GST is a welcome change for CA professionals and will have additional roles for CAs across the nation.The GST comes up with a responsibility to perform and asks for an in-depth taxation study for almost all types of industries.This biggest reform promises to bring a big change in the existing indirect taxes leading CAs to perform as a facilitator between the policy makers, industry, trade organization and the consumers.
After GST implementation all the indirect taxes as mentioned would be clubbed into one single tax. Though the rates of taxes is not yet finalized for each industries but still it is clear that there would be four different slabs of taxation ranging from 5% to 28%, therefore a huge change is expected in the balance sheet of all types of industries.
The CAs are believed to serve all the industries who go for taxation filing at the end of every financial year and to manage the finances of the companies throughout the year. They are responsible for serving every industry in managing their financial details and taxation procedure to outperform and grow up as a big brand.
Estimated growth with GST
GST is a huge challenge and opportunity for the Chartered Accountants and they need to get ready for enabling this change in a smooth and seamless manner. With GST implementation the country is expected to see a gain of $15 -$20 billion in a years time which would promote exports, raise employment, boost growth and ease the business procedure.
The present stats as suggested by National council of Applied Economic research has estimated a boost in GDP which is expected to be around 2%.
The GST is expected to add 20 million new registration or users in the GST regime. Moreover, all the VAT work which was done manually will be carried out online as the new GST is totally governed on an online supported portal.
GST adding more roles to Chartered accountant
Most of the companies have separate teams of procurement, distribution marketing, accounting taxation and so on will need their CAs to map the entire supply chain pattern of the company and various taxes paid at each leg thereafter.
Experienced Chartered accountant in demand
The implementation of GST would definitely result in widening of tax bases, differing rates of taxing goods and in such a scenario CAs with their knowledge on manufacturing, costing and pricing will be best suited to assist the industry.
Experienced CAs would be in great demand who could forsee the problem before the industry could see it. CAs would be required to make changes in the existing transactional methodology to minimize taxation and hence would require services of professionals for this.
Transformation of manual taxation procedure to online registration
There would be more complexity as expected because many businessmen or SMEs who were doing their taxation work manually would now need to register online and should have the best taxation professional with