New tax system has brought new opportunities in India whether it is chartered
accountant or computer science professional. GST took more than a decade to get passed in both houses of the parliaments. Due to this, there is a very
convenient way to bring a tax reform in India. Everywhere there is a buzz
about the economic improvement due to this taxation system. GST has had a
very positive effect on the businesses and everyone is thankful for this system.
This system has brought one tax policy in one nation and reduced the
complexity of doing business which has resulted in more revenue generation
and more profits. All the rules are similar to whole country. Let us try to figure
out how GST has impacted chartered accountants in India.
What chartered accountants are charging under GST?
After the implementation of GST, there is been a very sharp hike in the salaries
of the chartered accountants and chartered secretaries. Previously, the
chartered accountants used to charge around INR 2500. Now, after the GST
the fees of chartered accountants have been shot up to INR 25000. The chief
reason behind this hike is the load over the CA community. There are lot of
procedures involved in the GST process which has led to this rise.
How GST changed the chartered accountant work scenarios?
When the VAT system was in place, most of the work was done manually
which resulted in the waste of time and money but with the effect of GST,
everything has come online and it has improved work efficiency. With the VAT
system in place, professional are found working in one or two place because
each state has different rules which used to create problems but with GST
rules are same for every state due to which ease of business has increased and work area has expanded.
During the VAT times, the returns were uploaded on a monthly basis and you
have to fill the sales and purchase register and main returns too. If there is any
error, you have to repeat the whole process again and again until the problem
is rectified. This was a very hectic process which wasted lot of time. But with
the coming of GST, we just have to fill the details in the client’s sales register and all the information gets displayed in the purchaser’s purchase register. So due to this process, the time and effort taken to fill data in the purchase and
main form register has greatly reduced. This issue of mismatch data has been
Next step for chartered accountants?
India is a developing country with a huge number of start-ups and small
companies. GST has brought new taxation system into place. So the demands
of individuals who have knowledge of this new system have increased sharply.
GST is a privilege for the chartered accountants. It has increased the fees of the chartered accountants. It has helped not only old chartered accountants but also the new chartered accountants. If you are new CA and you have the
knowledge of GST, then you will be very high demand.
Newly certified chartered accountants have a big advantage of grabbing this
big opportunities. They can offer online services and join forums to answer
queries asked by taxpayers. The chartered accountants are very essential
person of a country. They have to keep themselves updated about the latest
laws and rules of the GST. As far as the future of chartered accountants is
considered, they have a very bright future. GST has helped in building a better
taxation system in India.