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Shri C Kutumba Rao, Vice Chairman, AP new legislation, Transitional Provisions
Planning Board in his key note address including abatement of cases from AIFR,
stated about the importance of GST, Levy of BIFR and High Courts etc. to NCLT and
Taxes under GST, Benefits to Stakeholders, DRT, Understanding the process and
Impact of GST on Industry, End of Tax challenges, Opportunities for Professionals.
Exemptions Era and shift in duty payments CS K Ramesh Babu presented the vote of
under GST regime from manufacturer based thanks.
duty to supply based duty etc. CS. V
Ahalada Rao, Central Council Member, The In the Second Technical Session CS R
ICSI & Programme Director was given his Venkata Ramana was the moderator of the
opening remarks. session. CS L Jayaraman addressed
various critical aspects of Companies Act,
CS P Siva Kumar, Chairman, ICSI-SIRC 2013 applicable to Private Limited
has given the Theme Introduction of the Companies and particularly analyzed on
programme. CS K Srinivasa Rao, acceptance of deposits by Private Limited
Chairman, ICSI-Amaravati Chapter & Companies, option to adopt principle of
Programme Coordinator in his welcome proportional representation for appointment
address explained how the Chapter is of directors by private limited companies,
hosting the first national seminar in the first disqualifications for appointment of director
year of its inauguration. by private limited companies, number of
directorships, loans to directors by private
The Programme was divided into three limited companies, loans and investment by
technical sessions. Shri Babu Kurian, Private Limited Companies and Related
Deputy General Manager, Canara Bank was Party transactions etc. CS P Prakash Reddy
acted as Chairman for the first technical gave the vote of thanks.
session and CS Ramakrishna Gupta,
rd
Secretary; SIRC of ICSI was acted as In the 3 technical session CS S Kavitha
moderator for the session. The first technical Rani was the moderator of the session. CS
session started with the CS S Srinivasan Pradeep K Mittal addressed on Goods and
addressed on the Insolvency & Bankruptcy Service Tax (GST). In this Session he
Code. In this session, he explained that IBC explained about how the Importance of GST
offers a uniform, comprehensive insolvency and the idea of having a unified indirect tax
legislation that allows creditors to assess the in India and the form of GST and to be a full-
viability of a debtor as a business decision, fledged VAT with total integration of taxes in
and agree upon a plan for its revival or a supply of goods and service that will reduce
speedy liquidation. The code created a new the cascading effect of taxes i.e., taxes on
institutional framework, consisting of a taxes explained with the following sub-
regulator, insolvency professionals, themes: Mechanism of Tax Structure, Tax
information utilities and adjudicatory Incidence, Tax Computation, Tax Payment,
mechanisms that will facilitate the format Compliance, Credit Utilization. CS Challa
and time bound insolvency resolution Anjaneyulu gave vote thanks.
process and liquidation as explained with the
following subthemes Introduction, genesis, The session concluded with CS J V Rama
Difficulties in the legal system led to new Rao, Vice Chairman, ICSI-Amaravati
legislation, Role of BLRC, working groups, Chapter thanked the speakers, all the
New institutions under the code and Broad members, students and sponsors
macro economics and business impact of participated in the programme. The
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SIRC eNewsletter/January 2017
