The Good and Services Tax has been a major game-changer for the Indian Economy since it was levied. It came to replace various taxes like the single tax, taxes including service tax, sales VAT/sales tax, Central Excise Duty, Entertainment Tax, Purchase Tax, Luxury Tax etc. It came to be levied on July 1, 2017, and since then it has made the Economy’s tax structure more systematic through an unlined tax regime.
Who are GST consultants?
A GST consultant is a professional who can help the organisation understand what GST is. He should simplify and consolidate the logistics sector of the business. He should also demonstrate how the supply chain and logistics work with GST laws and how to lay down GST procedures to the business.
Professionals who are experts in Indian Economy, chartered Accountancy and operation consulting are best fits for becoming GST professionals as they can provide knowledgeable services to all kinds of professionals. They can provide able services by guiding your company to change its invoicing patterns and financial accounting as per the new GST tax structures.
Role of a GST consultant?
These are the few functions a GST consultant can guide you with –
1. File applications or apply for GST registration.
2. File applications for cancellation or modification of GST registration
3. Give details for inward and outward supplies.
4. Provide feedback and information on monthly, quarterly and annual final GST returns.
5. Making payment for tax, penalty, interest, fees or any other amount.
6. File claims for refund of any of the above payments
7. Filing an appeal to First Appellate Authority
8. Represent the person for any investigation/process related to the act. This excludes inspection, seizure, search, and arrest.
Why we need GST consultant for businesses
The GST law has transformed the logistics and transportation sector. It has also led to creating multiple opportunities in the business supply chain. Understanding the GST and the differences in the supply chain can also help companies improve their distribution networks.
A GST consultant can also help in transforming the IT processes, invoicing, purchasing and financial reporting.
Services provided by GST consultants
The demand for Consultants or knowledge experts has increased since the introduction of the GST bill. GST consultants help businesses transform their processes, invoices, accounting procedures, reporting etc.
Most GST consultants in Delhi provide extremely helpful services to businesses. Not only do consultants provide a great deal of support but even just the association leads to the businesses learning a lot more and getting trained about GST, the law and how to carry out various processes under it.
Here is what encompasses the range of services by GST consultants –
GST Registration – The registration is done through a portal, which is maintained by the government of India. GST professionals can get GST registrations done for businesses in a very short span of time.
GST Compliances – Your GST consultants, can keep you constantly updated about all the new compliances and how to alter your processes according to it.
GST Amendments – In case filing for your business as a GST compliant taxpayer, you might end up committing mistakes or wishing to amend something in your application. Here, a GST consultant can help and gets the amendments done quickly.
GST Audits – With good knowledge and the right qualifications, your GST consultants can help you prepare for a GST Audit and can even perform one for your business.
GST Assessments – GST consultants, can help you go through all the procedures and requirements for assessments by tax authorities.
Since Goods and Services Tax (GST) is the one tax that has replaced many taxes, it is necessary than ever to not only comply with it but also understand it. This indirect tax affects everything from Financial Accounting to Cash Flows and even reporting. Therefore, it is important for every business to fond GST consultants who have deep knowledge about the law and the processes related to it. Not all businesses are the same and therefore finding a GST consultant that suits all needs becomes imperative.
Go for trustworthy brands and companies and ask around your peers about their consultants. Chances are, you might find the right GST consultancy business that can handle your processes immaculately.
Some of the most noted firms which offer GST consulting services are Nangia & Co LLP, KPMG International and Dewan P N Chopra and Co. There are also other firms offering the same, you can talk to them and choose a firm which best suits your unique needs.