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PROFESSIONAL OPPORTUNITIES IN SERVICE TAX

Dr. Sanjiv Agarwal
Growing Demand for Tax Professionals to Navigate Expanding Service Tax Regulations and Compliance Opportunities As service tax regulations expand, there is an increasing demand for professionals such as Chartered Accountants, Advocates, and Company Secretaries to assist assessees. These professionals can explore opportunities in various areas including tax planning for government and commercial projects, registration, compliance, tax computation, return filing, audits, departmental representation, and transaction structuring. They also play a crucial role in providing legal opinions, responding to show cause notices, and representing clients before adjudicating authorities. Additionally, professionals can engage in training, writing, and offering guidance on legislative changes. Companies are increasingly hiring these experts to manage indirect tax compliance. (AI Summary)

As the gamut of service tax expands, there is going to be ever increasing need for professionals to advise and assist the assessees. Professionals (Chartered Accountants, Advocates, CS etc.) with proper training and experience are considered to be well equipped to position in the dynamic role as an advisor and facilitator for compliances under the service tax law.

Professionals can find various emerging opportunities in relation to following areas of practice in indirect taxation and particularly in Service tax-

1.    Providing tax planning in Government / Commercial projects/ investments / IPRs having substantial investment

2.    Registration of assessees

3.    Disclosures and submissions to Department

4.    Compliance of procedural aspects

5.    Computation of monthly/ quarterly payment of tax/ duties

6.    Return verification / filing of returns

7.    Service tax review and quarterly audit

8.    Review of systems and procedure before Departmental audit

9.    Assistance during Departmental IAP or CAG audit

10.  Opinions/ Clarifications

11.  Transaction planning and structuring

12.  Guidance on understanding of effect of budget/recent changes on activities

13.  Filing of Refund claims of Service Tax

14.  Departmental representation

15.  Reply to Show Cause Notice (SCN)

16.  Representation before Adjudicating Authority

17.  Drafting of representation at Appellate Forums

18.  Facilitation to Advocates at High Court/ Supreme Court

19.  Outsourcing of Service Tax compliance activities

20.  Other areas such as training / teaching, writing articles, submission / representation to the Government, etc.

Service Tax: Gateway to new Professional Opportunities. taxtmi.com

ROLE OF PROFESSIONALS UNDER SERVICE TAX

Proper classification of taxable services (Section65A)

 

Timely and correct feedback on provisions of law

Services to the Government    Services to Service Providers

Help in understanding law and its correct interpretation

The areas for professionals exist both in practice as well as employment. Now companies and business houses have started recruiting professionals to manage and comply with the indirect tax compliances.

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Service Tax
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