As the corporate India is getting ready with GST transition and implementation, opportunities for tax advisors, accountants and law firm have widened considerably. Under the draft GST Law, mandatory need for tax audit from CA/CMA had been incorporated to bring in new opportunities.
Institute of chartered accountants of India (ICAI) is planning to train as many as 20,000 CAs on different aspects of GST. “Plans are afoot to train 20,000 chartered accountants by March 2017 in different aspects of the GST for conducting impact studies and filing of GST returns,” says Madhukar N Hiregange, senior partner, Hiregange & Associates, and chairman of indirect tax committee at the ICAI.
“Compliance will become a major area of practice for accountants,” says Hiregange. It is expected that many corporates would opt for outsourcing of compliance work given the heavy compliance under GST.
“Many companies would need hand-holding while interacting with the GST Network, the IT backbone, in filing tax returns and in claiming returns,” says Hiregange.
Many legal firms are expanding into indirect tax compliance. They sense opportunity. Lakshmikumaran & Sridharan, a law firm taking stronghold on GST has set up a special team of 20-odd tax experts to tackle GST-related issues.
Expecting more work in the market, the big four accounting firms are setting up on hiring.