A Comparative Study of Issues and Challenges of Goods and Services Tax Faced By the Chartered Accountants and Other Goods and Services Tax Consultants of Nanded and Thane District

Abstract

Tax is the bloodline of any country and to expend on infrastructure, defense, economy newlinedevelopment, transportation, hospitals, public welfare, tourism, hospitalities and education newlineetc. A country needs funds that are collected and earned by various newlinedepartments/units/statutory corporations, Public Sector Undertakings in the form of taxes, newlineprofits, rents, dividend, interest, royalties, fees and discount etc. newlinePublic taxes are gathered on income, commodities, services, profits, etc. Direct taxes are those newlinethat are remitted by an individual is called as direct taxes, Indirect taxes are collected newlineindirectly from the consumers on their consumptions of goods or services. All the goods or newlineservices are not subject to tax, some goods are exempted from taxation as well as services. newlineIndirect tax regime in India have witnessed significant change through introduction of Goods newlineand Services Tax (GST), the roots of GST in the history were from France followed by almost newline160 countries. The expedition of GST in India has the following timelines, in the year 2000 - newlineconcept of GST came and after 17 years the GST was implemented from 1st July, 2017 in newlineIndia. GST is divided into CGST, SGST, IGST, UTGST and Compensation Cess, in order to newlinegovern the above taxes India has passed separate rules and Acts which were discussed in the newlinethesis. newlineThe Chartered Accountants and other GST consultants who were consulting for GST came newlineacross various issues and challenges, which were classified firstly as technical issues and newlinechallenges and it consists of Inadequate IT Infrastructure, Technical incompetence Self, newlineTechnical incompetence Staff, Client related and Website related. Secondly Compliance newlineissues and challenges, it includes Compliance incompetence Self, Compliance incompetence newline Employees, Client side, GST Statute related and GST working related. Thirdly accounting newlineissues and challenges which study s Lack of time, Occupancy with other works, Stock wise newlineaccounting issues, Employees related and Clients related. Lastly Auditing issues and challenges newlinewith the