The Goods and Services Tax (GST) has been the most significant game-changing step in the Indian economy. By introducing this single tax, taxes, including Service Tax, State VAT/Sales Tax, Central Excise Duty, Entertainment Tax, Purchase Tax, Luxury Tax, surcharges, and cess, are replaced by GST. From July 1, 2017, onwards, GST has replaced India’s current complex State and Central indirect tax structure to make a common market with a uniform indirect tax regime.
Now, the Goods and Services Tax is practised as a single indirect tax for the whole nation, applied to the supply of goods and services from the manufacturer to the consumer. This indirect tax affects every aspect of businesses, from Cash Flows to financial reporting, tax accounting and reporting, pricing, profitability, supply chain management, and marketing, among others.
However, most businesspeople have only a surface-level knowledge or understanding of GST; there are only a few large corporations that have the expertise to handle GST effectively. Small business people have faced multiple challenges in handling GST; they are not only struggling with understanding, but also with various aspects and subtleties of the GST regime. Most of them are also unaware of selecting the right person to handle GST and GST filing processes for their business.
Not all businesses are the same; each one has different needs and requirements, so they must develop or search for customized solutions that are suited to their business and needs. And, because of the intensive growth of technical solutions, most business owners are not in a position to determine or fix their partner or solution steadily. Here is where a GST consultant comes in; they are experts in GST and its filing procedures. A GST Practitioner is an individual who the Central or State Government authorizes to execute all tax-related processes or activities on behalf of any business person in India.
Why do we need a GST Consultant for Companies or Businesses?
This GST has transformed the transportation and logistics sector, creating multiple opportunities in the business supply chain. By understanding and applying this, companies or businesses also can now simplify and strengthen their distribution networks. To help business owners understand this method of revamping their business supply networks while adopting the GST law and procedures, a GST Consultant can advise and guide them in a better way. Such a consultant can also support your business on how to handle your IT systems in various areas like invoices, purchasing, financial reporting, and so on.
Role of a GST Consultant
These are the tax-related activities in which a GST consultant can guide you:
- Apply for GST registration
- Apply for cancellation or modification of GST registration
- Provide or give details of outward and inward supplies
- Provide the details of monthly, quarterly, annual, and final GST returns
- They make payments on behalf of their customers for credit to the electronic cash ledger, such as payments for taxes, penalties, interest, fees, or any other amount.
- File a claim for any refund for the above payments
- Represent the taxable person in any process under the Act, excluding inspection, seizure, search, and arrest
- Filing an appeal to the First Appellate Authority
- Filing an appeal to the Appellate Tribunal, this can be done only by a CA/CS/ICWA/Advocate.
Services provided by GST Consultants of Kanakkupillai
Since the introduction of the GST bill, the demand for the Best GST Consultants in India has also gone up. At Kanakkupillai, we work with GST professionals to provide expert advice, support, and guidance to various organizations and businesses involved in the sale and purchase of goods. Our GST consultants offer the utmost support and guidance to all types of companies, helping them implement their GST program effectively. We not only provide support but also train them on GST and related schemes, and educate them on all the details that help them understand the implications of the GST Law.
As the implementation of GST may present some unique challenges, an expert GST Consultant can help the company navigate these complexities, including GST implementation and transition, GST Training, and GST Law Implications.
Who are GST Consultants?
A GST consultant is a professional who can simplify and consolidate the logistics and transportation sector of the business and help the organization understand what GST is, how the Supply chain and operations work with GST law, and how to lay down GST procedures for your business.
They guide the business to revamp its IT systems, such as purchasing, invoicing, and financial reporting, to account for the tax structures. Essentially, experts in Indian Economy, Chartered accountants, and operations consulting professionals are considered GST professionals, as they can provide knowledgeable services to address various business-related queries. At Kanakkupillai, we have an expert team of professionals who excel in handling all types of business-related activities.
Here are the services provided by a Professional GST Consultant
- GST Registration: The GST registration procedure can be done through an online portal maintained by the Government of India. GST professionals can get GST registration for your business in a short period.
- GST Returns: As per the GST Act, every registered entity must submit the details of their sales and purchases, including the tax paid and collected, by filing GST returns regularly. The GST Consultant team will handle this for you and let you focus on your business.
- GST Compliances: The GST Consultant will update you on all new compliances that the GST Council has announced.
- GST Assessment: GST consultants can guide and assist you in the complete GST assessment process executed by tax authorities.
- GST Amendments: Once you register your business as goods and services taxpayer and if you want to make any alteration or change in your submitted information of core or non-core fields such as addition of place of business, change in address and so on, you can reach GST professionals as they are source where you can bet better assistance.
- GST Audits: With rich knowledge on GST, a GST Consultant or a GST team of professionals performs audits and prepares all needed audit reports for your business.
