Professional Empowerment Series- Getting the Knowledge Edge – Article -2

02-09-2020 CA Madhukar N Hiregange

This article (more a collation of thoughts) is a sequel to the first on goal setting. Many students and practitioners may wonder on whether their dreams and plans would actually be achieved. The structured approach [ using planners, reminder and to do list enabled in any normal software program could be a big support]  to achieve any action would no doubt be a bit challenging at take off stage. Once started inevitably one come across hurdles. The road bumps could detract one from continuing. All dreamers to know there is no gain without pain. The fruit (results) in the end of this continued exercise would be delightful and sweet. Take 1 action point and carry it forward 1st for 20 days and then another 40 days and see for yourself that is true. You will find surprisingly that you would not be able to do without it.

We need to know that one of the biggest stumbling block is postponement [ badme/ kal ( later] for learner. Do not allow yourself to be a prey to this by following the schedule set by you [ be realistic and provide for interruptions when doing so- ensuring stretch and do not make it too easy] . In the event of your schedule being upset and getting into the guilt trap one drops the initiative. Step back and reschedule and re dedicate yourself to the new schedule.

Importance of knowledge in our life today can be grasped with some of the quotes as under:

“Your earning ability today is largely dependent upon your knowledge, skill and your ability to combine that knowledge and skill in such a way that you contribute value for which customers are going to pay.” Brian Tracy

“An investment in knowledge pays the best interest.” Benjamin Franklin

It is true that only when start delving deeper into a subject, we come to know the vast extent of our ignorance. How we can learn effectively is a subject which I can only hazard to share through some best practices and that used in training at ICAI ( in my stint as the Chairman of the IDTC in 2012 & 2016-19) & our office.

 

Step -2 How to Learn the chosen subject?

In this sharing I have looked at how one can get expertise in GST and feel that the same approach could be used for learning any other tax, regulation or area of practice. There is a common area- improvement of the English language for all which I feel today is not being emphasized even by the professional organisations like ICAI etc. This is something general- Maybe Udemy.com which we use regularly in training ourselves can be used. Enhancing vocabulary is linked to level at which one reaches for sure.

The Stages of all learning could be qualification dependent. Courses like CA, CMA,CS, PG in BBM, MBA have GST as a part of the curriculum. Even in B.Com and M.Com, GST is taught in a limited manner. Courses like CA have a mandatory period of internship which in my understanding is the golden period for the to be professional. It should be used well. For those who wish to understand the importance of articleship ( for CA students) a link is provided in this article in the end. 

Independently one can also learn from the latest online resources paid or free. For GST there are possibly many free resources. Many service oriented concerns have stepped in where the GOI has absolutely failed miserably. Maybe due to the fact that the GST officers from the earlier regime are JUST NOT INTERESTED IN LEARNING. In fact lack of knowledge makes creating am nuisance easy.

For all online course the tips to better assimilate and retain are to : Read headlines of what is going to be taught from the bare act, make notes in an indexed note book subject wise ( learning from other sources can be added over time- invaluable as it is your insights there). I recommend a 400 page hard bound book. Makes notes in class physical or online. Revise for 15 m after class on what was learnt. Revisit at week end to revise again learning for week.

The link to the basic ( to be completed first) & advanced course of about 100 hours is as shared earlier on this site as well as in the end of this article.

Stages in Learning for any student can be:

  1. Understanding  the Basics
  2. Deepening the knowledge and solving problems in real life
  3. Expertise

The source of knowledge is primarily from books and videos today most of which are freely available. However, a professional needs to invest in his/ her practice and should be ready ton pay for knowledge. A list of books for GST has also been shared in this forum earlier for those who are inclined. Some care for selection could be as under:

Keep basic commentary / referencer / related information/ FAQS/ books available – law changes therefore need to have updated bare act and rules.

If in one industry- see if sectoral books available. Some insights for sure would be there.

Online updates and free answering sites like Tally, Clear Tax, Taxmann, CA club India, Tax Guru, TMI, can provide some idea.

Subscribe for credible online resources for continuous learning.

Be a part of specialised whats app  groups

Attending seminars/ study circles in GST in locality or today online. Be a player not a spectator in these groups. Groups study of 1 aspects or issue could be a good problem solving tool.

Gaining experience: Intern or take a job which allows you to learn on the job. Ask the question of why this is important, then put your heart and mind behind that. Results will speak for themselves.

If part of company –learn from your seniors who know and have practiced GST. Appoint a consultant to whom your answers to various questions can be confirmed.

The subject knowledge would include Allied & Relevant – Laws, Subjects, Legal Maxims, Constitution.

One could also research & write analytical articles, speak about subjects of expertise ( seeking to learn).

They could  play mathematical games, solve puzzles, crossword, soduku, scrabble, chess, bridge for honing the skills needed. 

Join a debate club or speaking enhancement groups like – Toast masters.

Read and understand different views on some oft debated topics- articles books- follow contributors

Join online forums answering – Check with the provisions- share views

Start writing booklets on topics then books general and sectoral.

Teach students, professionals, industry and tax / regulatory officers – in my experience this has been a big learning.

Take all initial work ( need not bother on the fee- say I will bill what you say or I will bill nominally Rs.,1-5K as it is an opportunity to learn: Illustration - Opinion

  • Understand the business
  • Analyse the issue ( old issues in same or other laws)
  • Decisions related to be read fully – not only head notes: contrary decision more

Once draft in place discuss the conclusion with experts before issue to the client. Ideal to have a structured professional arrangement with a senior with whom you have rapport to vet/ advise you.

Conclusion

The acquisition of knowledge is the initial process and one can move from basics, to advanced, to get exposure and when the opportunity presents to deliver quality work. Seek indulgence for the possible repetitions. I expect this article to lead to further introspection to fine tune what exactly to do to get expertise rely on the Hindi proverb- “ hosiyar ko ishara hi kafi hae” Wish all you an enjoyable learning.

Illustrative Resources on GST:

You may download above publications from the website of GST & Indirect Taxes Committee at https://idtc.icai.org/publications.php

GST Basic certification course:

https://www.youtube.com/playlist?list=PLNsbCFQGPDH9I1p-6wb6W5KFAewVTDdt0

GST Advanced certification course:
https://www.youtube.com/playlist?list=PLNsbCFQGPDH8PkwI-2iQeZO-IMscNMO-3

https://hnallp.com/a/get-mastery-over-gst-law-practice-initial-steps

https://hnallp.com/a/importance-of-proper-articleship

https://www.youtube.com/watch?v=JDiwjP9jHi8