India brought in the Goods & Services Tax (GST) Regime in 2017. It was implemented all over the country, for all businesses, big and small. This revolution affected the finance and revenue systems of most companies. They had to refresh their financial processes to comply with the newly-introduced norms of GST. Compliance with the new policies and jurisdictions has made expansion a costlier and more challenging affair. If you own a business and want to find your way around the GST policies, a GST consultant can help you.
Who are GST Consultants?
GST Consultants are professionals who are experts in GST Law and carry out all tax-related activities on behalf of businesses and taxpayers. These consultants will analyze your business and assist you with your GST planning & compliances. A consultant will help you to prevent any mishaps that may arise due to a lack of knowledge of taxation laws. They ensure the filing of your returns from time to time and keep you updated with the upcoming laws. They can also prove to be excellent financial advisors for your company.
How can a GST Consultant Help you?
A GST consultant will take over all the challenges that your business might face concerning GST compliance. Here are a few ways in which a GST consultant can help your business:
Registration and Returns –
Different categories of registration are done under the GST laws. Such as ordinary (regular) taxpayers, Input Services Distributors, E-Commerce Operators (TCS), TDS, etc. These consultants will help you with expedited processing of such registrations. There are multiple payments and return filings under GST laws – monthly, quarterly, semi-annually, and annually.
It isn’t easy to keep track of all these payments along with running your business. If you miss any one of these payments, you will be charged with a penalty. A GST consultant will file your GST returns in order and without discrepancies or delays. They will prevent penalties from arising.
A GST consultant will assist you in classifying your transactions under the correct HSN/ SAC code for goods/ services and the rate of tax applicable to your goods/ services. They will assess the potential impact of GST Laws on the different segments of your business operations. Through a thorough assessment, these consultants will be able to offer you sound advice on the applicability of GST on various transactions undertaken or proposed to be conducted.
GST consultants will keep your business updated with all the new rules and regulations that are announced by the GST Council. They will review your accounting data and keep track of constant GST compliance as per the tax laws. They will also advise and support your business with other taxation activities such as filling and filing of transitional forms, stock forms, cancellation returns, surrender applications, etc.
As per the provisions of GST Law, any business having turnover above a specified threshold is required to get its GST audit done as per the relevant provisions. A GST Consultant shall audit the GST and submit his report along with observations, if any.
These consultants will offer you legal support in search, seizure, and inspection matters. They will support you in investigations and inquiries undertaken by Anti-Evasion and other authorities. A GST Consultant will be your representative before various Tax Authorities in assessments, appeals, and against show-cause notices, up to CESTAT/GSTAT level. They will also offer litigation support before the High Courts and Supreme Court.
GST implementation is new. The Government is still assessing its functions and impacts on businesses as well as the economy. There are constant updates in the laws, and they will be subject to some alterations in the future as well. For example, some time ago, the council moved LPG for domestic consumption from 18% slab to 5%. Professionals handling your GST compliance will take care of all these changes. They will ensure that your business is updated under all the alterations so that you don’t have to pay the penalty.
GST Consultants tailor their services to meet the requirements of your business. They will guide your business to revamp your IT systems, such as purchasing, invoicing, and financial reporting, to account as per the prevailing tax structure.