The introduction of GST in India is an important milestone in transforming the indirect tax system in the country. It helped to create a uniform national market that has been instrumental in boosting the economy and making our products more competitive in international markets. The benefits of registering under GST has attracted many small and medium industries and there has been a remarkable increase in the tax base and a substantial increase in tax revenue after its implementation in our country. The digitization of processes, from registration to filing returns, has made compliance smoother, attracting more businesses to join. The other reforms, like the implementation of the e-way bill system, e-invoicing, promote transparency and data sharing between businesses and the government.
More businesses, including e-commerce, retail, and service segments, are expected to be integrated into GST in the future. GST has the potential to witness immense growth in the coming years. The challenges and complexities of technology driven reform necessitate expert and skilled professionals to manage the compliance procedures for businesses. So, the requirement of GST experts has increased, thereby increasing the career prospects in the GST realm. To gain expertise in GST, you require a combination of knowledge, experience and continuous learning. In this article, we outline the actionable steps needed to acquire expertise in GST.
Role and responsibilities of a GST professional
- GST registration and cancellation
- Calculation of taxes and filing returns
- Applying for refunds
- Matching invoices and reconciliation
- Replying to notices and filing rectification returns
- Providing documentation during audits
- Providing the tax authorities with their requirements during queries and audits
- Act as an authorized representative of the taxpayer in legal proceedings.
Important characteristics of a GST expert
GST professionals must have a comprehensive knowledge of the indirect tax regime and GST compliance. They must update with the continuous changes that the government implements from time to time. The qualities required to gain expertise in GST are as follows:
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Comprehensive knowledge of GST
The professional must have a complete knowledge of the GST regime in our country. They must understand the GST law and have good knowledge of the important sections and their interpretation. They must be aware of the different types of taxes levied under GST, including IGST, CGST, and SGST, the method of calculating the tax, the applicable HSN codes, and the rate of tax. They must have thorough knowledge of everything from registration to filing returns and other compliance procedures.
The professional must have good analytical skills, as they are required in their business. They are required to help analyze and optimize the business operations. Their strategies play an important role in the decision-making of the business.
The GST process is completely digitized. The GST process involves everything from registration to filing returns to other compliance procedures to be done online on the GST portal provided by the government. So basic technical knowledge is required for GST professionals.
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Problem solving and attention to detail
Attention to detail and problem solving are qualities that are crucial for GST professionals, as accuracy is very important while filing returns and for other compliance procedures.
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Communication and time management
The GST professionals must coordinate with other teams like accounting, auditing, reconciliation, and other business management teams. So they must possess good communication skills. Time management skills are vital, as compliance processes are time bound under GST. Non-compliance within the specified time can result in penalties and other consequences.
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Accountability and integrity
Honesty and precision are important for a GST professional to maintain the credibility and authenticity of the business. The business needs to maintain the trust and confidence of its clients, and GST professionals have a huge role in it.
A great deal of organizational skill is required for a GST professional, as they have to juggle between various tasks and have up-to-date knowledge of the revisions, notifications, and changes in GST rules and regulations as notified by the GST council from time to time. By enrolling in a good GST certification course, the participants can develop these skills that are crucial for a GST professional.
Step-by-step guide to becoming a GST expert
There are some important steps you must follow to gain expertise in GST and become a GST professional. They are as follows:
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Understanding the basics of GST
To start the process of gaining expertise in GST, you must first gain a thorough understanding of the basics of GST. Start by familiarizing yourself with the concept of GST, its objectives, and its framework, including registration, invoicing, filing returns and other regulatory procedures. It is important to learn the implications of GST on businesses and consumers. You can also learn about the different GST models implemented worldwide, as well as the specific GST regulations applicable in your country or region. Working on GST software, doing mock transactions, will help you gain practical knowledge. Joining professional networks, taking guidance from experts for resolving queries and clearing doubts help in gaining a good understanding and knowledge of GST. Consistent learning and practice are required to become good GST professionals.
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Enroll in a GST training program
The next step is to enroll yourself in a comprehensive GST training program to gain good expertise. There are many professional institutions, educational institutions, and online platforms that provide specialized training programs on GST. These programs cover all aspects of GST, including its legal framework, compliance procedures, and latest updates. There are also many workshops, seminars and short-term training courses for specific needs. You can choose the course depending on your professional and learning goals and needs. With a stable internet connection and the ability to understand financial and taxation concepts, you can easily learn about GST from the comfort of your home. There are various weekend classes for working professionals. Reading books, watching videos. You must choose programs that provide practical experiences, real-world case scenarios enhance learning.
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Stay updated with latest GST changes
There are frequent updates and amendments to the GST rules due to evolving economic conditions and government policies. An expert GST professional should keep up the changes and have up-to-date knowledge of the working rules and regulations. They must follow up on the CBIC website for authentic information. They must keep up with notifications, circulars, and case laws regularly and read articles published in popular financial publications. Subscribing to newsletters, publications relating to taxes and government notifications and regularly reviewing rulings will help you stay up-to-date of changes that impact your business and clients.
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Hands-on or practical experience
Applying the principles of GST to real-world scenarios through practical or hands-on experience is a more effective method of gaining expertise. Work on projects based on GST related applications through internships or freelance assignments. Engaging in GST related activities like preparing returns, conducting assessments, and advising clients on GST compliance will help you gain more experience and deeper knowledge and equip you to handle complex issues effectively.
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Collaborating with experts
Collaborating with experts can provide valuable insight into industry best practices. Networking with tax consultants, accountants, and legal experts specializing in GST. Networking with tax consultants, accountants, and other experts specializing in GST can accelerate your learning process. Events like conferences, and other programs on taxation give you an opportunity to connect with industry peers and help build professional relationships. Mentorships with experienced professionals can enrich your knowledge and improve your network.
There are many software tools and solutions designed to streamline GST compliance and increase efficiency today. Learning the use of technology to automate routine processes like invoicing, generating reports and tracking tax liabilities is crucial to gaining expertise in GST. There are many e-resources, like compliance guides, and e-learning platforms, available, that you can access anytime, anywhere, gain expertise in GST related tasks and stay informed about the changes in the fast-changing tax system.
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Engage in continuous learning
The indirect tax system is continuously evolving and changing and requires continuous learning and adaptation to stay ahead of the changes. Engage in continuous learning by participating in industry forums and discussions. Always stay curious and proactive about exploring emerging trends, innovative strategies, and case studies related to GST to acquire the expertise needed to navigate the complexities of GST effortlessly and smoothly. By embracing a mindset of continuous learning, pursuing advanced certification courses, and enhancing GST expertise, you can become confident and competitive in the tax profession.
Advantages of gaining GST expertise
The GST compliance processes require meticulous attention to detail and a thorough understanding of the tax laws, and regulations. Businesses strive to ensure compliance by hiring GST experts to manage the tax regulatory processes. These are the benefits of gaining GST expertise:
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Improved job opportunities
As new businesses launch and more and more businesses register for GST, the demand for GST experts increases every year. The experts are better equipped to handle the complex compliance processes as the tax authorities update and revise the tax laws regularly.
The GST experts get an average of 15% to 25% salary hike compared to regular employees, especially when they are certified professionals.
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Gain knowledge and competence
GST experts gain valuable knowledge of the GST law and its practical applications and businesses trust and value their expertise and prefer to employ them.
The GST experts can set up their own consulting firms and guide and help taxpayers who seek support in their regulatory requirements.
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Skill development and competitive advantage
The GST experts develop various skills apart from knowledge of taxation laws like analytical, accounting and other business management skills. This competitive advantage improves their potential career opportunities. Their strategizing skills helps their employers to optimize their taxes, and help the business grow.
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GST Certification Courses
There are various institutes that provide government recognized certification courses, like IIM skills, Vskills, ISEL, NACEN, ICAI, ICWAI, ICSI, Swayam, Udemy, Tax Guru, CAclubindia, Skillshare, Indian Institute of Skill Development Training, Arun Jaitley National Institute of Finance Management, Henry Harvin Accounts Academy, etc. The GST certification course offered by MSME, aims to enhance knowledge by providing updated information on GST. These courses not only help gain expertise in GST, but they also help to improve your analytical, problem-solving, and decision-making skills.
Conclusion
Becoming a GST expert opens immense job opportunities, either as a practitioner working for businesses or to open a consulting firm of your own. There are many free online courses that can help you gain a good understanding of the basic concepts of GST. Reading books, listening to YouTube videos, podcasts, and attending seminars, workshops, help to gain knowledge. Various interactive platforms provide practical experience. Working on GST project can enhance your skill and improve your career opportunities. A certain amount of dedication, hard work and enthusiasm is required to become an expert GST professional.
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Frequently asked questions
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What are the duties of a GST professional?
Answer: A GST professional helps businesses from registration to preparation and filing of returns, claiming refunds, and other activities related to GST compliance.
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Do I need to be enrolled as a GST practitioner on the GST portal?
Answer: A GST practitioner performs compliance activities based on the information provided by the taxpayer, but the legal responsibility of such filings and other activities remains with the taxpayer. So the authorities recommend registering as a GST practitioner at the GST portal.
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Who can enroll as a GST practitioner on the GST portal?
Answer: Chartered accountants, Company secretaries, advocates, Cost and Management Accountants, graduates, post-graduates in commerce, finance, banking, business administration and business management, degree holders of any foreign university, retired government officials, sales tax practitioners under existing law, and tax return preparers under existing law are eligible to enroll as GST practitioners on the GST portal.
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Should a practitioner register separately in each state and union territory?
Answer: A single enrolment is sufficient to practice on all India basis. But you are free to apply for another registration in another state if you have a professional address there.
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Where can I view my administrative authority?
Answer: You can view your administrative authority under ‘track application status’ after logging into the GST portal.
