The Goods and services tax has become the biggest tax reform that our country has witnessed. The prime execution of this tax reform is to achieve a more noteworthy degree of development. Taxes like Service Tax, Purchase Tax, Central Excise Duty, Luxury Tax, State VAT/ Sales Tax, Entertainment Tax, Surcharges and Cess, and many others are replaced by GST. GST became effective on first July 2017. The bills that are related to GST are (CGST) Central GST, (UTGST) Union Territory GST, Bill to the Compensate States, (UTGST) Union Territory GST.
Various other benefits GST can offer are an increase in GDP, an increase in Foreign Direct Investment, and reduction in tax burden at multiple levels and on the final customer, cheaper import for retailers who are due to the credit of import duties, and an increase in International competitiveness, etc.
The GST usage accompanies a couple of difficulties and confusion practically for all the businesses. The best help for the same can be given by the Tax Consultants in Chennai.
Role of a GST tax consultant in Chennai
A GST professional is a person who is confirmed by the government to do different exercises related to tax collection for the benefit of the people or the organizations subject to pay taxes. Let’s look at the role of a GST expert.
- Presenting the application for new GST enlistment
- Actualize changes or cancellation of any registration.
- Furnish insights concerning outward or internal supplies.
- Making different installments, for example, tax, interest, fees, penalty, and so on.
- Filing GST returns-month to month, quarterly, or annually
- claim for refund
- File an appeal towards the Appellate Tribunal and Appellate Authority.
Who is a GST consultant?
Some attributes of a GST specialist are as follows: –
He/ She ought to be an Indian citizen, must be insolvent, and ought not to have been held for any wrongdoing that includes jail for over 2 years.
The individual ought to be a resigned official from the state/central Commercial Tax Department of excise and customs. Additionally, he/she ought to be a Group B gazetted official for an insignificant of 2 years.
One who holds a graduation/post-graduation degree in Commerce, Banking, Law, evaluating, business administration, or management from any perceived university or college can be a GST consultant.
Why companies or businesses need GST consultants
GST return should be filed monthly, quarterly, or annually depending on the type of return. Filing GST transforms the transportations and logistics sector and creates multiple different opportunities in the supply chain. Businesses would likewise be influenced as they would now be able to streamline and fortify their different distribution networks. To help comprehend this strategy for patching up their supply chains while embracing the GST law and systems, these companies can recruit a GST Consultant who can counsel and teach them about the same. Such a tax consultant can help you manage the most proficient method to restore your IT systems in zones, for example, purchasing, invoice, and financial reporting while moving with the new tax structure.
Why it is important to hire a GST consultant
GST introduction has created a unified market across India, permitting free movement of products across state limits. This is relied upon to change the logistics and transportation part, making opportunities in all physical flexibly chains. Businesses can streamline and combine their distribution systems, they can get efficiencies in their expense of acquisition. Hence the significant aspect of a GST consultant is to help organizations see how it can patch up its Supply chain and tasks, aside from agreeing to GST law and laid down methodology.
GST change will likewise require companies to redo their IT systems – especially in invoicing, buying, and monetary answering to represent new tax structures.
GST consultation for huge corporates in India is done by the best GST registration consultants in Chennai. For administration firms, yet there is a huge base of independent experts and bookkeepers and operation consulting experts who can offer practical assistance to medium-sized firms.
The benefit of hiring a GST consultant in Chennai is that they are specialists in their work and help you to rearrange different complexities related to the GST returns. They help you to record your profits on time to avoid penalties and skillfully manage the taxation activities. GST Consultants in Chennai additionally help you to resolve any questions in such a manner and make you understand any GST related changes that are probably going to happen soon.