GST - Audit: A Big Opportunity for CMAs

Abstract

Goods and Services Tax (GST) is the biggest tax reform witnessed by India after independence. The GST law has created ample opportunities for cost accountants by requiring them in maintenance of GST records, filing of return and GST Audit. Consequently, we must recognize that the responsibility of cost accountants has also been increased. For example, law has given the scope to certify the GSTR 9C or prepare necessary cost records in support of antiprofiteering measures, but all these activities are very much challenging. Cost accountants should ensure that they commence the GST audit concurrently and complete the GST audit along with the cost audit. This will facilitate the concerned organization to avail all the input credit of the relevant financial year and ensure that the consumption and inventory values are more accurate. The cost accountants must follow the guidelines prescribed by the Institute of Cost Accountants of India in this regard and the Cost Accounting Standards wherever necessary. They should carefully perform their duty to serve the nation and, make India fraud and corruption free.