In this article, we will know, how in absence of 9C, unidentified key areas in GST consulting can be opened in the form of GST Value Added Services and GST Review. As 9C is set to become history, how one can open new doors of consulting and revenue generation in GST.

“If opportunity doesn’t knock, build a door!!”

“VALUE ADDITION” in simple terms means -” ADDING VALUE”. Traditionally Chartered Accountancy has been associated with finalizing accounting and auditing but after the era of privatization and technology burst in the economy, it has opened areas of consulting such as technology risk consultancy, management consultancy, advisory services and many more.

Business clients are no longer satisfied with same package of services which were traditionally offered to them with increasing business complexities and law interpretation growing complex by leaps and bounds. Basically, even with the traditional statutory or tax audits, many clients are eyeing to get couple of more services, by way of suggestions or consulting from their CA; in turn to avoid litigations in future and increase their business, sales and profit margins.

But, in order to create a mind frame of providing such additional services which are mostly not charged separately or either bundled along with other paid services which a CA offers; we need to see it from the client’s perspective. Here I would like to quote Mr. Peter Drucker as he rightly says, “Quality in a service or product is not what you put into it. It is what the client or customer gets out of it.

Why Value Added Services?

Value Added Services can be related to different aspects/ agenda of businesses, which the clients tends to ignore. Our role is to draw their attention towards it and give a resource or a solution for the same. We can also give them suggestions for improvement points in Key Areas in their system, GST Compliance Methods, timely GST Review Audit and many more.

Currently due to exemption from filing Annual GSTR – 9C; a CA Certificate on reconciliation of GST returns filed with the Audited Books of Accounts has lead to revenue loss to our profession. But at the same time it can be seen as blessing in disguise.

When there was a time of filing 9-9C; most of the professionals were doing this attestation work. It resulted in at times, less quality work, time constraints, work done under limited knowledge or resource persons and its consequences. Now, when the need of 9C attestation has been proposed to be omitted, the compulsory work is omitted.

This will in turn be more helpful to professionals who are dealing exclusively in IDT or have gathered expert knowledge on GST Act and its applicability. A space gets created wherein apart from GST Compliance work, another segment of GST Value Addition Services and GST Review gets more weightage in present scenario!

What are GST Value Added Services & GST Review Services?

As discussed above GST Value Added Services or suggestions are important for the client and his organisation for the following reasons:

> Regular GST checks can largely remove unnecessary errors & omissions and thus save Businesses from Interest, Penalty and further litigation costs.

> To resolve the issues ignored in the past.

> Take benefits of reduced costs by looking at availment of ITC with a different perspective.

> Transactions Restructuring options, which can help them save cash flows and hence interest from borrowing costs.

> “A Stitch in time saves Nine”, to catch hold of the errors or mistakes on on-going basis in present rather than being surfaced years later at the time of Department

> Undertaking comprehensive reviews of business operations to identify tax-planning opportunities and interpretation gaps.

GST has opened a gate to various Value Added Services which can be provided to business entities consequently leading to both ‘growth of our profession’ as well as ‘client’s satisfaction’.

Advice on applicability of GST on transactions, classifications, valuations, place of supply, admissibility of tax benefits, exemptions and on claim of GST credit and giving opinion on GST matters. These are the general matters which may give rise to more litigations in future.

Since GST was a newly introduced law and is at the beginning stage, litigations are bound to happen at every stage which will lead to Appeals. So, assisting the clients in drafting appeals, submissions and replies to notices and also assisting them in investigations carried out by the tax authorities is important. But, Prevention is better than cure and so helping the clients reduce Industry litigation can gain respect in the Trade & Industry at large.

Delayed Refunds is also one of the setback which can be converted into opportunity as interests on such delayed refunds can sum up to huge amount for some business entities.

So, friends instead of pondering on the loss of revenue by GST Audits getting omitted, we can prepare ourselves to enter the field of providing GST Value Addition Services to our clients and also take Up GST Review or GST Health Check for them and gain work satisfaction and monetary benefits as well.


Disclaimer :  The views expressed by the Author are his personal and this article is for information and education purpose only.

Author Bio

Qualification: CA in Practice
Company: N/A
Location: GUJARAT, Gujarat, IN
Member Since: 26 Jan 2021 | Total Posts: 3

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June 2021