Goods and Service Tax (GST), which was recently launched in India, is expected to change the whole taxation system in the country. The change will affect not only the working of the various businesses but also the way CA professionals help these businesses with their tax requirements. It is now more important than ever for Chartered Accountants (CAs) to get acquainted with the new tax regime if they want to continue providing their services to businesses in the post-GST era. To better understand the working of the new GST based tax system, one should first know how the new system is different from the old one.
In the post-GST regime, the demand for CAs is increasing rapidly. But it is essential for these CAs to have proper knowledge of the tax filing and returns processes under the new tax system. Many SMEs have already started approaching their consultants for support and guidance with the implementation of GST in their business. Even though this creates a big opportunity for CAs, this opportunity comes with a challenge. Chartered Accountants are required to adapt themselves to the new GST based tax regime if they want to grow further in this area.Thankfully, there are many free GST app and software available online to help make the GST learning and transition process easier for both the businesses and consultants.
With the government allowing businesses to settle their previous pending tax for the old stocks by claiming Input Tax Credit (ITC), taxpayers are seeking the help of their accountants to quickly and effectively resolve the situation so that everyone can move forward.
Opportunities for CAs in the GST System
The role of a Chartered Accountant is same in the post-GST system as it was in the pre-GST era, but the difference is that people and businesses are not yet much familiar with the new tax system so, they are completely relying on their consultants to guide them through the process. A Chartered Accountant, who properly understands the laws and regulations of the GST system, can effectively help his/her clients to transit from the old system to the new tax regime.
Since CAs are finance and accounting people, they are most likely to have the working knowledge of the GST system, even if not the practical experience. With a little practice and help of online tools like GEN GST software, any CA can achieve the level where he/she can effectively help clients to understand and implement this new tax system. The demand for the CAs is only going to increase even further now as the last date for GST registration and tax filing approaches fast. All kinds of businesses are seeking help from professional accountants to get enrolled in GST.
Now that it is officially restricted for each business to have only one authorized agent to manage all their GST registration, filing, and tax return related tasks, the demand for CAs and professional consultants is only going to increase in the GST regime.
Following are some of the specific roles and responsibilities of CAs in the post-GST system.
1. Qualified CAs will be required by people to guide them through the right procedure since most people have very little knowledge of GST.
2. GST is in the initial stages of its implementation. Hence, CAS with proper knowledge of GST system will be able to support taxpayers with GST advice, registration, return filing and other processes.
3. CA will be required by businesses to maintain their electronic ledger accounts on the GST portal.
4. Regular filing of returns and input credit management will keep the demand of CAs open under the new tax regime.
How Gen GST Software Can Help CAs to Reduce Their GST Stress
To make it easier for Chartered Accountants to understand and get familiar with the tax return filing and other processes in the GST system, we have created this wonderful GEN GST Software. This is a complete GST accounting and taxation software for CAs and small businesses who are looking for a GST billing and filing alternative. GEN GST software allows you to easily create invoices, file returns, create masters for your clients, and make tax payments through a secure online payment gateway.
Download the setup for Gen GST software, visit the following link: