President Ram Nath Kovind has said that adherence to a fair taxation system is much more than merely providing revenue to the government and it is part of the same social contract that underpins the Indian Constitution. Launching the Platinum Jubilee Celebrations of Institute of Chartered Accountants of India, ICAI in New Delhi today, Mr Kovind said, under the Constitution people have given themselves certain rights but also certain responsibilities. He said, taxes are what people pay to get social benefits in the form of public goods and services, health and education facilities, better infrastructure, law and order, and secure borders. <br />''<br />''The President said, it is crucial that the responsibility is shared by the widest possible number of citizens whether they pay taxes directly or indirectly. The President said that chartered accountants have a key role in advancing such a culture as they are both facilitators of tax payers and of the taxation system as well as watchdogs of public trust. He said, as professionals, it is the legitimate right of chartered accountants to advise their clients on tax planning. Mr Kovind said, there is a fine line between intelligent tax planning and tax dodging and tax evasion and chartered accountants are custodians of that fine line.<br />''<br />''Speaking on GST, the President said, it has been a gigantic reform which has promoted the ease of doing business and enhanced tax compliance. He said, GST has reduced prices of many categories of goods and services and benefited consumers and end-users. Mr Kovind said, GST has simplified procedures for small and medium entrepreneurs. He said, in the last 70 years, 66 lakh enterprises were registered with the authorities and in the one year of GST another 48 lakh enterprises have been added. The President said, a massive 45 thousand crore rupees of GST refunds have been made till date, entirely online and through digital banking. He congratulated all citizens and every stakeholder for the successful rollout of GST. He said that the GST rollout has been part of a sustained effort over the past few years to formalise the economy, enforce rule of law, promote transparency in financial and business transactions, and make India much more of a tax compliant society.<br />''<br />''Mr Kovind said, Indian economy is set for a surge and by 2025 India is expected to double the size its GDP by 5 trillion dollars. the growth in financial and business transactions will mean more work for chartered accountants and place a greater responsibility on them. He said, Indian accounting and auditing standards are at par with global benchmarks and mandate best global practices in the country. <br />''<br />''The President said, when banking scandals take place, when large borrowers abscond and leave their banks in the lurch, it represents a breach of faith. Mr Kovind, it amounts to a betrayal of not only corporate ethics but of honest fellow citizens and of the collective value system. He said, when such episodes occur, it would be in order to introspect and it would be relevant to ask if those responsible for auditing balance sheets have truly done their duty or if they have contributed to the sorry situation.<br />''<br />''Mr Kovind urged ICAI to promote financial literacy among the young people and especially among women. He stated that education of women is a game-changer for any country and any civilisation. The President said, greater financial literacy among women takes this process forward which will help make India a more prosperous and a more equal society.<br />''<br />