The Institute of Cost Accountants of India (ICAI) plans to train 15 lakh traders across the country over the next one year in GST basics, according to CMA Manas KR Thakur, National President.

Addressing a press conference here, he said, “We were among several other professional bodies who have been assigned this job by the Government.”

“There were about 22 lakh indirect tax assessees currently across India. And once GST is implemented, this number will go up to 70 lakh. So, the Government wants us to train traders and new assessees in familiarising them with filling in forms etc. We have commenced training and are creating a pool of trainers who would subsequently train others on the fundamental aspects of the Goods and Services Tax,” informed Thakur.

Speaking about ICAI’s 70 years growth journey, he said the Association made a humble beginning with 73 members and reached to the strength of 69000 plus members, around 475000 students, working through 4 Regional Councils and 92 chapters with 9 overseas centres.

The CMA profession draws continuously from global best practices in financial and management accounting and retunes them according to the Indian environment taking into account the domestic contents and issues, he stated.

Sharing recent developments, he stated the Institute incorporated a Section to function as Insolvency Professional Agency.

A website www.ipaicmai.in has been launched by the Institute to provides details on legal framework, eligibility criteria and other relevant information.

The Government has established The Insolvency and Bankruptcy Board of India in October 2016 to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals.

“India has about 1,000 insolvency professionals. We are in the process of training more insolvency professionals,” he stated. #casansaar (Source - The Hindu Business)