Role of Chartered Accountant in GST:
As the pace of GST implementation is on hold, here goes to the Chartered Accountant to conquer their professional services. Necessary guidance and support provide by Chartered Accountants will be undertaken as a content management to the taxation proceedings by the taxpayers. CAs will act as a body representatives in the post implementation of GST for the swift response to the change meant. The already finalised roles of CAs are redefined again for given importance for GST advisory services provider. These Chartered Accountants are priority now for the reason they will be needed for impact study, contract reviews, impact on business structure revamping, supply chain management, GST refund and more. Chartered Accountant are recognisable for the continued transaction or transmission mapping in the system of taxation. Here again, under GST regime they are called for duty to make the taxpayers compatible to the GST law model. CAs approach to numbers to make the firm, company, taxpayer’s life to be simple. Some of the already decided assigned roles can be not to reduce the taxes by doing some wrong work but to comply according to laws. Or they should be independent, maintain objectivity, quality of work and an observance of professional service provider and ethics holder. CAs are expected to keep records of each and every transactions made and no hide from government. Instead a helper to the government to implement good policies.
Chartered Accountants will be proved to be the most integral assured service provider once the GST rolls on. They will do the verification of records on monthly basis, even the invoices and other records to get correct codes of information in accordance with the government authorities. Preventions and fine fault will be taken care by the CAs as well as to eliminate the possibility of getting faulty tax credit and removal of duplication. Tax credit leakage is a serious issue that any tax payers wants to avoid or detect. For which CAs are perfect one to approach. Internal audit of GST records, the forms of excess computational of tax credit will instigate bad health to the taxpayers. To make the taxpayers reduce tension of statutory audit or special audit, books of account to be examined by CAs is mandatorily be followed. CAs are not merely a tax consultation station, but more to it. They are the one who will make sure to look after the business economy health by the abatement of government norms and regulations. They will be compatible for removal of double taxation at most. CAs efforts will be a requirement to accolade the efforts of the experts in the formation and implementation of GST law. CAs are the knowledgeable planners and evaluators of ages. They have proper and complete know how of the organisation of taxation.
CAs will advise taxpayers about the eligible criteria of input tax credit (ITC), maintain and also GST procedural compliance too. They also compute and intimate accurate tax, matching the same and reconciliation of tax credit too is done for the maintenance under section 42(4). A consultant to the taxpayers and all active participation from CAs will form a level of provision of free faults in taxation and smooth run of GST regime. The taxpayers are in a couple of confusion states where a CAs can be the one to rescue them from drown. Symptoms of faults is common in taxation. Therefore, CAs will accurate all the faults and also help in providing assured service for no defaults in tax payments and registration too. Likewise GST will be implemented without disputes or clash of disability in payments injured by the taxpayers.