Forum: Taxation & Corporate Law Forum
Speaker: CMA Shri Ashokji Nawal, a practicing Cost Accountant and Chairman of WIRC of ICMA
VIA Seminar on “60 Laws in just 4 hours” evokes enormous response
Vidarbha Industries Association Taxation & Corporate Law Forum has organized an innovative seminar on “60 Laws injust 4 Hours” by CMA Shri Ashokji Nawal, a practicing cost Accountant and Chairman of WIRC of ICMA on 23rd January at VIA Hall.
He explained and covered 60 laws that an industry is normally required to comply with. He explained in detailed about the Fiscal Laws i.e. Income Tax, VAT, Excise, LBT, Wealth Tax etc, as well as Business Laws presently applicable to industry like MSME Act, competition Act, BIS Act, Maharashtra Fire Prevention and Life Safety Measures Act, Public liability Insurance Act, Companies Act, Consumer protection Act, Arbitration & Conciliation Act, & labour laws like Minimum Wages Act, Payment of Gratuity Act, Payment of Wages Act, Trade Unions Act, Workmen Compensation Act, Factories Act, PF Act, ESIC Act, Maternity Benefits Act & so on. All these rules relevant or not in today’s time is not at all important. The business houses have to comply with the laws. He has elaborately covered all the intricacies & critical issues involved inall the laws applicable to the businesses. He emphasized the need of compliance management system in the industries so that penal & unwanted consequences can be avoided. Ignorance of law is not an excuse and so an industries need to know all the laws so that it can be complied. Adding humour & jokes, he made the seminar an interactive and the spoken non-stop covering all the laws with examples. He also appreciated the VIA for designing this novel seminar for the benefit of all the industries. He also informed the audience about the seminar as the first of its own kind in the entire country.
He shared his experiences of more than 400 seminars on various subjects arranged by various organization and also his experiences as Member of Task Force for drafting and amending SEZ Rules Constituted by Export Promotion Council – EOU / SEZ. He suggested the consolidation of various labour laws in to three different Acts relating to safety, welfare & payment of labour. He also expressed the views that to become MNC/TNC, all MSME should comply with all the laws. The officers & professionals are also exposed to high risk for non compliances, he informed.
Naresh Jakhotia, convernor briefed about the purpose & idea of conceptualizing the seminar which is one of its own kinds throughout India. He expressed that the very purpose of this seminar is to make a recommendation to the government for reducing and simplifying the existing laws & compliances. Indian ranked 142 amongst the 189 countries surveyed by world bank on the “Ease of doing business” index, he informed the audience.
Fortunately the Prime Minister of the Country and Chief Minister of Maharashtra has its slogan of `Ease of doing business.’ In order to ease of doing business it is definitely necessary that compliance cost needs to be reduced which not only eat the cost, time and everything and productive time will require to be spent for unproductive.
We are talking of ease of doing business and not the freedom of doing business & the seminar is aimed to enable the businessmen for doing the same, he mentioned.
Anil Parakh, vice president of the VIA in his opening remarks expressed his deep concern about the compliance cost & time involved. He well expressed that cost of compliance is much less than the consequences of non compliances and therefore all the business should ensure due compliances. It’s an awareness programme for creating the better compliance environment, he opined.
Earlier, Shri Ashok Chandak, Past President of ICAI & Chairman – VIA Taxation & Corporate Law Forum welcomed the Guest and gave his opening remarks said as rightly said that laws has become stricter and stricter not only law has become stricter and stricter but cost of compliances are also getting higher and higher which is directly inflating the cost and thereby eating away the bottom line. With examples he elaborated how Even a slightest mistake in this is going to impact very existence. He well concluded that the penalty amount could be much more than the net worth of the company itself.
Shri Anil Parakh, Vice President of VIA in his introductory remarks he said 60 Laws in 4 hours seems very difficult, but get it how it goes on, my understanding that for industrialists it is not easy, neither important to understand the integrity of each law only awareness has to be there at the time taking decisions he can consult the experts as to what implications of the particular transaction but definitely awareness is a must and now a day laws are changing very fast and nobody can effort to order the law.
At the beginning, floral welcome of Speaker CMA Ashokji Nawal was done by CA. Anil Parakh, whereas Geetika Bhojwani was welcomed by CA. Ashokji Chandak. For this innovative programme and non stop presentation by the speaker, a momento was presented by CA. Ashok Chandak. CS Amit Rajkotiya proposed formal vote of thanks and thanks the speaker for the comprehensive presentation of 60 Laws in just 4 Hours time.
Prominently present Sarvshri Ashit Sinha, Vice President, Rohit Agrawal, Hon Secretary, Mahendra Jain, Akash Agrawal, and programme got tremendous response from all scales of businesses. Programme attended by Industrial Associations, professional Institutes like ICAI, ICSI, ICMA and leading Management Institutes.
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