The aim of the ‘One Nation, One Tax’ system is to enhance the competitiveness of India in global markets. GST (Goods & Services Tax) ensures that a minimal amount of taxes get cascaded and hence, is a good anti-inflationary method. This also results in a cut in the business operating costs. Another advantage of GST is that taxpayers don’t have to pay taxes on advances that they get for supplying goods.
If you own a business, big or small, then it is important that you comply with all the GST rules and regulations. The requirements and scope of GST laws are voluminous, complicated, and surrounded by many grey areas. With GST consultancy services, businesses can make things simple to implement. These services can break down complicated matters into ‘easy to understand’ language.
Irrespective of how complicated the problem is, the planning and advisory team that offers GST services can always help businesses streamline their operations and thus is the perfect solution for businesses of all sizes.
What Is GST?
GST refers to an indirect tax that serves as a replacement for several indirect taxes in the country, including VAT, excise duty, and service tax. In India, GST is an essential, destination-based, multi-stage, and comprehensive tax levied on all value additions. It is a single domestic indirect tax law for the whole country.
Different Kinds of GST Registrations
There are four different types of GST registrations:
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Central Goods and Services Tax (CGST)
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CGST is levied on the intra-state supply of different goods and services.
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State Goods and Services Tax (SGST)
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SGST is charged on goods and services sold within the state.
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Integrated Goods and Services Tax (IGST)
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IGST is levied on the inter-state supply of products and services.
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Union Territory Goods and Services Tax (UGST)
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UGST is charged on the supply of goods and services in any of the union territories in India through Daman and Diu, Andaman & Nicobar Islands, Chandigarh, Dadra, and Lakshadweep etc.
GST Services Offered for Businesses
The GST services offered by consultants go a long way in helping businesses fulfil the compliances needed under the GST laws. The categories under which businesses can avail services include:
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GST Compliance
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This includes reviewing the accounting data of businesses to check for GST compliance, evaluating the potential effect of GST laws on business operations, preparation of tax invoices as per GST laws, monthly reconciliations, and more.
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GST Return Filing
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GST consultants help businesses in filing their GST returns and also periodic returns under different tax schemes. They collect the required data, review the annual returns, certify reconciliation statements, and update businesses on GST amendments.
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GST Registration
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The consultants evaluate and determine the status of a business’ requirements for GST registration. This includes everything from applying for registration and identifying the goods and services sold under GST to amending the information given in the registration certificate as per relevant GST rules and filing a restoration appeal.
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GST Advisory
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This category of services focuses on tax applicability on different transactions proposed to be taken up or conducted and the overall tax performance. This helps in creating great opportunities to develop a strategic tax approach.
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Representation Under GST
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GST consultants can help with representing your business at different levels. They would have experience in solving different problems associated with a dispute between suppliers and tax authorities under the GST.
What to Look for in GST Consultant Service Providers?
It’s generally the Chartered Accountant firms that provide GST consulting services. Before hiring one, here’s what you need to look for:
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Quality Services
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The GST services provided by consultants should be driven by quality at every level with added value. They should offer exceptional services to their clients, which are satisfactory.
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Client-Centric Approach
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Their approach should be focused on clients and they should offer customised services. The team should have both industrial and technical experience to serve the varied needs of their clients.
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Expert Team
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The team should be professionals and experts from varied technical, academic, and social backgrounds. Such diversification builds a team that performs really well. They should have strong work ethics.
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Transparency
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Transparency and open communication should be at the core of their operations. This builds valuable and long-lasting relationships with their clients, thus developing trust. Transparency should be maintained at every level, including service offerings, communication and delivery.
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Quick Turn Around Time (TAT)
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Ensure that the GST consultant meets the turnaround time requirements. Having a client-focused and experienced team helps in offering timely services.
GST consultancy services are a must for businesses if they want to comply right with the latest rules and regulations. This can help in staying away from tax-related problems. In the end, all these can streamline their business processes and serve as the ideal solution for the tax-related guidance needed for businesses.
