Overview of GST


   

Overview of GST

APPROACH TOWARDS GST

We, being future Chartered Accountants, are very much aware of what GST law is. Some of us may have gained a vast knowledge on GST, while others may just be able to give an abstract of the law. But in some way or the other, we are expected to have an overview about the law, whether one is a CA student, or a qualified professional, it doesn’t matter. So why not grab this opportunity? Or why not transform this learning into a career? Yes, you read it right. GST being a new Act, gives us a wide range of opportunities, for those who were struggling to find a job, or for those who has thought of trying a new business or starting his own firm, and in many other ways. 

To learn how to play a safe game, one must first of all try to conquer the fear of GST. This means that first we need to learn what GST actually is. Till now, almost each of us reading this article must be aware (maybe not in detail) of what the law actually wants, or the purpose it serves. There may also be some people who still doesn’t have a vast knowledge of the law. But to make a good career in GST you must have an in-depth knowledge of the provisions and concepts contained therein.

Now, the question arises that how can one gain such a vast and detailed knowledge? To answer this, the discussion has been divided into two parts. 

The first part covers those students who have already appeared for exams in previous two attempts. They may have attended lectures, solved a lots of examples and problems, so they may have a thorough conceptual clarity about the topic (provided one opts for both groups or second group), and if not, they must first of all try to analyse each and every chapter and section thoroughly. This will be important even for exams as well as in dealing with corporate cases. Once you get a grip of the sections and provisions, GST will just become a piece of cake. You will then be ready to head towards the practicalities of GST. Gaining a practical experience will then become the last straw. But don’t be over-confident, because, to achieve this, being conceptually strong is very important.

The second part covers those students who has never attended any lectures or seminars, maybe because they have cleared the second group before GST became applicable. They are on a little less safer side than the former. Though, some of them may be engaged in some GST related work, they still need to go through the topics and inter-relate and understand each and every aspect of GST before starting a career. For this, they can take the help of videos available on YouTube or may also take the help of some self explanatory books on GST. 

But it is very important to note that GST law is very comprehensive, just like any other law. One cannot understand it at a go. We cannot conclude that we know everything properly. To attain proper knowledge, we have to practice things and we need to add a little extra in our efforts. To start with the practical approach of GST, one can begin with the basic part, i.e. filing returns like GSTR-1 & GSTR-3B of relatives, neighbors, etc. or one can opt for taking up assignments relating to GST registration or the small GST related works. These are the very common tasks to start with and to build a platform for yourself. Getting a job at a CA Firm would be a much better option than those stated above. But one should not bother about the pay. The main motive should be to learn and explore even more. Certain things come to our notice while going through assignments. These are termed as experiences, and experiences are the most valuable thing which can help you at each and every stage of your career. Experiences grows even more with time and practice. 

GST has become a very important part of everyone’s life. Being a new law, it is preferable to learn things at the earliest, because every moment is a paradox of now or never. Many of the students might have completed their articleship before the applicability of GST, which resulted in proper work experience in all the areas, except GST. This is the right time to go for learning GST and related issues. Corporates out there are still willing to admit candidates who are willing to learn and after a year, candidates having experience and knowledge would rather be preferable. 

Always remember that TIME AND TIDE WAITS FOR NONE. You may delay, but time will not.

Author : TISTA

This Article is Written by Tista Athghara. She can be reached at [email protected].


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