Role of Company Secretary in GST, Role of CS in GST
Company Secretaries are playing a pivotal role in corporate management as well as in practice. Various State Governments have recognized the important role being played by the Practicing Company Secretaries and authorised them to do VAT Audit and to appear before the Appellate Authority as the Authorised Representative. Securities Exchange Board of India has recognized Company Secretaries as auditor/internal auditor and the Companies Act, 2013 also recognizes the Company Secretaries for carrying out the Secretarial Audit of prescribed class of Companies. Company Secretary is a competent professional and is provided exhaustive exposure by the institute through compulsory coaching, examination, rigorous training and continuing professional development programmes and is governed by the Code of Conduct contained in the Company Secretaries Act, 1980. Company Secretaries are well equipped and competent to carry out the certifications and should also be authorised to certify and act as authorized representative, at par with other professionals Company Secretaries can be authorised Representative in the following areas under GST: Company Secretary can further extend its services in the following areas: Under Model GST Law – Empowered Committee of State Finance Minister
1. U/s 42: Accounts and other records:
Every registered taxable person whose turnover during a financial year exceeds the prescribed limit shall get his accounts audited by a chartered accountant or a cost accountant and shall submit to the proper officer a copy of the audited statement of accounts, the reconciliation statement under sub-section (2) of section 30 and such other documents in the form and manner as may be prescribed in this behalf. check more details for Accounts and records.
2. U/s 50 : Special Audit:
(1) If at any stage of scrutiny, enquiry, investigation or any other proceedings before him, any officer not below the rank of [Deputy/Assistant Commissioner] having regard to the nature and complexity of the case and the interest of revenue, is of the opinion that the value has not been correctly declared or the credit availed is not within the normal limits, he may, with the prior approval of the [Commissioner], direct such taxable person by notice in writing to get his records including books of account examined and audited Page 70 of 190 by a chartered accountant or a cost accountant as may be nominated by the [Commissioner] in this behalf.
3. U/s 64: Access to business premises:
(2) Every person in charge of premises referred to in subsection (1) shall, on demand, make available to the officer authorized under sub-section (1) or the audit party deputed by the Additional/Joint Commissioner of CGST or SGST or the Comptroller and Auditor General of India or a cost accountant or chartered accountant nominated under section 50, as the case may be,- (i) the records as prepared or maintained by the registered taxable person and declared to the CGST/SGST officer as may be prescribed; (ii) trial balance or its equivalent; (iii) Statements of annual financial accounts, duly audited, wherever required; (iv) cost audit report, if any, under section 148 of the Companies Act, 2013 (18 of 2013); (v) the income-tax audit report, if any, under section 44AB of the Income-tax Act, 1961 (43 of 1961); and (vi) any other relevant record, for the scrutiny of the officer or audit party or the cost accountant or chartered accountant, as the case may be, within a reasonable time, not exceeding fifteen working days from the day when such demand is made, or such further period as may be allowed by the said officer or the audit party or the cost accountant or chartered accountant, as the case may be. Though in the above areas, the word Company Secretary is not appearing,the Company Secretary shall take it as a challenge and present before GST authorities, the work, by their actions and deeds.As the representation** already allowed for Practicing Company Secretaries,the same may be expressed by pointing out the lacunae, deficiencies and giving valuable suggestions to the clients from time to time in course of such assignments. The regular appearances by Company Secretary will definitely impact both administrative and quasi judicial authorities, the strength of CS Profession. The members who are in practice from day one can extend services to the client in preparing the relevant documents and advising the client, though laterpart of audit done by co-professionals it shall be taken as matter of spirit and in terms of governance, ethics and values. CS in employment as responsible officer of the company need to involve in this area along with secretarial works so that the value to the employment, company, profession and to country will enhance. Involvement of CS in employment in the GST paves the way for strategic thinking for the business development so that CS will become connected with all segments right from strategy, marketing, compliances, administration and so on. With this the elevation in employment and significance in company and governance in the board level, investors’ level, stakeholder level and at regulatory level will be achieved by 360 degrees
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