Short for goods and services tax, GST is a form of indirect tax that replaces several other indirect taxes, including excise duty, VAT, services tax, etc. Simply put, GST is charged on the supply of goods and services. It stands as the single domestic indirect tax applicable throughout the country.
The benefit of GST is that every single state will follow one rate for a specific product or service, supporting the ‘One Nation, One Tax’ ideology. It has also simplified tax compliance since taxpayers do not need to spend their time and effort filling up and managing multiple forms and meeting deadlines.
GST has made tax administration easier by subsuming several significant indirect taxes into one. Previously, the tax system was not organized, with some taxes governed by the state and others by the Centre. GST also removes the cascading effect of taxes.
GST is not a simple act. And if you are a business, it is beneficial to hire a professional GST consultant who can help you with the tax and ensure that you are filling it properly, with accurate inputs and gaining from it. The individual is authorized by the Centre or state to carry out tax-related activities on behalf of the taxpayers in the country.
A GST consultant is responsible for several thing, including filing applications for new GST registrations, filing applications for modifying or cancellation of GST registrations, giving details of outward and inward supplies, providing timely (quarterly, annually and final) GST returns, filing of claim for refund, filing appeal to the First Appellate Authority and Appellate Tribunal.
Benefits of hiring a GST consultant
One of the major reasons for hiring a GST consultant is that they know the subject well and will file returns on time. When returns are submitted on time, and the law is followed properly, you can stay legally safe. Moreover, as a business owner, you can focus on what you do the best: Business. The consultant will do it on behalf of you without you needing to invest time and effort.
A GST tax consultant can help you maintain a good GST compliance score. A good score can help maintain a good reputation for your business and not be fined by costly penalties. Simply put, a consultant can keep tax planning in accordance with the needed laws and regulations.
GST is complicated, and hence it needs expert understanding. For someone without enough tax expertise and knowledge of GST, things can become harder. That is why having professional help can guide you navigate the complexities of the tax system.
These are just a few of the many reasons you should take the help of an expert GST consultant who can help you understand the tax and provide help as needed so you can do business easily by following all the compliances.
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