Home / Article / 1,20,000 Opportunities for Chartered Accountant After GST In India

1,20,000 Opportunities for Chartered Accountant After GST In India

Opportunities for Chartered Accountant

Let’s know about 1,20,000 Opportunities for Chartered Accountant After GST In India!! On 03.08.2016, RajyaSabha has approved the constitutional amendment bill named as GSTas “the biggest indirect tax reform since independence”. After the approval of this tax, it is expected to change the way of businesses and profoundly it would bring growth and prosperity to our nation.

As you know that there is a well-known quotation i.e. “opportunities knock only once at your door”. Actually, GST is great opportunity for professionals in terms of opportunity to serve, learn and earn for us. If we discuss about the Tax Professionals – Chartered Accountants, are at the heart of the tax compliance system and impacted after GST as it is special significance and opportunities for the CA profession.

Opportunities for Chartered Accountant

Let’s come with us to acknowledge How GST Will Impact the Life of Chartered Accountant and details of the Opportunity for Chartered Accountants?

Here are Huge challenges for CAs after GST implementation as well as GST – Vast Opportunities for the Profession that are well described below, so please have a glance!!

Enlargement of the Services Landscape!!!

1.Increase in Tax Payers:

It is estimated that there are around 9.5 million registered tax payers in the country today in the field of indirect taxes – Central Excise, Service Tax and VAT. The coverage of GST will be extensive due to a tax on ‘supply of goods and/or services’ with minimal number of exemptions and exempted sectors.

Check Here: Chartered Accountant Salary in India

2.Increase in Compliance Needs:

Statutory requirements like submission of audited accounts by taxpayers with turnover of +Rs 1 crore and an Annual Report reunited with the assessed balance sheet and profit and loss account will bring in significant amount of convergence between GST and indirect compliances accentuating the role of CA professionals.

Collaboration between Audit and Tax Practice!!!

1.Automation, Reconciliation, Accounting:

Mandatory requirement for timely/pre-reconciliation, consequences impacting availment of Input Tax Credit (ITC) by real time accept/reject/modify all will lead to a need for making, tracking and in turn matching with the accounting records that could be done by CA professionals.

Must Know: Top 10 Highest Paying Jobs In India in 2018

2.Complementary Practice:

If we discuss about the Role of CA in GST, he doesthe audit, analysis and reconciliation between two recordsas an auditor. This is best done by taking up the tax compliance work i.e. up front guidance, supervision or audit thus reaping the optimum synergies.

Advisory Amenities Opportunity!!!

1.Transition Related Advice And Hand Holding:

GST impacts assessment, planning optimizations, renegotiation of contracts, analysing business scenarios, finalizing business processes etc.that involves an important role for a tax advisor or Role of Chartered Accountants in GST.

2.Re-Designing Of Business Structure:

GST reforms the businesses also need to be in line and impact the tax structure, its incidence and computation, credit availment and utilization, compliance. GST Impact on Chartered Accountant and CS Professionalswill be needed in such restructuring and reengineering exercises.

GST Implementation in India: Check Rates Hikes & Falls on Goods and Services

3.Other Similar Opportunities:

Apart from the above mentioned opportunities, Guidance to clients, Handling compliance verification processes like audits and scrutiny, Handling legacy issues like past assessments/audit are also included in Opportunities in GST for Chartered Accountants.

An opportunity to leapfrog to the future professional services model!!!

1.Digitisation Support:

GST changes the full digitisation of the indirect taxation process.CA Professionals can hold, advice, train and support the client base after GST in India that will be much needed, appreciated and valued.

2.Assist in Simple, Secure GST Compliance:

Clients can upload the transaction data using API based integration of their accounting and/or billing software or just taking them on a pen drive to the CAs office and run the program, validate the numbers and have them submit their GST returns with ease and under comfort of an expert supervision.

SUBSCRIBE FOR REGULAR UPDATES

Get Free Alerts On Mail

Overall, it is that ‘once in lifetime opportunity’ for CAs

Final Words!!

Hope you are satisfied with this page of 1,20,000 Opportunities for Chartered Accountant After GST In India and understand How will implementation of GST affect the demand of chartered. In order to get more details concerning GST opens job opportunities for finance, commerce graduates or Opportunities for CAs under GST Regime, stay tuned with us – www.recruitmentinboxx.com.

Leave a Reply

Your email address will not be published. Required fields are marked *