How GST Changed Accounting Careers in India – Complete Guide

The Goods and Services Tax (GST) as the most important change in the taxation process in India appeared in 2017. GST transformed the accounting profession by combining various indirect taxes into one, thus simplifying the taxation system. GST provided new tasks, new chances, and professional abilities that accountants, students of finance, and business owners will need.

Role of GST in Redressing Accounting.

With the introduction of GST, accountants had to deal with many types of taxes such as VAT, excise duty and service tax among others which could have made compliance difficult. When GST surfaced, the system was simplified to a single tax system and the way accountants process records and enable business was changed.

• Reporting was no longer done periodically but monthly and in real time.
• The companies required experts to get used to the new system fast.
• The role of accountants was to bridge compliance with businesses by the government.

Extremely high GST-Professional Demand.

The implementation of GST argued an urgent need of accountants who could deal with the technicalities of the same.

• Businesses needed experts who had knowledge on GST regulations and filing of returns.
• GST training was an important aspect of accounting and finance training.
• Small companies and big firms needed skilled GST consultants to ensure that they remained compliant.
• This has changed GST into a career in the accounting profession.

Revising the Accountants Responsibilities.

GST not only made taxation simpler but it also increased the scope of accountants. The existing professional is a compliance manager, record keeper, strategist and advisor.

1. GST Return Filing

Accountants make sure that they do not face penalties by ensuring that they file their GSTR forms on time.

2. Business Advisory

They can lead the way on the businesses, input tax credits, exemption, and compliance plans.

3. Technology Integration

Still, since GST is all digital, accountants can use software such as TallyPrime, Zoho Books, and GST portals to file it smoothly.

4. Audit & Reconciliation

Periodical reconciliation of purchase data with sales and GST data has become a very important aspect of their work.

The skills needed in the GST Era.

The modern world requires legal expertise and computer skills to succeed in accounting.

Proper knowledge of the GST law.

• On-field experience in filing on GSTN portal.
• The knowledge of software (Tally, QuickBooks, Zoho Books)
• Compliance analytical skills.
• Communication skills to explain the tax regulations to the customers.

A GST career opportunity.

The GST regime has increased industry employment. Potential solutions are:

• GST Accountants – Preparation of accounts and their filing.
• Financial Analysts- You can use GST information to derive insights about your business.
• Compliance Officers – It is the responsibility of Compliance Officers to comply with government regulations.
• Freelance GST Practitioners-The Company offers standalone taxing to SMEs.
• GST body of knowledge gives them an edge in the eyes of the students:
• As the Indian economy continues to go digital, these positions will continually increase in demand.

Accounting Student Benefits

Not only is GST a subject that students or other professionals have to acquire knowledge of but it is a career-defining skill.

• Is a specialization of accounting.
• Prepares them better to work in the finance and corporate sectors.
• Makes freelancing and consulting jobs available at the young stages of careers.
• Recruiters today would favour those who know the accounting fundamentals and the GST law.

Future of Accounting With GST.

With that said, in the future, GST compliance would be even more technologically oriented.

• The use of e-invoicing and real time tracking of taxes are becoming significant.
• Artificially intelligent tools will help with audits and filings.
• Instead of simply bookkeeping, accountants will increasingly become more concerned with advisory and analytics.
• The most career opportunities will go to students and professionals who can adjust to these changes.

Conclusion

The introduction of GST totally changed the accounting world in India. GST has simplified taxation, as well as introduced new career opportunities; this has made accountants more significant than ever.

Achieving GST compliance, software use and advice making it possible to build thriving and sustainable careers in the finance industry. Achieving GST compliance, software and advice can enable accountants to have a successful and viable career in the financial field.