a part of this event:

 

DICY SPICY

1. Samriddhi Srivastava

2. Shruti Tetriwal

3. Priyam Mittal

4. Princy Khetan

5. Megha Rathore

 

 MASTI CHAT CORNER

1. Diyani Khandelwal

2. Vibhuti Lakhani

3. Sheetal Kejriwal

4. Ritika Paliwal

5. Anugya Gupta

 

 CHOCO CHEEZY CORNER

1. Aditi Gupta

2. Sakshi Gandhi

3. Nikita Mathur

4. Trapti Sharma

5. Sonal Sharma

6. Ashi Gupta

 

HUNGER KILLERS

1. Saloni Mishra

2. Shrinidhi Gupta

3. Simran Sharma

4. Bhawna Rathore

5. Divya Bhati

 

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