Why GST Training is Importance for CA Students

Our country has crossed a significant milestone with the implementation of GST on 1st of July, 2017. Along with the introduction of VAT in GCC countries, this has created a massive demand for professionals who can handle VAT and GST accounting. The environment for accounting practice has changed with the new tax regime. To meet today's tax needs, professionals have to be knowledgeable about GST and be capable of advising their clients.
As qualified professionals, Chartered Accountants have a very high advantage over non-qualified consultants. CAs need to have knowledge of
1.The main legal aspects of GST law
2.Various compliance required under the law
3.Procedures to be followed to ensure compliance
4.Latest developments and changes introduced/intimated by the GST council
Small and Medium Enterprises (SME) generally go to Chartered Accountants for any tax-related issue. Since strict compliance is required under GST, these businesses would prefer to approach professional consultants for assistance to prepare and execute compliance under GST.

If Chartered Accountants are not prepared to guide and support such clients, they will lose out on their share in the GST market. If they are well prepared to be GST consultants, to provide advice, clarification, and support to their clients, they will be able to increase their business and maintain a very successful practice. For this, it will be advisable that Chartered Accountants prepare themselves by obtainingGST training, if possible.

Since clients will be looking up to the CA for advice and support, if the professional is not aware of the latest scenario, the client will look for better consultants. Other consultants are at present doing their best to grab the opportunities that GST has opened up. So loss of clientele due to lack of training will be a huge setback to the Chartered Accountant who could lose his auditing and direct taxation business when the client moves to a new CA.

CA students will have a fresh start as they begin their practice in the GST regime itself. They will not have previous knowledge and experience of the service tax regime to misguide or influence them. A suitable training session for CA students would be one which:

• imparts up-to-date knowledge in GST


• Improves analytical and problem-solving skills so they can make the right decisions

• Substantial cashflow errors can occur due to small mistakes.


• It is time-consuming to learn on the job.


• Account keeping under GST is very strict:


• Entries in registers, accounts, and documents are not allowed to be erased or overwritten.


• Wrong entries, except typo errors, have to be struck out and attested before right entry is made.


• In the case of electronic record keeping, entries edited or deleted have to be logged.


• Manually entered books of account have to be numbered serially.

• Inward and outward supply of goods or services or both


• Details of tax payable, tax collected and paid, input tax, input tax credit claimed along with a register of tax invoice, credit note, debit note, delivery challan issued or received


• Output tax payable and paid


• Accounts of goods received and supplied with details


• Names and complete addresses of suppliers


• Names and complete addresses of recipients


• Complete addresses of the places where the goods are stored including goods stored during transit


• Monthly accounts of production showing details of raw materials or services used for manufacturing and details of goods manufactured including waste and by-products


• Details of goods used to provide services, details of input services utilized and services supplied
  Imported or exported goods or services


• Supplies attracting payment of tax on reverse charge including invoices, bills of supply, delivery challans, credit notes, debit notes, receipt vouchers, payment vouchers, refund vouchers and e-way bills


• Separate accounts for works contract


• Records of goods transported, delivered and goods stored in transit to be maintained by a transporter


• Record of goods stored in a warehouse or god own