As per my understanding, all the statutory things are not going to be closed. With GST there are going to be new compliance as at least 37 different kinds of returns are needed to be filed. It may also result in more employment.
Dear Mr. Indra Kumar
I agree with CA Amrita, As per my understanding GST is a old wine in New Bottle, and compliances part is more.
Over a period fo time it is expected that the role of the middleman will decrease. Since GST requires meticulous book keeping and prompt and fast action to enable credit and avoid customer dissatisfactions, the role of the accountant and tax preaparer would substamntially inclrease.
Many enterprises maybe about 1 Crore would enter the tax regime and would require services of diligent book keepers. It is expected that there willbe ashort supply of this service. Chartered Accoutnants startign their career may find this big opportunity if they can have a trainedstaff for this service.
CAclubindia
