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Professional Opportunities In Service Tax

As the gamut of service tax expands, there is going to be ever increasing need for professionals to advise and assist the assessees. A Chartered accountant and other professionals (Advocates, CS etc.) with proper training and experience is 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 the emerging opportunities in relation to following areas of practice in indirect taxation and in particular 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

ROLE OF PROFESSIONALS UNDER SERVICE TAX
Services to the Government Services to Service Providers
Timely and correct feedback on provisions of law  Proper classification of taxable services (Section65A) 
Compliance of Law & Procedures  Help in understanding law and its correct interpretation 
Dissemination of information to assessees  Knowledge management & training 
Knowledge sharing with revenue officials  Tax Planning, Due Diligence 
Help in tax collection  Representation before Appellate Authorities 
Service tax audit  GST Preparedness