How Can GST Consultants Help Your Business

Publish Date : 2020-10-28


How Can GST Consultants Help Your Business

With the introduction of the Goods and Services Tax (GST) in 2016 in India, many companies have seen changes in their financial strategies and operational policies. The new regulations that this law has brought with it have required several companies to invest resources for handling financial and tax management under the GST regime. The implications of GST have been felt by all types of businesses, including sole proprietorships, partnerships, private limited firms. Hence, several firms have felt the need to onboard GST advisory services for the same. 

How can GST Consultants help your business?

They ensure the regular filing of GST returns

GST returns are used by tax authorities to determine a company’s tax liability through the various sources of income listed. These include purchases, sales, input tax credit, and output GST applied to sales. GST consultants help you apply for and file your GST returns in a hassle-free, timely manner. Failing to submit returns on time may lead to consequences of heavy penalties. Similarly, knowing how and when to file for claims of refunds can save your business from irreversible losses. Also, since there are multiple sections of payment (monthly, quarterly, annually), understanding the rules of each and keeping track of the returns can get complicated. To take care of this, hiring GST consultants who are accordingly trained can prove beneficial.

They efficiently supervise tax management

Adapting to the different directives given by the GST act and complying with the same while formulating and implementing taxation policies in your organisation can be a tough call. Employing GST consultants for managing taxes can help build credibility and avoid unnecessary penalties. It ensures that your taxation is handled well and is streamlined along with cashflow management, thus helping your company achieve its business goals in a cost-effective, systematic, and timely manner.

They simplify the comprehension of new regulations

GST has been dynamic legislation with new regulations bought in periodically. GST advisory services can help your business get accustomed to the new rules in the revenue system of the country as well as keep your financial structure updated with the latest developments. Well-trained consultants who have thorough knowledge about the new regime put in place and can guide your company to make the most out of the system.

Enable cost savings

Individual firms may invest substantially in hiring and maintaining in house resources. This could take a toll on the firm’s cash flow, especially if it is a small or a medium enterprise. By outsourcing GST management to a GST advisory firm, an organisation can remain lean and still adhere to various GST compliances.

They notify about future amendments in the GST law

Since the GST law has come into implementation in India from 2016 onwards, it is relatively neoteric in businesses. It means that its execution and its impact are still being investigated continuously upon by the GST Council and the required amendments being made to suit maximum companies. For instance, as of 30th July 2020, a newly revised format of the original e-invoice has been suggested by the administrative board CBIC (Central Board of Indirect Taxes and Customs) in which there will be an additional 20 fields and a deduction of 13 old ones. To stay up-to-date with such advancements, hiring a professional GST consultant can help your business significantly.

For registered businesses in India, engaging in GST consultancy services is a crucial step to guide your company along the lawful right lines and keep it away from unwanted legal obligations. As GST plays a vital role in determining your budgeting policies, advisory services must be selected based on the skills and educational qualifications of the consultants. Also, it is recommended that you hire well-known firms over individuals since they offer experienced subject matter experts for the role. Top-class tax consultancy firms like Dewan PN Chopra, Nangia and Co., Neeraj Bhagat, SN Dhawan, and Desai Haribhakti and group can prove to be the finest financial advisors for your company. They make sure that your financial operations are carried out in an uncontrolled, swift, and precise manner.



Category :finance
Author Website : Dpncindia.com

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