Role of CMAs in the GST |Cost and management accountant role in GST

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Cost management accountant role in GST


 Role of CMAs in the GST:
The role of CMAs in the GST, the role of Cost management accountant role in GST. Check the role of the CMA in the GST in India. Role of the CMA in the Goods and Services Tax in India. The introduction of the Goods and Services Tax (GST) would be a very important step in the Indian field of indirect tax reforms. By incorporating a large number of central and state taxes into a single tax, it would mitigate the cascade or double taxation effect in a significant way and open the way to a common national market. The CMA, with its academic and professional knowledge, can play a crucial role as a consultant and catalyst for the compliance of Goods and Services Tax legislation with the business community in general and The GST. Now check out more details on "

Role of CMAs in GST (Goods and Services Tax) in India

Business consulting services:

The management of a company in the world today is very complex and presents many clashes to company houses. CMAs are skilled, competent and competent professionals who can interpret the proposed GST Act and can provide advice and guidance to eliminate bottlenecks in finance, production, taxation, administration, Supply chain management, etc. . Systematic registers of input / output credit and its appropriate use are necessary for the success of the GST. CMAs are also well equipped to perform these tasks.

GST - Procedural Compliance:

Effective management of indirect taxes is crucial in today's global marketplace. Indirect taxes must be actively managed throughout the enterprise if they are to work with the framed strategic agenda. As the current tax law, the taxpayer would be required to make registration, return deposit, tax payment, tax assessment, etc. under the proposed TPS law. A DPR is well equipped to assist business entities in providing assistance with GST registration, tax credit claims, legal formalities, procedural formalities and other administrative follow-up measures .

Post-GST Dispute Resolution Representations:

With respect to the GST regime, there may be various disparities between the Center and the States due to various cross-border transaction issues, issues arising with respect to the collection and administration of the property and services. Therefore, in order to resolve the various issues relating to the GST regime, there is a need for a dispute resolution mechanism to ensure the proper functioning of the structure. CMAs are recognized for making submissions to the courts of appeal under Indirect Taxation Laws in India. They would continue to represent even after the implementation of the GST for dispute resolution.

Systems Audit and development of systems compatible with the GST:

A systems audit involves detailed analysis and evaluation of a complete system, often the accounts payable or accounts receivable system. There should be a change in the LES or accounting systems. These systems must comply with the GST. The CMAs would be the facilitators to carry out the systems audit and guide the development of the systems.

Helping the government in the Make-in-India initiative:

Honorable Prime Minister of India, Shri Narendra Modi's dream policy is the "Make-in-India" project, which would allow India to become a global manufacturing center. If properly implemented, it will create employment opportunities for unemployed youth who are growing rapidly in the country. The current indirect tax regime is clearly one of the biggest hurdles that has had a negative impact on the domestic manufacturing sector as well as on FDI inflows: the introduction of the GST is therefore important to calm the situation. The GST would reduce the cost of manufacturing from both a tax and a compliance point of view. By helping the central and state governments implement the GST law properly across the country, CMAs can serve as a means of imposing taxpayers on the most important and powerful engine of fiscal resurgence to ensure A favorable tax environment for investors. The ease of doing business in India, which motivates investor-manufacturers to establish

According to CMA Ashok B Nawal (Source ICMAI.IN)
Cost management accountant role in GST


 Strategic Consulting
 Functional support
 IT & ERP systems
 Audit, Insurance and Legal Compliance
 Accounting and taxation
 Partners in Transition


Strategic Consulting

 GST Business Impact Study
 Design business plans in a modified environment
 Review of cost reduction contracts / price revisions
 Structuring transactions by mapping the existing business model
 Notices and other notices
 Comparison of prices and assessments under existing legislation and GST4


Functional support

 Be Destination Tax, by deciding the Principles of taking into consideration Tax Point, Time &
Place of supply of goods and services
 Analysis of prices and costs for each transaction
 Outsourcing for various operational issues, formalities and documentation
 Development of SOPs for your business in the amended tax system
 Suggest the best possible alternative for the management of working capital
 Continuing education and updating with legal changes5


IT & ERP systems:


 Harmonization of current ERP data under the amended GST Act
 Systems Reconciliation
 Recording maintenance and returns
 Modification of systems where necessary
 Processing of information required for Management6

Audit, Insurance and Legal Compliance

 Examination of files and procedural aspects
 Changes in registrations
 Checking Returns
 Reconciliation between submissions to various authorities
 Benefits and incentives analysis
 Compliance and legal audit
 Internal Audit & Systems Improvement7



Accounting and Taxation

 Accurate calculation of liabilities and credits
 Reimbursement and Refund
 Appeals and judgments
 Integration of material accounting with financial accounting
 Wise location, wise maintenance of part of ITC.8 records


Partners in Transition

 Review of existing credit credits and offset balances to be carried forward
 Analysis of stocks in different locations on the day of implementation
 Cenvat Reimbursement / Refund of VAT / Remittances / Disadvantages already deposited or to be deposited.
 Projects in hand / WIP - Normal business model and model of employment contract.
 Audit under Old Plan and New Plan
 De registration and compliance under existing laws
 In the course of tendering and disputes

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