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Charted Accountant role in GST

Charted Accountant role in GST

Todays very much talked topic nowadays amongst the professionals is about the scope and the possibility of the implementation and approval of the GST Bill. The monsoon has ended but still the GST Bill has not been passed in the house. The main objection goes with the political parties because they are the ones who are taking the GST Bill with the political perspective and not with the economy as a whole point of view.

Charted Accountant role in GST

Nowadays all the chartered accountants are working for some or other firm or company in which they advised to finalise or set off accounts in which the tax comes down and very negligible tax is required to be paid in comparison with there turnover. But the first question that comes is about the professional is that, are they are approached to do all this things. The answer to it is no. The First Role of chartered accountants should not be to reduce the taxes by doing some wrong work but by complying the laws.

Charted Accountant role in GST

The Second Role of chartered accountants should be that they should be independent. They should be doing some wrong work for there relatives or there clients only for money. They should maintain objectivity, quality of work and should be in observance of professional codes and professional ethics, which describes what is right and what is wrong for professionals.

Charted Accountant role in GST

The Third Role is that they should be the ones who keeps the Record of each and every transaction and should not be hiding anything from the government. They should be helping government for implementing good policies.

The next Role is that the professionals should be more of Business Consultants which thinks of Business as a whole and not merely as a tax consultant. Business consultant is a one who thinks as a business person himself and thinks of how to do the business and what steps is good for the business and economy as a whole, by not compromising the government norms.

The work should not be traditional such as audit, which is now normally carried in India as a compulsion rather than own motive to find out the errors and correct it. Audit is such a type of work which finds out the errors which small errors which in turns becomes the big, which is very much helpful from the organisation point of view.

The next and most important role is that Chartered Accountant should be having the proper and complete knowledge of the GST, which is required to advice the organisation owners to work on the business. For the tax planning and advising the directors, a careful study of GST is must and all professionals should be updated on daily basis so they are aware of each and every happening in the economy.

The initial stage of GST would be the System Audit as the GST would be fully automated and on softwares only and no major Human efforts would be required. So the professional should be having the knowledge of how the system works and how the process and calculation is carried out, and proper audit of the system should be carried out so that no errors can occur.

The Last but not the Least is that GST whenever implemented is said that it would be removing double taxation on a most of the part from what currently it is. So the professionals should be the assisting the government in implementing the same and working on it. The professionals should be knowing each and every procedural compliances under the act and should be regularly updated.

Charted Accountant role in GST

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