Four Ways Businesses Can Benefit By Partnering a GST Expert in India

by Jayden Smith Blogger

GST is the biggest indirect taxation reform in India since independence. It replaces the traditional, cumbersome system of central and state indirect taxes. It aims to simplify indirect taxation, reduce complexities, pave the way for easier input credits, remove cascading effect and unite the entire country as a single market. It has also created a demand for GST consultants who have been helping businesses transit to the new regime.

Hand Holding During Regime Change

When GST became effective on July 1, 2017, it created challenges and confusion for most businesses. GST consultants stepped in by helping existing assesses effectively transition to the new regime and assisting new dealers register under the new system. They also provided training for easier transition, clarifications on legal issues and analyses detailing the comprehensive implications of GST. They have done phenomenal service providing compliance support with filings and records under the new regime.

Timely Returns Filing

Going forward, the demand for a GST consultant is not going to subside any time soon. Prompt returns filing is an important requirement of the new regime and not doing so can result in huge penalties. However, the returns to be filed are more – monthly, quarterly and annually. It can be difficult for enterprises to keep a track of multiple dates and new announcements made by regulatory authorities. Engaging a GST expert can be helpful in avoiding these problems.

Expert Advice and Guidance

There are some inherent complexities in the new tax system that results in much confusion for businesses. For example, the issue of mandatory registration and multiple tax slabs. A GST consultant can help a client determine whether he falls below or above the threshold for mandatory registration and also help determine under which tax slab a particular product falls. A consultant can provide required guidance to ensure a client understands compliance requirements and adheres to them.

Facilitating Professional Tax Management

A successful enterprise needs to invest in professional tax management. The blueprint for growth is deficient without a comprehensive tax strategy. Involving a GST consultant to establish efficient systems and practices for matters related to GST compliance is one of the best decisions an enterprise can take. Apart from helping create a plan to meet necessary procedures, a GST specialist can also devise a plan for saving tax under the new regime. All these can lead to better tax management in sync with business activities and growth plans.

Help In Navigating a Dynamic Future

The new GST regime is dynamic and still evolving. The government is incorporating relevant changes after taking note of problems and developments linked with the new system. Apart from moving certain items from one slab to compliance and payment regulations are also being looked into. It’s difficult for businesses to keep themselves abreast of all developments and make necessary adjustments quickly. In this respect, hiring a GST specialist for long-term advice and assistance can provide huge relief.

Businesses can obtain great value by engaging a GST expert. Get in touch with an experienced chartered accountant firm having a knowledgeable indirect tax team!

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Created on Sep 20th 2018 06:22. Viewed 484 times.

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