GST Era- Responsibility & Role of Finance & Accounts Department of Every Organisation or Company

Till the date, the indirect tax assessment, discharge of tax liability & its proper indirect implementation was the sole or major area of indirect tax professional only.

Whereas, for the first time the Finance & accounts department of any organisation or company will be on their toes for proper GST implementation on daily basis. It can be understood from the following aspects :

A. Specified Valid Documents – First time the Credit Note, Debit Note, Books of Accounts, Bank Statements Entry, Contracts have been specified & validated legally in draft GST Act for self assessment and discharging correct tax liability under GST. This is in addition to Tax Invoice for deciding liability under GST .

B. GST Factors – Assessment, time of Supply, place of supply ,rate of tax etc will be again decided on the basis of every Credit Note, debit Note, Books of Accounts, Bank Statements Entry, contracts besides Tax Invoices.

C. Monthly returns – The details of Credit Note , Debit Note, TDS have to be declared in stipulated GSTR returns as well.

D. Consideration – The real test of consideration will be routed from accounting of any transaction at the end of finance and accounts department of any organisation or a company.

It is pertinent to note that at present , one is relying upon credit or debit note for the following purpose :

a. for crossing the barrier of unjust enrichment under refund

b. passing discounts

c. for shortages or excess etc

But in GST era, such documents of finance and accounts department will be a deciding factor for various aforesaid aspects including who is recipient, market value, 3rd party considerations etc .

AM seminar-1

Hence, the normal practice of raising credit note and debit note cannot be contained only for finance & accounts purpose but it has to be cautiously raised, accounted & shared with Indirect tax professionals on daily basis

Therefore, in GST era both the indirect tax professionals as well as finance and accounts professionals will be working in close co-ordination on daily basis to arrive at correct assessment of tax and implementation of GST.

Hence, it is mandatory for every finance and accounts person to know about GST laws and realise their responsibility under GST era.

We are going to highlight and cover all these aspects in our “Corporate Legal Conference on GST on 3rd September 2016 (Saturday) at AHMEDABAD and 24th September 2016 (Saturday) at VAPI. TAXGURU (, the leading online tax portal is online partner for these conferences. For more details on these seminars and upcoming seminar in MUMBAI, please refer and click and/or mail to

by Anandaday Misshra, Founder Advocate , AMLEGALS 

( The author is one of the leading litigation and advisory advocate.  He is an eminent speaker and author on various laws including GST. He handles cases in various Tribunals  & High Courts of India. He can be contacted on .For more, please refer )

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