Everyone is aware how GST has captivated the Indian market in terms of tax and technology. Due to the changing norms, businesses are hiring Chartered Accountants in India to streamline the issues related to tax and complying with the rules of the new tax structure. With proper training and experience, the Chartered Accountants are ready to take the problems head on and allow the businesses to find better ways to deal with the new taxation issues. Although the accounting firms track the sales and generate the invoices, and work to keep the information of the clients safe, they are also facing a lot of challenges after the roll of GST. The firms must dive deep to figure out these challenges and work towards finding the right solutions.
The transformation from the accounting technology used previously to the newest GST technology is one of the major issues troubling the GST consultants in India. While they need to cope with the changing technology and the automated tools to meet the expectations of the clients, it is all about simplifying the tax issues. A lot of these firms are using software to address the challenges but the firms must know how to maximize the use of software to get the best results. They must also stay updated with the latest trends to deliver quality services to the clients.
Acquisition of new talent
Another challenge that the accounting firms are facing after the implementation of GST is while acquiring new talents. Today, it is more important for them to hire new talent with adequate knowledge of the GST structure and preference is given to those candidates with experience of working with the new tax format. Whether it is for assisting the businesses to file the tax returns and claiming the returns, the accounting professionals must be conversant with the norms of GST. However, it is extremely difficult to find the talent and the skills that the accountants require to work with the GST structure. It is not just delivering the best to the clients, but the employees must be driven towards the firms with attractive benefits so that it is easier to acquire new talents. A lot of firms are hiring people to train them adequately on the right methods of GST implementation.
Lack of knowledge
Clients are still to make out several provisions of GST and many of them are not clear. Right from the categorization of the services and goods and the deferred e-way bill for tracking the consignments in different states, a lot is still to be known. According to the new tax regime, the transporters are supposed to generate the bills electronically on the portals of GST, but no one knows for sure as to who will bear the cost of the latest infrastructure. Businesses today need to file multiple returns and it is likely to increase in future. Clients must ensure timely compliance to avoid loss of input credit. The GST consulting services need to work to achieve greater levels of efficiency.
Coping with client expectations
Clients expect the GST consultants to work within the mentioned deadlines and often this expectation becomes much too hard to handle. To get rid of this challenge, the firm offering the services must understand the structure of the business inside out and gather the entire information about the clients and the business. The firms must also exercise caution while choosing the clients to build successful relationship with them.
The final bet
Whether it is to understand the expectations of the clients, the functioning of the GST software, or adopting this hew tax structure, the accounting firms are sure to come across plenty of challenges. The firms have to work hard to evolve as a strong competitor and solidify their presence in the market.