The CA fraternity is in the forefront of providing advisory and compliance services under the GST Act, Income-tax Act including TDS provisions and other revenue Acts to their clients and thus instrumental in facilitating the achievement of the revenue collection targets of the Governments through Indirect and Direct Taxes. Not just that, the Chartered Accountants in practice, across the length and breadth of the country, are providing professional and specialized services to their clients, most of whom are in the Micro, Small and Medium Enterprises (MSME) Sector.
In addition to the conventional services of accounting, audit, direct and indirect taxation, they are instrumental and play a pivotal role in making projection and preparation of cash flow statements for their MSME clients who do not have in-house expertise and in-depth understanding of the financial planning and management. They also provide funding solutions and arrangements of the working capital finance for their MSME clients from the banking and other institutional finance channels.
The MSME sector is engaged in labor-intensive manufacturing, services, and commercial activities and is the largest employer of the labour force in India. It is not practical and possible for the CA fraternity and their staff members to render these services from their home since the client data is not available on the cloud beside the computation, compliances and payment of Indirect and Direct Taxes require extensive communication and in-house discussion. Any delay in the determination and payment of the taxes on large scale by the clients due to the shut-down of offices pf the CA fraternity will affect the on-time revenue collections of the direct and indirect taxes. On the other hand, the additional burden due to levy of interest and penalty for belated return filings and payments will precariously affect the financial position of the MSME clients already reeling under the impact of the COVID-19.
The Representation can be accessed at:Â http://www.a2ztaxcorp.com/wp-content/uploads/2020/04/1587260509050_Representation-for-CA-Services-CM-Maharashtra.pdf