Role of CS in GST, Company Secretary Role in GST Law 2020. Role of CS Under GST Law. The Role of Company Secretaries under GST is enormous and it will increase once Company Secretaries will be recognized under section 42 (Tax Audit) and 50 (Special Audit) of Model GST Law. Based on the Model GST Law. Now check more details for “Role of CS in GST, Company Secretary Role in GST Law” from below…the role of Company Secretaries to provide services to clients can be as under:
Role of CS in GST, Company Secretary Role in GST Law
What all returns does a practicing Company Secretary needs to furnish under GST?
A registered taxable person needs to file following return under GST regime
|GSTR-1||Outward Supply of taxable services||Within 10th of next month|
|GSTR-2||Inward Supply of taxable services||After the 10th day but on or before the 15th day of the month succeeding the tax period|
|GSTR-3||Monthly return||On or before the 20th day of the month succeeding such calendar month or part thereof|
|GSTR-9||Annual return||On or before the 31st day of December following the end of such financial year.|
With the objective of ensuring smooth rollout of GST and taking into account the concerns expressed by the trade and industry regarding filing of the returns in GST regime, it has been decided that, for the first two months of GST implementation, the tax would be payable based on a simple return (Form GSTR-3B) containing summary of outward and inward supplies which will be submitted before 20th of the succeeding month. However, the invoice-wise details in regular GSTR-1 would have to be filed for the months of July and August, 2017 as per the timelines given below –
|Month||GST- 3B||GSTR-1||GSTR-2 (Auto populated from GSTR-1)|
|July||20th August||1th-5th September*||6th – 10th September|
|August||20th September||16th – 20th September||21st-25th September|
* Facility for uploading of outward supplies for July, 2017 will be available from 15th July, 2017
(i) Educating Entrepreneurs and Restructuring their Business System
To minimize tax and smooth implementation of GST, the business would require restructuring their system and Company Secretary can provide service to proper restructuring business while keeping in mind that present system of business will not be disturbed and at the same time get maximum benefits of Tax under GST.
(ii) Procedural Compliances
The procedural compliances would be:
- GST Registration
- Computation and payment of taxes
- Filing of GST Returns
- GST Assessment
- Help for GST Login at GST Portal
- HSN Code List
Company Secretaries are already doing these services under various laws so they will feel comfortable to provide these services.
(iii) GST Record keeping
Young Company Secretaries focused on accounting are now well trained as how to keep proper record of accounts. Record keeping is one of the important tasks to implement GST in business. Record keeping will support to fulfill procedural compliances in easy manner..
(iv) Interpretation/Advisory/Consulting services
To interpret laws, company secretaries are having special skills and already proved their competency under various laws. A Company Secretary can interpret GST in much better manner and can be an expert of GST. This is a lucrative area and requires independent expert knowledge. Being a Corporate laws advisor, Company Secretaries are having an edge in this service.
(v) Tax planning and Internal Audit
Tax Planning requires expert knowledge of GST and good interpretation skills of professionals. Under the tax planning, the focus is to minimize the tax impact on business based on the provisions of GST Law. Some of the clients are interested to do the Internal Audit of records and compliances of GST. At least once in a year, Internal audit to be done and this service can be performed by CS who already has practical exposure of various types of Entities as an Internal Auditor.
(vi) Representation with GST Authorities
Model GST Law allowed Company Secretaries to appear before the GST Authorities and Company Secretaries can justify these services based on their performance and practical approach because of their communication skills and interpretation and good knowledge of Laws.
GST will boost the economy because of growth in revenue collection and increase in investment. GST is equally welcome law for the professionals because it will increase the scope of the area of practice and service and offer opportunities to professionals to play a role in nation building. Obviously it is a win-win situation for Industries/dealers/traders because of simplification of tax systems and cost cutting of products and consumer will enjoy the reduction of price of goods so GST will give a lot to all segments of Civil Societies, Industries, Professionals and Government hence, we must come up with open heart in support of GST Bill and further its implementation.
There is a feel that to get more revenue and for real independence of professionals for Tax Audit under GST, a check and balance mechanism should be forced by the Government and a suitable rotation policy should be added in the GST Law which shall be practiced by auditing as well as representatives by all peer professionals of statutory bodies and rotation of services after a defined period shall be introduced amongst the said professionals will bring the quality, competitiveness and single point of service to all stakeholders. This will help the economy to grow and will attract more global investors to investment in India.
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- Role of Company Secretary in GST
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