Are You Prepared For GST?

The reformation of taxation system i.e. Goods and Service tax has been launched on 1st July 2017. GST will undoubtedly bring lots of changes in the Indian economy. The GST is a big transformation for the business world but how it will look like from the eyes of working professionals?

Professionals will have similar effects of GST as the ‘other taxable persons’.
If you are an architect situated in Pune and are giving services on-site to the customer in Bangalore (where your place of work varies), then regardless of what your turnover is, you will have to register under Goods and Services Tax (GST) in the state of Karnataka.
Entrepreneurs with small scale businesses or the service providers such as interior decorators, fashion designers, make-up artists, gym-trainers, musicians, counselors providing taxable goods or services need to register under GST if the term ‘casual taxable person’ relates to them and this will be applicable interstate. This registration will be required even if they fall below the threshold limit for GST levy. Currently, the exemption limit for GST is a turnover of Rs 20 lakh and Rs 10 lakh in NE states.
The GST is going to effect on the entire tax structure drastically. GST will interchange the existing tax system i.e. indirect tax. The application of GST is a part of the Government’s tax reformation program to improve the efficiency and effectiveness of the existing taxation system.

It is will be more effective, transparent and business friendly than the earlier system. So it will have positive effects in the growth in the economy of the country. The GST will be charged on each stage of supply-chain which makes it multi-stage tax. It is also profitable from the final customer’s perspective as they will be charged reasonable prices for most of the products and services. Also it will be entirely managed in a computerized environment which eventually guarantees the quicker and reliable transactions.

The GST is going to be a boon for CA, CS and CWA professionals.

Like earlier, the Chartered Accountants cannot perform the practices to get down the amount tax so that the company or firm for which they are working will have to pay negligible tax. The prime task of chartered accountants is that they should not decrease the taxes by doing some wrong work but must follow the laws.

Like earlier, the Chartered Accountants cannot perform the practices to get down the amount tax so that the company or firm for which they are working will have to pay negligible tax. The prime task of chartered accountants is that they should not decrease the taxes by doing some wrong work but must follow the laws.

Secondly, all these book keeping professionals should keep the integrity and quality in the work, also should be in compliance of professional principles and Ethics. They should help the government to assure the transparency in the transactions.

But for easy and clear implementation of GST the Chartered Accountants and Company Secretaries should have the proper knowledge of GST which is necessary for giving the accurate advises to the taxable people. For the tax planning and advising the business owners, a complete and proper study of GST is requisite and all professionals should be updated on daily basis so they are aware of each and every happening in the economy.

Nilaya ICATS institute of Commerce is the place where you can learn all about GST. We will guide you on all the details of the implication of GST. GST should be well understood and applied in the practices with accuracy. The inclusion of GST in our courses will help you to be prepared for GST, so that you will be self-sufficient to tackle the situation.

The GST is the present and future of the Indian economy. The chartered accountants and other accountancy professional have to be ready for this change. For them there are lots of new opportunities and it is going to be a boon for them. Taking the right course will make you understand GST properly and will keep you updated with all the latest happenings of the economy and will make you industry ready at the same time.