Opportunities under GST for Company Secretaries

Company Secretaries can also do an important role being as an advisor,facilitator for ensure due compliances under GST and be an asset to the general business community and corporate world. The Company Secretary can fulfill the following types of services for the clients:-

(i) Advisory services or strategic advisor

A Company Secretary can comprehensively interpret the law of GST and provide complete guidance and advise to the business entities. Company Secretaries are more suited for their services because of their knowledge of laws and good communication skills.

(ii) Proper Tax Planning under GST

Company Secretary is competent to understand the impact of GST laws and its various alternatives and can be helpful in proper tax planning under GST.

(iii) Procedural Compliances of Law

Procedural Compliance includes registration , filing of returns , payments of taxes, assessment etc under GST . As a Company Secretary is already playing the role of a Compliance Officer under various other laws like Ministry of Company Affair etc., he can assist the clients under GST law also.

(iv) Books and 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 use their skills and Knowledge to perform these tasks.

(v) Representation

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

A Company Secretary can provide better services in the field of appellate work as he/she already doing the work of law and orders.

For better administration of new tax regime “GST” 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 laws to help in achieving this 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.