Change in accounting ecosystem due to implementation of GST in Indian Economy
Gourav Kumar Sharma
The implementation of the Goods and Services Tax (GST) in the Indian economy has brought about significant changes in the accounting ecosystem. This study explores the impact of GST on the accounting practices, systems, and roles of various stakeholders in the accounting profession. The findings reveal that the implementation of GST has necessitated adjustments in tax compliance processes and systems. Accounting professionals have had to update their knowledge and skills to understand the intricacies of GST and ensure accurate and timely compliance. The introduction of GST has also resulted in changes in financial reporting practices to align with the new tax structure. Technology adoption has played a crucial role in the changing accounting ecosystem due to GST. Organizations have embraced accounting software and digital platforms to automate tax compliance, generate GST returns, and maintain updated records. This shift towards technology has enhanced efficiency, reduced errors, and improved transparency in accounting processes. The role of accounting professionals has evolved in the GST era. They have transitioned from being primarily record-keepers to strategic advisors, guiding businesses in tax planning, GST optimization, and ensuring compliance with the ever-changing GST regulations. The expertise of accounting professionals in GST has become essential for businesses to navigate the complexities of the tax regime.