“Kerala register a growth of 60% in IT Returns”: Principal Chief Commissioner, Income Tax, Kerala

“Though Kerala do not have major manufacturing industries, still our growth is 6o% in income tax returns” remarked Pranab Kumar Das IRS, Principal Chief Commissioner, Income Tax, Kerala Region. He was inaugurating the One Day Seminar on “Companies Amendment Act 2017, Cash Transactions and Its Implications Under the Income Tax Act, GST Implications During Finalization of Accounts For The Year 2017-18”organized jointly by Institute of Chartered Accountants of India (ICAI) and Federation of Indian Chamber of Commerce and Industry(FICCI) at Kochi.

Nation is moving in the right direction with the introduction of GST, curbs on the cash transactions and promotion of more digital payments. The parallel economy is also slowly inching back to the main economy. Initial hitches on the implementation of  E- Way Bills are being sorted out.  “Majority of the IT returns in Kerala come from MSMEs and small business houses compared to the national average of big corporate houses constituting the bulk of IT returns.  It clearly shows that Kerala is still a very vibrant economy”, remarked Principal Chief Commissioner, IT.

“Tax payers should take filing of IT returns very seriously. IT Returns to be filed on time. All assets should be properly declared in the Returns and income from assets not declared would put the tax payers into trouble. Clear objective of GST is to reduce the black money. If black money comes down, tax revenue will be more” he added. He complemented the ICAI and FICCI for jointly organsing the one day seminar thereby providing more knowledge to the CA fraternity and Trade and Industry.

CA P.T. Joy, Chairman, ICAI, Ernakulam Branch,  Deepak L Aswani, Co-Chair, FICCI Kerala State Council and  CA Jomon K George, Vice Chairman, Southern India Regional Council of ICAI, CA Sreenivas P R, Secretary, ICAI, Ernakulam Branch, Savio Mathew, Head, FICCI Kerala State Council also spoke. 

Sessions were handled by expert speakers CA Ganesh Prabhu B, Chennai, CS Krishna Sharan Mishra,Chennai and  CA Naveen Khariwal, Bengaluru.