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PROFESSIONAL OPPORTUNITIES IN SERVICE TAX

Dr. Sanjiv Agarwal
Service tax compliance creates diverse advisory and representation opportunities for tax professionals across registration, audits, refunds and litigation. Expansion of the service tax net creates professional roles advising assessees on registration, disclosures, procedural compliance, computation and filing of tax payments and returns, system reviews and audits, refund claims, transaction planning and legal opinions. Contentious engagements include assistance during departmental and CAG audits, drafting replies to show cause notices, departmental representation, representation before adjudicating and appellate forums, and facilitation to advocates. Accurate classification of taxable services, including Section65A, and timely interpretation of law are central responsibilities. (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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