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Chartered Accountants get a massive GST push

By Newsd
Updated on :

Even as the economy continues to slump after each quarter, there is a particular set of professionals who are rolling in money. According to rough industry estimates, a major jump in revenue has been recorded by the top audit firms in the recent months.

“In the last 3 months, the top ten home-grown accounting firms of India have witnessed a consistent 100 pc plus a month on month growth,” a senior functionary of the Institute of Chartered Accountants of India (ICAI) told. He wishes to remain anonymous.

Some firms that are thought to be doing really well include SS Kothari, Lodha & Co, Luthra and Luthra and Haribhakti, among others. “These estimates do not include the Indian business done by the global firms,” he added.

The “ache din” for CAs clearly coincide with the implementation of the GST. A number of small and medium enterprises have been complaining about the compliance requirements in GST, that has come as a major impediment in the ease of doing business in India. However, CAs say these are just the initial hiccups and things will be back to normal soon.

“Perhaps the most progressive tax move since Independence. In the mid, to long-term as all economic activity gets to the mainstream it will be a win-win for the economy and all stakeholders. Mitigating the cascading effect of indirect taxes in a seamless supply chain will ensure less inflation and an upside for GDP”, said CA Adarsh Sharma, while talking to Newsd.

Another business leader, who has an active participation in the chamber of commerce, said, “Businesses are not taking it as kindly though. One of the things in the BJP manifesto that had attracted a lot of businessmen like me was the term tax-terror. In the run-up to the 2014 parliament election, I met Mr Jaitley as part of a delegation. In a casual chit-chat, one of the members said that there are media speculations, if BJP comes to power, Mr Jaitley would be finance minister. To this, the prompt reply was: at least CAs won’t be very happy with this, as my top priority will be to do away with every complexity in tax filing. From this to now, we have indeed come a long way.”

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