The Rainmaker, Issue 5

Theme: Chartered Accountants Day exclusive

The RAINMAKER

The Rainmaker

Can you do another draft of this?
There’s still a couple of sentences people might

understand

The Rainmaker

SATVAAn interesting and challenging assignment was taken up

on “GST Impact Study of Salarpuria Sattva”, a leading

Infrastructure company in India which has spread its

operations across the country with more than 20 revenue

models and fifty plus associate companies working with it.

Knowledge The assignment kicked off much before GST was
enforced. The initial activity we undertook was to get a clear

Tid-bits understanding of the various revenue models of the

Every registered person companies and the implication of the present Indirect tax
may be assigned a GST structure on the same. The assignment continued with a
compliance rating score discovery of new provisions of GST, applicability of it on the
by the Government financial aspects of the company. The challenge in the work
based on his record of was understanding the new provisions, continuous changes
compliance with the in the draft law, understanding the impact of each section of
provisions of this Act. the GST Act on the company’s business and absence of the
clarifications on the subject matters from the government

The skills, experience and wisdom of Ashok Sir, Rama
Krishna Sir accompanied with an immense support of Neerag
(manager, MCA Chennai) ensured the client was all set for GST.
Apart from the above challenges and sleepless nights, we as a
team had our whatsapp group by name-Operation Sattva and
cherished every moment from the initial date of assignment to
its conclusion.

The Rainmaker

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CHARTERED ACCOUNTANT

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The Rainmaker

Komet – Tax representation gone right!

One of our clients was in an appeal before the ITAT, the predominant issue
under appeal being one on a Transfer Pricing adjustment having been
carried out by the TPO by adopting a method of determining Arm’s Length
Price, inappropriate to the business model of the client. This was our
strongest contention against the action of the TPO which we kept harping
on throughout the course of the arguments

To prepare a submission which is being presented before the judicial
authority and that too turning it around in a short timeframe is always
challenging. Standing and contending before the Learned Judges with
the Dept. Representative standing beside you in a courtroom full of
eminent speakers is a difficult situation to be in, but the way Lakshmy
handled the entire proceedings with confidence and precision was
remarkable and worth admiring.
Apart from having a good understanding of the law with absolute clarity on the facts,
we were able to appreciate the importance of maintaining the court’s decorum, having
good soft skills combined with excellent communication to drift any given case in ones
favour The entire representation was under the strong guidance and support of Sachin
Sir which provided a lot of value additions in preparing & representing the case.

KNOWLEDGE TID-BITS:
• Please don’t arrive on time ! Yes, arriving just

on time is considered to be late. One should
be in the court well before the judges settle in

• Follow the dress code strictly – Black coat and
trouser with a tie

The Rainmaker

To make a long story short, the Generally Accepted
Accounting Practices weren’t as generally accepted

as I thought

The Rainmaker

MCAces we don’t
know if it’ll be BIG
8 by 2022, but it
should certainly be
BIG 5 by 2020!

The Rainmaker

SKILL TO WORK ON FOR THE MONTH

The Rainmaker

By: Amrutha Dated: 17th July, 2017

This time the topic for the month was decided as Goods & Services Tax Act. There
were a lot of Namma MCA shared which brought out majorly the overview of the
Act and its impact on different sectors. On another side, Article shared by
Amrutha, brought into light one of the important aspect under GST – Reverse
Charge. The Article brought out good examples to create an understanding about
the concept and how it works under GST applicable both for Goods & Services.
With explanation of the concept with such precision and pictorial representation
of scenarios for better understanding, it is picked as the best of Namma MCA.

To view the entire content visit:
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Lead CAST
Chief Editor – Smita Ramakrishna

Designing – Manoj HR
Content Editor – Nisha Raman

The RAINMAKER