As we all are aware of the fact that GST has been a complex procedure of tax filing during its initial days, every business needs to have a GST-compliant software that can not only simplify the various tasks but also helps in the management of your business. Every business is difficult to start and needs a lot of focus and use of latest technology that can help survive your business in the best way possible. Many companies are hiring chartered accountants for making their business GST-ready. Chartered Accounts are professionals and have full knowledge of the GST norms as they are in the touch of government policies and various branches that takes care of the taxation regime. Therefore, there is a great opportunity for the Chartered Accountants and tax professionals to focus on their career and growth by helping businesses which are in need. Businesses, on the other hand, need help of tax professionals in order to learn about the rules and regulations of the new taxation regime and get prepared for the new challenges. In this post, we list the pivotal role of GST under the GST regime. Take a look.
- Representation to GST Policymakers
One of the main tasks of Chartered Accountants and tax professionals is to help businesses in GST registration online and to represent GST policy makers in front of the government and vice-versa. Their duty is to put forth the views of authorities so that both the sides of the market gets the benefit of GST reform with minimum disruption. This way, they help businesses as well as the government authorities to spread the nature of the GST reform, the benefits and the few drawbacks including penalties of not getting registered under the regime.
- Maintaining Registers and Documents
Another most important job of tax professionals is to maintain the documents and registers of the clients’ business. They should also make sure that the registrations are being done electronically with all the updated documents and ensure timely refunds and credit deductions. They are also responsible for computing accurate data, figures according to the liability. All the sensitive information of the clients must be handled, managed and stored carefully. They must know the safety and security measures that can be taken using a reliable GST software.
- Filing Returns
There are several businesses which are in search of such professionals who can seek their business and their complex taxation calculations in a well-managed way. Filing of the taxes and returns bring an opportunity for the Chartered Accountants as well as the tax professionals to groom their own career by helping the taxpayers and businesses who are in need of a proper guidance. CA’s need to comply the businesses with the legalities of the GST regime in order to bring stability.
Audit is an important activity that Chartered Accountants need to do for every business abiding the rules and regulations of the procedure. Audits of the company means that the tax professionals and the Government needs to see the fulfilled logistics requirements and the helps in proper tax compliance and should be done by a professional CA so that everything is performed in a specific and safe way.
- Authorised Representative
Whenever there is a requirement of meeting of a taxpayer with a GST officer, the first step is that he or she must send the authorised representative. It can be a tax professional, Chartered accountant or any other who holds a valid certification of practice as a professional in accountancy. These professionals are required to take care of the business be it e-filing processes, claiming returns or GST registrations online. They have full knowledge of the GST compliance and that’s the reason they are considered as the authorized representatives of any business.
Though the tax professionals and CAs are the most knowledgeable entities, they need to have reliable and efficient GST tools so that they are able to make decisions effectively. They should make use of tools such as GST software, GST rate finder app, GST caculator and so on. This not only helps in simplification of the various tasks but also helps a business to grow more and use their well-managed data in their future.