2. MYTH Simplicity in the legislations(Negative List) will reduce the opportunities in practice- Is it simple? Practice is monotonous/traditional works- CA seen as business advisor? Less remunerative in the initial stages – Maybe Yes- long term – satisfying, comfortable

3. Each generation goes further than the generation preceding it, because it stands on the shoulders of that generation. You will have opportunities beyond anything you've ever known. Ronald Reagan- Former US President

4. IFAC- International Federation of Accountants- Role of a Professional

5. Creator of Value By taking leadership roles in the design and implementation of strategies, policies, plans, structures, and governance measures that set the course for delivering sustainable value creation. -> What model? LTU, SEZ, Thru JW -> Where located? -> Tax Optimisation

6. Enabler of Value By informing and guiding managerial and operational decision making and implementation of strategy for achieving sustainable value creation, and the planning, monitoring, and improvement of supporting processes. -> SOP for IDT: Internal control -> Technology usage -> Training of employees -> Hand Holding in Implementation period

7. Preserver of Value By ensuring the protection of a sustainable value creation strategy against strategic, operational, and financial risks, and ensuring compliance with regulations, standards, and good practices. -> Internal / operational/ management audit to include IDT -> Plan for changing laws -> Disclosure of facts- no surprises

8. Reporter of Value By enabling the transparent communication of the delivery of sustainable value to stakeholders. -> Credibility of Financial Statements - > Quarterly reporting -> Independent Authentic certification

9. Service Tax in India Indirect Taxes as a Subject – Not a part of the CA Curriculum until 1996 Limited number of professionals in this area Considering the above, Exposure to present student is very limited during the internship period Attest Function- Traditional – reducing year on year

10. Service Tax Levy of 1994 Started with 3 Services Till date- More than 130 types of services covered under the ambit of Service tax Negative List to be introduced Additional Revenue from ST- Approx 19000 Crores GST expected in 2014? Are we ready?

11. General Areas of Practice Registration procedures Initial disclosures/ procedures to the dept. Payment of duty/taxes Periodical return verification and submission Periodical review of ST Review of the above before departmental audit

12. Specialized Area of Practice Providing opinions/clarifications Transaction Structuring Impact on the changes-budget, notifications, case laws Obtaining refunds Rectification of errors made earlier

13. Specialized Area of Practice Reply to the departmental letter Reply to the Show cause notice Litigation- Representation before adjudicating authority Reply and representation at appellate forums Assistance to lawyers at High Court/Supreme Court

14. Reaching Expertise Level? Teaching the Subject Writing articles/books Being a speaker to other members in the industry/departmental officials

15. Challenges Fast Changing area of practice Continual updating required Requires an INDEPTH knowledge of the subject With GST proposed to be implemented, transition to GST will be a great challenge.

16. Formulae to success Quality Services Appropriate fees Following ethical standards

17. “Success is, when preparation meets Opportunity”

18. Thank You…