Why GST Training is Importance for CA Students

Have a look into this article and get more information about the GST Training for CA students.If you follow the article you will understand how to be on the safer side while doing GST Training 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

For CA students who wish to be independent and self-employed, this is the best time and opportunity for starting their own practice. Such an opportunity to run one's own business at one's own time and pace should not be wasted.
By establishing a one-stop consultancy firm in one's locality, a Chartered Accountant can provide GST, direct taxation and auditing businesses in the area.
Expert GST knowledge is a must because:

  • 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.

As part of compliance verification, Returns, audit, and investigations are scrutinised. Hence it is essential to maintain proper records.
Correct accounts of the following have to be maintained. In the case of more than one place of business, accounts relating to each place of business should be kept.

  • 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

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Author: Umesh26 Jan 2018 Member Level: Diamond   Points : 4

The article has nicely put forward the need of learning GST regulations and its practical applicability for a CA.

It is imperative that CA persons should learn the intricacies of GST regime as quickly as possible so that they are not deprived of the huge opportunities and business in this area.

Though the basic tax mechanism will be same as in earlier VAT regime but the massive regulatory framework in GST regime will need a thorough knowledge of various exemptions and limits of the annual revenue generated by a business entity. In this context, the acquiring of new software for executing the smooth flow of tax payment and allowable input recovery back to the business will be necessary.

The CA persons will have to look into the issue in totality for which deep knowledge of GST regulations and its applicability in the business have to be on their fingertips.

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