The Constitution of India’s 122nd Amendment Bill was put forth in the 16th Lok Sabha on 19th of December 2014, in order to address widespread issues in taxation. GST is also called as the Goods and Service Tax and it is regarded as an indirect tax that has replaced many indirect taxes in India like VAT, Service tax, excise duty etc. The GST was passed on 29th March 2017, in the Parliament but came into effect on 1st July 2017.
In keeping the federal structure of India, it is proposed that the GST will be issued both by the Central Government (CGST) and the State Government (SGST). Prime Minister Narendra Modi introduced GST in India on the midnight of 1st July 2017.The development of GST took many negotiations as well as revisions before getting launched in India in its final form in the year 2017.
With the application of GST in India, many new rules and amendments introduced in the new system of taxation. During the time of previous indirect tax system, logistics, commercial, accounting or other industries were taxed as per the various of the applicable taxes. As per the new taxation system in India the chartered accountant must required to handle everything newly and should unfollow the previous indirect tax system’s applicable rules and must adjust with newly made taxation systemin India. Moreover, those who are new in this field it is a best opportunity for them to make themselves grow as well as learn as per the new taxation system introduced in India, regardless of competition with the chartered accountant who are experienced in this field because it is new for every chartered accountant whether they are new or experienced.
During, the previously taxation system VAT, lots of work was done physically which resulted in waste of valuable time. On the other hand, during the new taxation system GST, all the work is done through the online method which saves the valuable time also and it is easy too.
During the previous taxation system VAT, the chartered accountant can work only in one or two states as there were different laws applicable for each and every states. But in the new taxation system GST, there is same laws for each and every state hence it increased the working area for the chartered accountant.
However, the new taxation system, is regarded as a privilege for both the new chartered accountant and the experienced chartered accountant because it is not only helping them to generate revenues but it is very fresh for each and every CAs.