Professional Opportunities for Chartered Accountants CAs in the domain on Goods and Services Tax (GST)
GST has opened up plethora of professional opportunities for the Chartered Accountants in practice as well as in industry. CAs can help in undertaking impact analysis of GST for various industries, manufacturers, traders, service providers etc. Services of CAs would be most sought for ensuring a smooth transition to a new tax regime as the transition phase would be the time wherein maximum doubts/issues are expected to arise. GST Laws provide for audits by professionals.
CAs, being the audit specialists, may explore the avenue of an audit of financial statements under GST. They may also render other assurance services for GST like analyzing internal controls, compliance audits, assistance in departmental audits, entrepreneurial consultancy etc. CAs can impart training on GST to businesses to make them understand GST functionality. They can also assist in the training programs organized by the Government for their officials.
In addition to the opportunities in-house, implementation of GST might also bring in professional opportunities at a global level as GST is one of the most widely implemented taxes world-wide. Knowledge of GST will help in decoding the tax regimens of other countries thus enabling CAs to provide advisory services and undertaking work in the area of knowledge process outsourcing. Further, CAs may also provide capacity building services across the globe to other countries who intend to implement GST in their countries.