Chartered accountants in Gujarat have said that post the GST (Goods and Service Tax) roll-out, there will be at least a three-fold increase in tax audits across the country. They are viewing the new tax regime as a “huge opportunity”.
CA Dhinal Shah, a central council member of the Institute of Chartered Accountants of India (ICAI) said, “It is estimated that GST will trigger 50-60 lakh tax audits across the country.”
He added, “Currently, tax audits across India are approximately 20 lakh. There will be a three time increase in GST audits that will be done by chartered accountants and cost accountants. India has about 1.25 lakh practicing CAs and about 10,000 cost-accountants. The opportunities are huge, it is upon the individual to exploit them,” he added.
ICAI, a statutory body established by an Act of Parliament, will launch a revised syllabus of chartered accountants on Saturday. The curriculum has been changed for the first time after 2006. There will now be a 100-mark paper on GST in the CA final exams. The existing CA course comprises of three stages: foundation level, intermediate level and final level.