ANALYSIS OF THE UNION BUDGET 2023 | 49 | It is further proposed to amend sub-section (3) and proviso to subsection (4) of said section to insert Joint Commissioner (Appeals) in the said sub-sections. These amendments will take effect from 1st April, 2023. Section 250 — Procedure in appeal It is proposed to amend the said section to make the provisions therein applicable to the Joint Commissioner (Appeals) by inserting a reference to the Joint Commissioner (Appeals) wherever the term the Commissioner (Appeals) occurs. It is further proposed to substitute sub-section (6A) of the said section so as to provide that in every appeal, the Joint Commissioner (Appeals) or the Commissioner (Appeals), as the case may be, where it is possible, may hear and decide such appeal within a period of one year from the end of the financial year in which such appeal is filed before him under sub-section (1) or transferred to him under sub-section (2) or sub-section (3) of section 246 or filed before him under sub-section (1) of section 246A, as the case may be. These amendments will take effect from 1st April, 2023. It is also proposed to provide that the Central Government may amend any direction issued under sub- section (6C) of that section on or before 31st March, 2022, by notification in the Official Gazette. This amendment will take effect retrospectively from 1st April, 2022. Section 251 — Powers of the Commissioner (Appeals) It is proposed to include the Joint Commissioner (Appeals) also in the said heading. It is further proposed to insert a new sub-section (1A) of the said section so as to provide that in disposing of an appeal, the Joint Commissioner (Appeals) shall have powers to confirm, reduce, enhance or annul the assessment in an appeal against an order of assessment, confirm or cancel or vary an order so as either to enhance or to reduce the penalty in an appeal against an order imposing a penalty, and in any other case, to pass such orders in the appeal as he thinks fit. It is also proposed to amend sub-section (2) and the Explanation to that section to make the provisions therein applicable to the Joint Commissioner (Appeals) by inserting a reference to the Joint
| 50 | J. B. NAGAR CPE STUDY CIRCLE Commissioner (Appeals) wherever the term “Commissioner (Appeals)” occurs. These amendments will take effect from 1st April, 2023. Section 253 — Appeals to the Appellate Tribunal It is proposed to provide that an order passed by a Joint Commissioner (Appeals) under section 154, section 250, section 270A, section 271, section 271A, section 271AAC, section 271AAD or section 271J shall be appealable before the Appellate Tribunal. It is further proposed to provide that an order passed under section 263 by a Principal Chief Commissioner or Chief Commissioner or an order passed under section 154 amending any such order shall also be appealable to the Appellate Tribunal. It is also proposed to amend sub-section (2) of the said section to make the provisions therein applicable to the Joint Commissioner (Appeals) by substituting “Commissioner (Appeals)” with “Joint Commissioner (Appeals) or Commissioner (Appeals)”. It is also proposed to amend sub-section (4) of the said section to enable filing of memorandum of cross-objections in all classes of cases against which appeal can be made to the Appellate Tribunal. These amendments will take effect from 1st April, 2023. Section 269SS — Mode of taking or accepting certain loans, deposits and specified sum And section 269T mode of repayment of certain loans or deposits. It is proposed provide that in case where a deposit is accepted by a primary agricultural credit society or a primary cooperative agricultural and rural development bank from its member or a loan is taken from a primary agricultural credit society or a primary cooperative agricultural and rural development bank by its member, the limit of twenty thousand rupees shall be increased to two lakh rupees. It is further proposed to substitute the clause (ii) of Explanation to the said section so as to provide that “co-operative bank”, “primary agricultural credit society” and “primary co-operative agricultural and rural development bank” shall have the meanings respectively assigned to them in Explanation to sub-section (4) of section 80P. This amendment will take effect from 1st April, 2023.
ANALYSIS OF THE UNION BUDGET 2023 | 51 | Section 270AA — Immunity from imposition of penalty, etc. It is proposed to consequentially amend sub-section (6) of the said section by giving reference to the appeal filed under section 246 before the Joint Commissioner (Appeals) to make it applicable under the provisions of the said sub-section. This amendment will take effect from 1st April, 2023. Section 271C — Penalty for failure to deduct tax at source It is proposed to provide that a person shall be liable to pay penalty under that section for failure to ensure payment, in addition to failure of payment, of whole or any part of tax as required under the provisions. It is further proposed to amend the said clause to provide that a person shall be liable to pay, as penalty, a sum equal to the amount of tax which such person failed to ensure payment of. These amendments will take effect from 1st April, 2023. It is also proposed to amend the said clause to give reference of subsection (2) of section 194BA. This amendment will take effect from 1st July, 2023. It is also proposed to amend the said clause to give reference of the first proviso to sub- section (1) of section 194R and the proviso to subsection (1) of section 194S therein. This amendment will take effect from 1st April, 2023. Section 271FAA — Penalty for furnishing inaccurate statement of financial transaction or reportable account The said section provides for imposition of penalty of fifty thousand rupees on a person for furnishing inaccurate information in the statement of financial transaction or reportable account. It is proposed to provide that the income-tax authority imposing penalty under the said section shall be the same as the income tax authority prescribed under sub-section (1) of section 285BA. It is further proposed to provide that where in the case of a person, referred to in clause (k) of sub-section (1) of section 285BA, who is required to furnish a statement under that section (herein referred to as reporting financial institution) provides inaccurate information in the statement and the inaccuracy in such statement is due to false or inaccurate information furnished by the holder or holders of the relevant
| 52 | J. B. NAGAR CPE STUDY CIRCLE reportable account or accounts, the income-tax authority prescribed under sub-section (1) of section 285BA, shall direct that the reporting financial institution shall, in addition to the penalty under sub-section (1), if any, pay a sum of five thousand rupees for every inaccurate reportable account and the reporting financial institution shall be entitled to recover the sum so paid on behalf of such reportable account holder, or to retain out of any moneys that may be in its possession, or may come to it from every such reportable account holder, an amount equal to the sum so paid. This amendment will take effect from 1st April, 2023. Section 274 — Procedure It is proposed to provide that the Central Government may amend any direction issued under sub-section (2B) of that section on or before 31st March, 2022, by notification in the Official Gazette. This amendment will take effect retrospectively from 1st April, 2022. Section 275 — Bar of limitation for imposing penalties It is proposed to consequentially amend the said section to substitute the expression “the Commissioner (Appeals)” with “the Joint Commissioner (Appeals) or the Commissioner (Appeals)”. This amendment will take effect from 1st April, 2023. Section 276A — Failure to comply with the provisions of subsections (1) and (3) of section 178 It is proposed to provide that no proceeding shall be initiated under this section on or after 1st April, 2023. This amendment will take effect from 1st April, 2023. Section 276B — Failure to pay tax to the credit of Central Government under Chapter XII-D or XVII-B It is proposed to make it applicable if a person fails to pay to the credit of the Central Government the tax deducted at source by him as required by or under the provisions of Chapter XVII-B. It is further proposed to provide that failure to pay tax or ensure payment of tax, to the credit of the Central Government as required by or under sub-section (2) of section 115-O, the proviso to section 194B, the first proviso to sub-section (1) of section 194R or the proviso to sub-
ANALYSIS OF THE UNION BUDGET 2023 | 53 | section (1) of section 194S shall be eligible for initiating proceedings under the section. These amendments will take effect from 1st April, 2023. It is also proposed to provide in the said clause that failure to pay tax or ensure payment of tax, to the credit of Central Government as required under sub-section (2) of section 194BA shall be eligible for initiating proceedings under that section. This amendment will take effect from 1st July, 2023. Section 295 — Power to make rules It is proposed to amend clause (eec) of sub-section (2) of the said section so as to include the words “or inventory valuation” after the word “audit”. It is further proposed to consequentially amend the clause (mm) of subsection (2) of said section to substitute the expression “the Commissioner (Appeals)” with “the Joint Commissioner (Appeals) or the Commissioner (Appeals)”. This amendment will take effect from 1st April, 2023.
| 54 | J. B. NAGAR CPE STUDY CIRCLE INDIRECT TAX PROPOSAL PROVISIONS RELATING TO CENTRAL GOODS AND SERVICE TAX ACT, 2017 [CGST ACT] I. CHANGES EFFECTIVE RETROSPECTIVELY FROM 1ST JULY, 2017 AFTER ENACTMENT OF FINANCE BILL, 2023 1. Proposal to provide retrospective exemption to certain activities and transactions in Schedule III to the CGST Act 1.1. GST is applicable on supply of goods or services or both. 1.2. Schedule III to the CGST Act, 2017 contains activities or transactions which shall be treated neither as a supply of goods nor as a supply of services. 1.3. Paragraph 7 of the Schedule III - Supply of goods from a place in the non-taxable territory to another place in the non-taxable territory without such goods entering into India [Out and Out Sale]. 1.4. Paragraph 8 of the Schedule III – (a) Supply of warehoused goods to any person before clearance for home consumption [Supply of goods lying in a bonded warehouse]. (b) Supply of goods by the consignee to any other person, by endorsement of documents of title to the goods, after the goods have been dispatched from the port of origin located outside India but before clearance for home consumption [High sea sales]. 1.5. Explanation 2 to the Schedule III - For the purposes of paragraph 8, the expression “warehoused goods” shall have the same meaning as assigned to it in the Customs Act, 1962. 1.6. Paragraphs 7 and 8 of the Schedule III, which were introduced with effect from 01st February, 2019 vide the CGST (Amendment) Act, 2018. Earlier, the intention of the legislature was not clear whether the above mentioned transactions were within the ambit of Schedule III for the period prior to 01-02-2019, leading to confusion whether they were taxable or not. 1.7. Thus, it is proposed to have these transactions included in Schedule III retrospective with effect from 1st day of July, 2017 to rest any litigation on this matter.
ANALYSIS OF THE UNION BUDGET 2023 | 55 | 1.8. Further, if any tax had already been collected from the period 1st July, 2017 to 31st January, 2019, which would have not have been collected had the above mentioned exemption was provided originally from 01/07/2017, no refund of all such tax will be made. 2. Substitution of section 23 and its impact on registration: 2.1. Section 23 has been substituted and it is proposed to give an overriding effect on section 22(1) and section 24, retrospectively from 1st July, 2017. 2.2. The impact of the said proposed substitution would be that a person engaged exclusively in exempt supplies shall not be liable for registration even if the person receives supplies which attract GST under reverse charge. 2.3. For eg. A person providing exclusively exempted supplies of Rs. 1 crore is not required to take registration, however if he was availing supplies covered under RCM such a legal services then he was required to take registration and do all the compliances under the GST Law. 2.4. With this proposed substitution of section 23, due to its overriding effect on section 22(1) and section 24, such persons would not be required to take registration. II. CHANGES EFFECTIVE FROM DATE TO BE NOTIFIED AFTER THE ENACTMENT OF FINANCE BILL, 2023 3. Composition Taxpayers can supply goods through E-Commerce Operator (ECO) [Section 10(2) & (2A)]. 3.1. Presently, the composition taxpayers are not permitted to supply goods through ECO, so if the composition taxpayer wished to supply goods through ECO then they had to opt out of composition scheme and opt as normal taxpayer. 3.2. It is now proposed to exclude such restriction and thus composition taxpayer can supply goods through ECO. 3.3. It is to be noted that the person opting for composition scheme cannot engage in inter-state supply of goods. Thus, the said proposed amendment benefits the small taxpayer who are engaged in intra-state supply of goods especially those dealing in handicrafts, imitation jewellery, etc.
| 56 | J. B. NAGAR CPE STUDY CIRCLE 4. Eligibility and conditions for taking input tax credit [Section 16(2)] 4.1. Second Proviso provides that where a recipient fails to pay to the supplier of goods or services or both, other than the supplies on which tax is payable on reverse charge basis, the amount of value of supply along with tax thereon within a period of 180 days from the date of issue of invoice by the supplier, an amount equal to the ITC availed by the recipient shall be added to his output tax liability, along with interest thereon” in such manner as prescribed. 4.2. It is proposed that such ITC should be paid along with interest under section 50. The amendment is proposed to align the said sub-section with the return filing system provided in the Act. 5. Input Tax Credits proportionate reversal used for Bonded warehouse sales [section 17(3) read with Schedule III]. 5.1. Schedule III refers to the Activities or Transactions which are treated as neither supply of goods nor supply of services. 5.2. Bonded warehouse sale is an activity covered in schedule III, thus it is neither supply of goods nor supply of services and hence does not attract GST. Presently, there is no need for reversal of input tax credit as it is not an exempt supply. 5.3. It is proposed that ITC in relation to the value of such transactions of bonded warehouse sales is not allowed to be taken. So, bonded warehouse sales will be considered in the value of exempt supply for the purposes of reversal on input tax credit under rule 42 and 43 of the CGST Rules. 6. Input tax credit on goods or services received for CSR activities are blocked [section 17(5)] 6.1. Section 17(5) refers to the concept of blocked credit which means ITC in respect of certain specified transactions are not available even if it is used for business purpose. 6.2. ITC in respect of Donation and gift was already not allowed. 6.3. It is further proposed that Input Tax Credit shall not be available in respect of goods or services received for the purpose of any activity in relation to Corporate Social Responsibility (CSR) as required under Section 135 of the Companies Act, 2013.
ANALYSIS OF THE UNION BUDGET 2023 | 57 | 7. Maximum time limit for furnishing GST returns [Section 37, 39, 44 & 52] 7.1. It is proposed to provide a maximum time limit of 3 years from the due dates within which the various returns shall be filed under GST. 7.2. This is proposed to be made applicable for GSTR-1 (details of outward supplies), GSTR-3B (summary of inward and outward supply), GSTR-8 (statement of collection of tax at source by ECO) and GSTR-9 (Annual Return). 7.3. Thus, the taxpayers who have defaulted in filing said returns will not be able to file the same after 3 years from the respective due dates, even on payment of late fees. 7.4. Further the Government may, on the recommendations of the council, by notification, enable the extension of the said limit, subject to certain conditions and restrictions, for a registered person or a class of registered persons. 8. Amendment in Provisional Refund [Section 54] 8.1. The proposed omission aims to remove the reference ‘to provisionally accepted ITC’ and to align Section 54 with Section 41. 8.2. Since the taxpayer cannot avail ITC on provisional basis as per section 41, there is no question of provisional ITC to be excluded from the refund amount to be paid on provisional basis by the Proper Officer. 9. Interest on delayed refund [Section 56] 9.1. Presently, section 56 provides that any amount to be refunded to any applicant, if it is not refunded within sixty days from the date of receipt of application, interest shall be payable in respect of such refund from the date immediately after the expiry of sixty days from the date of receipt of application till the date of refund of such tax. 9.2. Now, it is proposed that for any period of delay beyond sixty days from the date of receipt of such application till the date of refund of such tax, is to be computed in such manner and subject to such conditions and restrictions as may be prescribed. 9.3. The proposed amendment provides for an enabling provision to prescribe manner of computation, conditions and restrictions for interest on delayed refunds.
| 58 | J. B. NAGAR CPE STUDY CIRCLE 10. New sub-section introduced in respect of Penalty for certain offences for E-Commerce Operator (ECO) [Section 122(1B)] 10.1.The proposed provision specifies that penalty of Rs. 10,000 or an amount equivalent to the GST which would have been paid on the particular transaction by a registered person other than a composition taxpayer, whichever is higher, shall be levied on an ECO if it engages into the following transactions: If the ECO allows supply of goods/services/both through it by an unregistered person other than person exempted from obtaining registration under GST. If the ECO allows inter-state supply by a person ineligible to make an inter-state supply such as Composition taxpayer If the ECO fails to furnish correct details, of outward supplies made through it by a person exempted from obtaining registration under GST, in its periodical GSTR-8. 11. De-criminalization of certain offences under GST [Section 132] 11.1.Section 132 of the CGST Act contains criminal offences for which prosecution and imprisonment, based on the monetary thresholds of tax involved, have been specified. 11.2. De-criminalization of offences refers to those offences that have been removed from the purview of Section 132. 11.3. The following offences specified in section 132 are proposed to be omitted and thus they will be de-criminalized: (i) If a person obstructs or prevents any officer in the discharge of his duties [Clause (g)]; (ii) If a person tampers with or destroys any material evidence or documents [Clause (j)] and (iii) If a person fails to supply any information which he is required to supply under the CGST Act or the rules made thereunder or (unless with a reasonable belief, the burden of proving which shall be upon him, that the information supplied by him is true) supplies false information [Clause (k)] Though the above offences are de-criminalized, but the above offences would still attract penal consequences under section 122 of the CGST Act.
ANALYSIS OF THE UNION BUDGET 2023 | 59 | 11.4. In case of offences in the nature of issuance of invoice without actual supply of goods or services, the prosecution provisions continue to apply if the amount of tax involved exceeds ` 1 crore. 11.5. However, it is proposed that for all other offences as specified under section 132 such as tax evasion, wrongly availed or utilized ITC prosecution will take place if the amount of tax involved exceeds ` 2 crores. 11.6.The provisions of Section 132 after the proposed amendments can be summarized as follows: Sr. No. Offence Amount of Tax Involved (Current) Amount of Tax Involved (Proposed) 1 Issuance of Invoice without actual supply ` 1 crore ` 1 crore 2 Clause (g), (j) or (k) of Section 132 ` 1 crore Omitted from Section 132 3 Any other offence as included Section 132 ` 1 crore ` 2 crores 12. Compounding of Offences [Section 138] 12.1.Few amendments are proposed in the provisions relating Compounding of Offences. 12.2.It is proposed to provide that cases involving issuance of invoices without actual supply of goods or services shall not be eligible for compounding. 12.3.The minimum amount payable for Compounding of offence is proposed to be amended to 25% of tax involved and the maximum amount is proposed to be amended to 100% of tax involved. 13. New section proposed to be introduced in respect of Consent based sharing of information furnished by taxable person [Section 158A] 13.1.It is proposed to introduce the said section for sharing of following information by the GSTN common portal on the basis of the consent of the Supplier and if the Identity information of the recipient is furnished, the recipient in the prescribed form and manner: • Particulars furnished in application for GST registration
| 60 | J. B. NAGAR CPE STUDY CIRCLE Particulars furnished in periodical GSTR-3B or GSTR-9 Particulars furnished in periodical GSTR-1 Particulars furnished for generation of E-way bills. Such other details as may be prescribed 13.2.Further, once any information is shared as per this section, no action shall lie against the government or common portal with respect to any liability and there shall not be any impact on the liability to pay GST on the relevant supply or as per any relevant return. PROVISIONS RELATING TO INTEGRATED GOODS AND SERVICE TAX ACT [IGST] III. CHANGES EFFECTIVE FROM DATE TO BE NOTIFIED AFTER THE ENACTMENT OF FINANCE BILL, 2023 14. Online information and database access or retrieval services (OIDAR) [Section 2] 14.1. Definition of the term OIDAR is proposed to be amended to remove the condition of rendering of the said supply being “essentially automated and involving minimal human intervention”. 14.2.The relevant portion of existing provision and proposed provision is tabulated as under: Existing Proposed OIDAR means - services whose delivery is mediated by information technology over the internet or an electronic network and - the nature of which renders their supply essentially automated and involving minimal human intervention and OIDAR means - services whose delivery is mediated by information technology over the internet or an electronic network and - the nature of which renders their supply essentially automated and involving minimal human intervention and
ANALYSIS OF THE UNION BUDGET 2023 | 61 | Existing Proposed impossible to ensure in the absence of information technology and - includes ….. impossible to ensure in the absence of information technology and includes ….. 15. Place of supply of services by way of transportation of goods, including by mail or courier [Section 12(8)] 15.1.Presently, there is a proviso that where the transportation of goods is to a place outside India, the place of supply shall be the place of destination of such goods. 15.2.It is proposed to omit the said proviso and thus the place of supply shall be the location of the recipient of supply (for registered recipient) or location where the goods are handed over for the transporter (for unregistered recipient). 15.3. It is proposed to omit the said proviso and thus the place of supply shall be the location of the recipient of supply (for registered recipient) or location where the goods are handed over for the transporter (for unregistered recipient). 15.4. Due to the proposed amendment, the place of supply of transportation services in case of export of goods from India shall be the location of Indian Customer (if recipient is registered) or location where goods are handed over (if recipient is unregistered) and thus the transporter shall charge GST.
| 62 | J. B. NAGAR CPE STUDY CIRCLE IMPACT ON CAPITAL MARKET Although the run up to the Budget was muted, the Union Budget 2023 was aligned with the stock market expectations - a balanced Budget emphasising on long term structural and inclusive growth with financial prudence. Nominal GDP growth for FY24BE projected at 10.5% (INR 301 lac crore). Major focus areas included • Tax relief to tax payers - thereby inducing domestic consumption and driving India towards a demand driven economy. By reducing the peak tax rate, ~INR 35,000 crore tax relief to tax payers will return in form of consumption and investments. • Increased capex investment outlay which will have a multiplier effect on the employment and the economy. Target fiscal deficit of 4.5% by FY26 (vs 6.4% in FY23RE and 5.9% in FY24BE). Focus on the softer aspects will have an unquantifiable but intangible benefit on the economy. Budget has emphasised on enhancing the ease of doing business by reducing more than 39,000 compliances and decriminalising more than 3,400 legal provisions. Some initiatives like AI based solutions, National Data Governance Policy and Entity Digi Locker will further strengthen the Indian economy. Budget Highlights and Impact: Sector Budget Highlights Infrastructure • Capital allocation of INR 10 lac crore (3.3% of GDP and 1.3x of FY23) • Capital outlay of INR 2.40 lac crore to Railways • 100 critical transport infrastructure projects to build logistics with investments of INR 75,000 crore including INR 15,000 crore from private sources • 50 new airports, heliports, water aerodromes and advance landing grounds
ANALYSIS OF THE UNION BUDGET 2023 | 63 | Sector Budget Highlights This will have a positive impact on the various sectors including construction, capital goods, airport operators and banking. It will also boost global investments in India. Green Infrastructure • Capital allocation of INR 19,700 crore for Green Hydrogen to reduce carbon intensity and dependency on fossil fuel imports • Investment of INR 35,000 crore for energy transition involving ethanol and natural gas • Battery Energy Storage Systems with capacity of 4,000 MWH to be supported with Viability Gap Funding; to exempt customs duty on import of capital goods required to manufacture lithium-ion cells used in electric vehicles • INR 20,700 crore for evacuation of green energy from Ladakh • INR 10,000 crore for building 200 Compressed Bio-Gas plants including in urban areas under wealth from waste initiative • Exemption of excise duty on GST-paid compressed bio-gas This will have a positive impact on the various sectors including battery manufacturers, EV manufacturers, capital goods and banking. Agriculture • Agriculture credit target to be increased to INR 20 lac crore with focus on animal husbandry, dairy and fisheries • Digital Public infrastructure for agriculture • Agriculture Accelerator Fund to be setup to encourage agri-startups by young entrepreneurs in rural areas
| 64 | J. B. NAGAR CPE STUDY CIRCLE Sector Budget Highlights • Public Private Partnership to enhance the productivity of extra-long staple cotton • To make India a global hub for Shree Anna (millet) • Computerization of 63,000 Primary Agricultural Credit Societies (PACS) with an investment of INR 2,516 crore. This will have a positive impact on the agrochemical, fertiliser and seed sub-sectors. Tourism • 50 destinations are selected for development which would attract infrastructure investments, create local employment and produce foreign exchange income by attracting global tourists in the country. This will have a positive impact on the ticketing, airline, hospitality and travel & tourism sectors. Health, Education and Skilling • 157 new nursing colleges will be established in co-location with the existing 157 medical colleges • New programme to promote research and innovation in pharmaceuticals to be taken up through centers of excellence • National Digital Library for Children and Adolescents to be set-up This will have a positive impact on the economy over a long-term period. Financial Sector • To infuse INR 9,000 crore in corpus of credit guarantee scheme for MSMEs – will enable additional collateral-free guaranteed credit of Rs 2 lac crore which will cost of the credit will be reduced by ~1%
ANALYSIS OF THE UNION BUDGET 2023 | 65 | Sector Budget Highlights • National Financial Information Registry to be set up to serve as the central repository of financial and ancillary information - will facilitate efficient flow of credit, promote financial inclusion and foster financial stability • Several initiatives to promote business activities in GIFT IFSC Electronics • To provide relief in customs duty on import of certain parts of mobile phones • To reduce basic customs duty on parts of open cells of TV panels to 2.5% This will benefit mobile and TV manufacturers. Gems & Jewellery • To reduce basic customs duty on seeds used in lab grown diamonds • To increase customs duty on articles made from gold and platinum • To increase import duty on silver dore, bars and articles This will negatively impact the jewellery sector.
Disclaimers:– The opinion and views expressed in this publication are those of the compilers. While every care is taken to ensure the accuracy of the contents of the compilation, compilers and J. B. Nagar CPE Study Circle of WIRC or any of its functionaries are not liable for any inadvertent errors. | 66 | J. B. NAGAR CPE STUDY CIRCLE Acknowledgements 1) CA Dinesh Nandwana, CMD - Vakrangee Limited 2) CA (Dr.) Debashis Mitra President - ICAI 3) CA Aniket Talati, Vice President – ICAI 4) CA Piyush Chhajed, Central Council Member 2022-25 5) CA Sanjeev Maheshwari, Central Council Member 2007-16 6) CA Murtuza Kachwala, Chairman - WIRC 7) CA Shweta Jain, Secretary – WIRC 8) CA Pinki Kedia, RCM 9) CA Manish Gadia, Past Chairman - WIRC 7) CA T P Ostwal 8) CA Vikram Kotak 9) Mr. Shrikant Chauhan 10) CA Mahendra Turakhia 11) Shri Rajasthani Seva Sangh 12) Bharat Vikas Parishad 13) Finesse Graphics & Prints Private Limited Convenor CA Jayesh Thakkar Dy. Convenor CA Poorvi Bhageria