Hello everyone, I am sharing small write up on Role of Company Secretaries in GST
Company Secretaries are the independent professionals who are well versed with the interpretation of law, act, statues, and various legislations in India.
Company Secretaries are the professionals who are governed by the Code of Conduct provided in the Company Secretaries Act, 1980.
Company Secretaries come in existence after extensive exposure provided by the Institute through compulsory coaching, examinations, rigorous training and continuing education programmes.
The curriculum of Company Secretary Course includes detailed study of: –
1. Direct Taxes
2. Indirect Taxes
3. Accountancy
4. Corporate Laws
5. Financial Treasury
6. Company Law
7. Forex Management, etc.
A company secretary role in the new regime of GST is diversified and well defined under the act. Company Secretaries can play an important role in being an advisor and facilitator for due compliances under GST and be an asset to the general business community and corporate world. The Company Secretary can perform the following types of services to clients:-
(i) Advisory services or strategic advisor
A Company Secretary can comprehensively interpret the law of GST and provide complete guidance and advisory to the business entities. Company Secretaries are more suited for their services because of their knowledge of laws and good communication skills.
(ii) Tax Planning
Company Secretaries are competent to understand the impact of laws and its various alternatives and can be helpful in proper tax planning under GST.
(iii) Procedural Compliances
Procedural Compliance includes registration, filing of returns, payments of taxes, assessment etc. Since a Company Secretary is already playing the role of a Compliance Officer under various other laws, he can assist in the same under GST law also.
(iv) Book/Record Keeping
Like any other tax laws, introduction of GST would also require proper record keeping and maintaining systematic records of credit of input/input service and its proper utilisation etc. Company Secretaries must hone their skills to perform these tasks.
(v) Representation
A Company Secretary can provide the service of representation with confidence because of practical exposure due to appearing before various competent authorities.
(vi) Appellate work
Because of their legal bent of mind, a Company Secretary can provide better services in the field of appellate work.
Company Secretaries are playing a pivotal role in corporate management as well as in practice. Various State Governments have recognized the important role being played by the Practicing Company Secretaries and authorized them to do VAT Audit and to appear before the Appellate Authority as the Authorized Representative. Securities Exchange Board of India has recognized Company Secretaries as auditor/internal auditor and the Companies Act, 2013 also recognizes the Company Secretaries for carrying out the Secretarial Audit of prescribed class of Companies.
For better administration of new tax regime in the country, it is pertinent to have more and more competent and equipped professionals to facilitate regulators to ensure compliance of various statues and thus help in achieving this ambitious task. The Company Secretaries, who practice in almost all the branches of law and have a strong accounting background, are competent professionals to handle the regulatory compliance under the proposed GST laws. They are skilled professionals who understand legal, financial and compliance dimensions of business entity comprehensively. We look forward to the GST as “Good and Simplified Tax” regime further fueling the growth of India Inc.
Source– ICSI Newsletter.
(Republished with amendments)
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