India moving towards corruption free economy: CMA Sanjay Gupta

Source: The Hitavada      Date: 12 Nov 2017 10:13:16


Staff Reporter,


ICAI President CMA Sanjay Gupta, during his visit to Raipur, praised Government of India’s move of demonetisation and introducing Goods and Services Tax

After demonetisation and implementation of Goods and Services Tax (GST), India is going towards corruption-free economy. Transparency has increased after demonetisation and GST which would boost Indian economy, said CMA Sanjay Gupta, President of the Institute of Cost Accountants of India (ICAI).
He was in the State capital to participate in a conclave on ‘How to Overcome Practical Difficulties on Goods and Services Tax (GST)’ organised by Raipur Chapter of Cost Accountants of India (RCCA).

Talking to ‘The Hitavada’, ICAI President Gupta said, “After independence, first time Prime Minister Narendra Modi led Government took a historic decision to implement GST.
Some good results will have to come in Indian economy by March. Indian economy is being formalised. Employment opportunities have increased after demonetisation and GST. Over 1.25 crore tax payers increased in the country after demonetisation. Economic policies of Modi Government are being appreciated by World Bank and other foreign countries, he added. Indian Government is determined to put the country on growth path, lining up several initiatives such as demonetisation, GST, ‘Make in India’, ‘Ease of doing business’, ‘Digital India’ and others, Gupta stated.

Replying to a query on the role of cost audit, CMA Sanjay Gupta said, “‘Cost Audit’ is an independent examination of cost records and other related information of an entity with a view to expressing an opinion thereon. The Cost Audit is a tool for assisting management in improving efficiency of operations, rationalizing costs, improving profitability and enhancing stakeholder’s value.”

Cost audit helps in fixing price of the contract; fixation of selling prices of essential commodities in order to check undue profiteering; to focus attention on inefficient units; to decide in favour of giving protection to certain industries; facilitates settlement of trade disputes brought to the government. Since cost audit ensures efficient running of the business and correct and accurate use of cost data, a healthy competition is generated among the various units in an industry. This imposes an automatic check on inflation.

Cost audit enhances the operational efficiency of industry by focusing on wastages, losses, inefficiencies, idleness in capacity utilization. Cost audit helps to plan and control stocks. It helps to evaluate production processes and enterprise performance. Cost audit helps in increasing the competitiveness of industry, he added.

The President of the ICAI participated in the conclave at Hotel Hyatt Raipur on Saturday. Chairman of Chhattisgarh State Industrial Development Corporation Chhaganlal Mundra, Yogesh Agrawal, RCCA Chairman CMA Arindam Goswami, CMA Ratan Khatwani, ICAI Taxation Committee Chairman CM Niranjan Mishra, Chiranjib Das, Ajay, Kedar Gupta and others attended the conclave.