The Institute of Chartered Accountants of India (ICAI) is the national professional accounting body of India. It was established on 1 July 1949 as a statutory body under the Chartered Accountants Act, 1949 enacted by the Parliament (acting as the provisional Parliament of India) to regulate the profession of Chartered Accountancy in India. ICAI is the second largest professional Accounting & Finance body in the world.
ICAI is the only licensing cum regulating body of the financial audit and accountancy profession in India. It recommends the accounting standards to be followed by companies in India to National Financial Reporting Authority and sets the accounting standards to be followed by other types of organisations.
ICAI is solely responsible for setting the Standards on Auditing (SAs) to be followed in the audit of financial statements in India. It also issues other technical standards like Standards on Internal Audit (SIA), Corporate Affairs Standards (CAS) etc. to be followed by practicing Chartered Accountants. It works closely with the Government of India, Reserve Bank of India and the Securities and Exchange Board of India in formulating and enforcing such standards.
As we know in recent times ICAI has started taking active steps in helping it’s members upgrade their knowledge and at the same time it is also conducting few webinars and certificate courses online.
In this direction ICAI has again taken a very important step which most people would appreciate because as we know GST is a very confusing act as there are various notification’s, circular’s etc being issued from time to time and hence it becomes difficult to understand any topic.
Now, ICAI – GST and Indirect Tax committee has issued 11 Handbook on 11 topics of GST and same has been issued on 30.04.2020 and it is the first edition which is comprehensive, containing analysis of the entire provisions under the law including notifications, circulars or orders upto 31st March, 2020 issued by the Government from time to time along with few FAQ’s, MCQ’s, Flowcharts, Diagrams and Illustrations etc. to make the reading and understanding easier.
Let’s hope ICAI keep’s on issuing such handbook on other topics and updating this Handbook atleast the online version from time to time to help its fellow professionals in providing better consultation.
The topics on which ICAI has issued Handbook are:
1. Handbook on Registration under GST.
2. Handbook on E-way Bill under GST.
3. Handbook on Annual Return under GST.
4. Handbook on Job Work under GST.
5. Handbook on Refund under GST.
6. Handbook on TDS provision under GST.
7. Handbook on Interest, Late Fee and Penalties under GST.
8. Handbook on Advance Ruling under GST.
9. Handbook on Reverse Charge under GST.
10. Handbook on Casual Taxable Person under GST.
11. Handbook on Invoicing under GST.
To download the Handbook CLICK HERE.