President of Institute of Chartered Accountants of India (ICAI), Nilesh S Vikamsey on Friday said Goods and Services Tax (GST) is an example of how a federal system can function.

Addressing the National Conference of Chartered Accountants here, Vikamsey said, “In a country like India with 29 states, GST is an example of how a federal system can function. It is a remarkable piece of legislation. This is the best thing under given circumstance.”

Vikamsey also said the new tax regime would bring good financial systems in the country.

“We have initially stated small and medium may face problem in compliance in GST. However gradually government started addressing issues of compliance and started simplifying return filling. GST aims to bring good financial systems in the country,” he said.

Talking about the Chartered Accountant fraternity, the ICAI president said it was over 2.80 lakh members strong now against nearly 1700 members initially.

ICAI began with mere 259 students and now more than 8 lakh active students are a part of ICAI. ICAI has 5 Regional offices and 163 branches all across the country.

Highlighting the work of ICAI overseas Chapters, Vikamsey said it continues to spearhead ICAI work programme in 30 important jurisdictions globally.

“We have given expression of Interest to start chapter in Myanmar. We have assisted account professionals of Bhutan and Afghanistan in accounting procedure and standards,” he said.

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