Along with changes in the way business run in India, GST is also going to impact the life of the professional chartered accountant in a manner of some difficulties and convenience.
It will be favorable for our nation’s growth and prosperity. During this difficult phase of a lot of accounting work, they will learn a lot and get various new opportunities as well. It will also assist the professional accounting services and help India in the digital endeavor.
Chartered Accountant is required to get knowledge about the domain and segment of the GST to ascertain that their clients are satisfied with the requirements and needs of the relevant business.
Here is the detailed discussion on the life of Chartered Accountants after GST implementation, just have a look at it:
The government of India has now consolidated the previously applicable direct and indirect taxes with the inputs rendered by the tax authorities. Now income tax and sales transaction are easily traceable using the excise duty and VAT assessment. This change makes the taxpayer get input tax credit benefit with ease. The double command of Central and State government on the system will surely make the cross informational exchange at the level. Taxpayers will be able to secure the positions by getting relevant professional accounting services for the Goods and Services Tax regime.
Role Of CAs In New System:
With the GST implementation, new rules and amendments introduced in the taxation system. In the previous indirect tax regime, logistics, accounting, commercial or other relevant industries were taxed as per the multiplicity of the applicable taxes. Now, the system has been improved and everything is required to do in the bracket of GST subsuming all the previously applicable indirect taxes. Hence, it is important that the accounting professionals know the GST and new legal notions related to the present tax system. The professional chartered accountant is now required to handle everything as per the new system and requirement of the client and unfollow the previously applicable rules of the previous system and adapt to the new. For newbies in the field, it is a good chance to learn and grow with the new system regardless of competition with experienced professionals of the field as the system is new for all.
The new CAs have various opportunities in the field now over the consultants who are non-qualified as professional know very well about the tools related to GST such as calculator and software. They assist the client in registration, claiming input tax credit, etc. With the single consolidated tax combining state and central government, it will make CAs understand the single government and applicable taxes on the supply of products. Goods and Services tax has various opportunities for CAs which can be categorized as pre and post- GST implementation:
CA Opportunities Before GST:
Under the previously existing tax regime, the professional chartered accountant has to concentrate on GST readiness of the clients and relevant areas such as:
- are required to prepare the management, clients, and staff according to GST move and require to provide the training to prepare them as per the requirements.
- They require to know the legacy taxation system of the client to prepare the business of client GST compliant.
- The professional accounting services require to be revised or replaced in term of new GST software and requirements.
- Strategic plans require to come into effect to prepare for logistic, commercial needs of the clients.
CA Opportunities After GST:
After GST, various opportunities opened for CAs and related professionals, which are:
Inform and guide businesses according to newly implemented GST regime requirements.
- Help businesses to understand the necessary document needs and GST compliance which are required to submit for GST registration.
- They need to check that the credit leakage is minimum for a client’s business.
After GST implementation, the opportunities for professional accounting services have increased significantly and so the role of CAs. so, it is necessary that the CAs now take interest in new taxation system to understand fully and then advise people accordingly.