e-Invoicing Under GST: Role of Chartered Accountants If Their Clients Ask For It

E-invoice is not applicable to all the business, it is applicable to the business having turnover of more than 50 crores (from 1st April 2021).

Apart from this, following businesses are outside the ambit of E-invoicing:

1. SEZ
2. Insurance, Banking, Financial institution.
3. Goods Transport Agency (GTA)
4. Passenger transport service
5. Admission to exhibition of cinematographic films in multiplex

A chartered accountant can help his clients to understand the applicability of e-invoicing to his organisation.

Also, he can explain to his client’s staff to work and check the e-invoicing on IRP portal.

A chartered accountant is a perfect person to handle the accounts of his client as he has adequate knowledge and understanding of accounting as well as taxation.

Suppose the turnover of client is not above 50 crores, he is not required to generate e-invoice, but after crossing the turnover of crore, he will have to e-invoice generation process is for him.

A CA will help him understand as to what is applicable to him.

When there is movement of goods involved, E-way bill is required to be generated.

When e-invoice is generated and e-way bill is applicable, it will automatically get generated.

Chartered Accountant can help generate e-way bill for his clients.

E-invoice generated auto-populated in the GSTR-1.

If proper invoice is uploaded, proper details will be shown in the return.

Having adequate knowledge, a chartered accountant can help his clients to upload appropriate returns.

E-invoice records the data of outwards tax liability and outward supplies under GST.

Determining accuracy of tax liability is not a difficult task for a CA. A client will get to know the appropriate tax amount which is to be paid to the government.

Efficient staff are the back bone of every organisation. Staff need proper training before handling any task.

If the staff is properly trained, occurrence of mistake is minimised.

Thus, every organisation gives proper attention to staff training.

Chartered accountants are capable of giving proper training to client’s staff.

Staff can clarify any doubt regarding any aspect of GST or e-invoicing.

Getting training from a chartered accountant will be very much beneficial for the staff as well as the organisation.

As we know, GST is a complex law, it is quite apparent that there will be various mistake.

Especially, when a person having less knowledge about GST is bound to commit more mistake.

Chartered Accountant is a person who is completely sunk in taxation. Emergence of GST was a turning point of CA’s life who was more into indirect taxation.

It became important for such CAs to gain complete understanding about GST.

So, the chartered accountants started gaining full knowledge of GST. And therefore, there will be less error when GST is handled by such knowledgeable person.

Types of assessment under GST: -

1. Self-assessment
2. Provisional assessment
3. Scrutiny assessment
4. best judgement assessment
5. Assessment of non-filers of return
6. Assessment of unregistered persons
7. Summary Assessment

In all the assessment mentioned, a taxpayer needs the help of a CA.

Handling assessment and scrutiny is day to day task of a CA and he can easily resolve any GST matter of his client as they have good understanding of GST law and problem.

E-invoice is the first step of any transaction where it is mandatory.

It becomes important to generate e-invoice correctly so that the series of transaction does not go wrong.

For this purpose, after entering all e-invoices, proper reconciliation is needed.

Data entry part is never of a chartered accountant, he only checks the correctness of data entered.

As it is his day-to-day work, he will be able to trace the error in minimum time.

e-Invoice Reconciling and correcting the error is very easy for him and his client can easily rely on him for this.

As GST has become an integral part of accounts, it is required to be properly dealt with.

E-invoice is applicable on almost every transaction and therefore creates great impact on accounts.

While finalising, special care needs to be taken when it comes to GST.

Chartered Accountants work to finalise the accounts is of utmost importance.

Accounts once finalised are difficult to amend.

Chartered Accountants work to finalise the accounts is of utmost importance. Accounts once finalised are difficult to amend. 

They get uploaded at various places such as ROC, Income tax site, etc. So, if any error takes place, series of filing will get affected and resultingly work load will drastically increase.

Therefore, a chartered accountant’s role in this aspect is very important. He is the person of competence; data comes to him after checking by most knowledgeable person of the organisation.

Therefore, client trusts his work and depend on the finalised account checked by him.