Amid the buzz in the country over the Goods and Services Tax (GST) rollout that took place in a special midnight session on June 30 with many lauding it while some criticising it, the new tax reform has brought smiles for chartered accountants (CAs). A day after the launch of the new tax regime, the CA community is looking at it as a huge opportunity. According to an Indian Express report, chartered accountants in Gujarat said that post the GST rollout, there will be at least a three-fold increase in tax audits across the country. At present, the tax audits across India are approximately 20 lakh, which is now expected to increase to 50-60 lakh, said the report quoting CA Dhinal Shah. The CA said that all these audits are done by chartered accountants and cost accountants and with an increase in their numbers, the opportunity for these professionals will trigger.
Currently, India has about 1.25 lakh practicing CAs and about 10,000 cost accountants. As there will be a three-time increase in GST audits in future, the opportunities for these CAs and cost accountants are huge. Now it is upon the individual to exploit them, added he.
A day after the midnight GST rollout, the Institute of Chartered Accountants of India (ICAI), a statutory body established by an Act of Parliament, launched a revised syllabus of chartered accountants on July 1. It is the first time after 2006 that the curriculum has been changed. As per the new syllabus, there will be a 100-mark paper on GST in the CA final exams.
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Prime Minister Narendra Modi, who launched this fresh curriculum, lauded CAs. Addressing the gathering at the 68th Chartered Accountants Day celebration, the PM said that the signature of a chartered accountant is more powerful than even that of a prime minister and the government also believes the accounts signed by them, as per a PTI report. He further said that it is sad that there is no Indian firm in ‘Big 4’ – a term used for the world’s four biggest audit firms – and asked the CA community to work and find a place among the top global players.