Opportunities for CS in GST Regime, Role of Company Secretaries in GST. Company Secretaries can play an important role in being an advisor and facilitator for due compliances under GST and be an asset to the general business community and corporate world. The Company Secretary can perform the following types of services to clients:-
Company Secretaries are independent professionals governed by the Code of Conduct provided in the Company Secretaries Act, 1980. Company Secretaries come in existence after extensive exposure provided by the Institute through compulsory coaching, examinations, rigorous training and continuing education programmes. The curriculum of Company Secretaryship Course includes, inter-alia detailed study of Direct Taxes, Indirect Taxes, Accountancy, Corporate Laws, Financial Treasury and Forex Management, etc.
Opportunities for CS in GST Regime
As per the recent study of National Council for Applied Economic Research on Goods and Services Tax, it is projected that with the implementation of this unified tax system in the form of GST, the GDP growth rate in India would turn into double digits. There is no qualm of the fact that GST would be valuable and serve positive results to each and every stake-holder of Indian Economy. Right from Consumer to Manufacturer, Professionals to Regulators and to the masses at large, GST reserves plethora of opportunities for tremendous rewards and recompenses.
(i) Advisory services or strategic advisor
A Company Secretary can comprehensively interpret the law of GST and provide complete guidance and advisory to the business entities. Company Secretaries are more suited for their services because of their knowledge of laws and good communication skills.
(ii) Tax Planning
Company Secretaries are competent to understand the impact of laws and its various alternatives and can be helpful in proper tax planning under GST.
(iii) Procedural Compliances
Procedural Compliance includes registration, filing of returns, payments of taxes, assessment etc. Since a Company Secretary is already playing the role of a Compliance Officer under various other laws, he can assist in the same under GST law also.
(iv) Book/Record Keeping
Like any other tax laws, introduction of GST would also require proper record keeping and maintaining systematic records of credit of input/input service and its proper utilisation etc. Company Secretaries must hone their skills to perform these tasks.
A Company Secretary can provide the service of representation with confidence because of practical exposure due to appearing before various competent authorities.
(vi) Appellate work
Because of their legal bent of mind, a Company Secretary can provide better services in the field of appellate work.
For better administration of new tax regime in the country, it is pertinent to have more and more competent and equipped professionals to facilitate regulators to ensure compliance of various statues and thus help in achieving this ambitious task. The Company Secretaries, who practice in almost all the branches of law and have a strong accounting background, are competent professionals to handle the regulatory compliance under the proposed GST laws. They are skilled professionals who understand legal, financial and compliance dimensions of business entity comprehensively. We look forward to the GST as “Good and Simplified Tax” regime further fuelling the growth of India Inc.
Role of CS under GST
Company Secretaries, being a KMP, are considered as governance professionals with the recognition and authorization given to do VAT Audit, to appear before Appellate Authority as authorized representatives, auditor/internal auditor and to carry out secretarial audit of prescribed companies. With GST being more procedural, it will be easier for them to understand and be expert in due compliances of laws relating to GST.
To Assessee under GST Law
- Procedural Compliances: Classification of taxable services, GST Registration, computation & payment of taxes, filing of returns, assessment.
- Interpretation/Advisory/ Consultation
- Tax Planning & Internal Audit: To minimize tax impact on business & internal audit of records and compliances of GST.
- Representation/Appellate work: Acting as authorized representatives before Central Excise authorities, valuation & classification of goods, advising on search, seizure, assessment of duty & obtaining refunds.
- Support in implementation: Drafting of various GST rules, laws, schedules, returns under GST, assisting IT in website designing for law, rules, provide training to Govt staff.
- Timely updating & correct feedback on provisions of law
- Help in tax collection
- Compliance Audit/ Due Diligence
- Assistance in Dispute resolution
- Dissemination of information to assesses.
Other Roles in GST Regime
- Issue Certificate certifying the fact of non-passing of GST burden (Report for GST on refund process).
- Act as Authorized Representative in the matter of registration under Goods & Services Tax (Report on GST refund process), acting as an agent for taxpayer (Report on GST payment Process).
- A Company Secretary can be registered with the GSTN as ‘Tax Consultant’ and advice his clients getting the high rating under the compliance rating score which would help in establishing good corporate governance of company.
- Governance Professionals should remould themselves from just serving corporates to serve the common man-illiterate businessman who is non-corporate entity and is in need of services dealing with GST. They should be alert in capturing the required information obtained from various sources, assimilate and be ready with action plan to deal with the GSTN
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