How GST will impact the lives of Chartered Accountants across the country? - Make Money Online

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How GST will impact the lives of Chartered Accountants across the country?

If a normal customer looks at GST as a plan, it is quite evident that it would be a boon for them- primarily because of lowered prices. When we discuss the same in context of business enterprises, there is a promise of a simplified tax regime for indirect taxes. Finally, the Government of India also stands to gain as there is a promise of higher tax revenue that it carries. But, there is one more stakeholder in the entire business ecosystem that also stands to gain immensely with the introduction of a unified tax structure- the Chartered Accountants

Let us discuss in detail about some of the major benefits that can be derived with the implementation of GST as it will bound to make the life of a CA very much easier than what it was.
  • Increased client base GST is a completely different ball game in the taxation system, when we compare it to the current regime of indirect taxation. Since the announcement about GST, business owners, big or small, are making an effort to reach out to the CA community to understand the process of GST registration and other allied areas. Business enterprises want to know how GST would be applicable for their set of operations.
    In such tough times, a CA is going to play a pivotal role, not only for advising the clients, but also educating many entrepreneurs about the functioning of GST portal as per the GST law. This is absolutely critical, since its compliance requires a basic understanding of the law- and this is exactly where a CA comes into the picture. This will inevitably lead to an increase in the client base for CAs, lead to more liquidity for them.
  • A window of opportunity for new Chartered Accountants GST is tipped to be a life-saving drug for the fresh as well as for the ones who aspire to become Chartered Accountants. There is a very simple reason if we come to think of it, this a revolutionary tax regime that is going to be implemented in India for the very first time. In simpler terms, it is completely different from how it is currently- both for the seasoned CAs as well as an inexperienced CA. It can be safely said that both of them are sailing in the same boat. Fresh pass-outs can look at this as a window of opportunity and give their careers a much needed impetus by riding on the GST wave.
    With the process of GST registration already started, the scope would be humungous once it takes full effect as business entities would require compliance related advisory from them. They would also require a seamless transition to GST without hampering their daily business operations.
    Precisely, with the right kind of knowledge for GST, the life of a fresh Chartered Accountant is bound to change for the better.
  • Improved bottom line due to compliance Implementation of GST would not only lead to an increase in the client base for CAs, but will also lead to a tremendous growth in revenues for their CA firms. There is a huge financial benefit that they stand to achieve as a result of GST.
    In simpler terms, if a client approaches a CA regarding GST implementation, there might also be other professional accounting hindrances that they might be facing like timely return filing, tax payment, and registration on GST portal etc. This will certainly lead to a surge in bottom line for both experienced as well as new Chartered Accountants.

We can comprehend from the above discussion that GST would subsume the wide-array of indirect taxes like Service Tax, Excise Duty, and VAT. GST would lead to a reduction in complexities for CAs and would also increase the ease of doing business. Business entities would look for professional help from CAs so that they can operate seamlessly through multiple geographical boundaries.
How GST will impact the lives of Chartered Accountants across the country? How GST will impact the lives of Chartered Accountants across the country? Reviewed by Dhanur Chauhan on 12:17 AM Rating: 5