The Goods and Services Tax (GST) is India’s first breakthrough tax reform that has helped to rationalise the process of tax collection while streamlining the compliance procedures to a considerable extent. One of the best moves undertaken by the government of India is the introduction of GST. It has helped in removing all indirect taxes and It has been executed from 1st July 2017. The GST implementation came with a few challenges and confusions for both big or small businesses. Earlier, businesses had to register for different types of taxes – VAT, CST, Service Tax, Excise Duty, Luxury Tax, Octroi and Entertainment Tax. However, now they only need to do GST registration under which a value-added tax is applied on all goods and services in the domestic market. Taking the giant leap towards The Goods and Services Tax can be challenging. So seek GST advisory services from an expert.
Why Hire Professional GST Advisory Services?
GST is not just a revolution in India’s tax system; it has an extensive impact on every stage of business operations in the country, i.e. – product or service pricing, IT, supply chain optimisation, tax compliance and accounting. GST has resulted in a complete “makeover” of the indirect tax system in India, with direct effects on the tax structure, tax payment, tax computation, credit utilisation, compliance and reporting.
Businesses that are supplying goods or services over a value of INR 20 lakh, for them it is mandatory to implement GST. However, the process can be intimidating and full of risks. So it is crucial to seek the help of risk advisory services to assess the advantages and perils of implementing GST, to understand the process to bring changes and much more. A GST advisor is an individual who is certified by the government of India in order to perform and carry out various activities related to taxation on behalf of the individuals or the businesses liable to pay taxes. A GST expert can present the application for a new GST registration as well as implement changes or cancellation of any registration. They can make various payments like tax, interest, payments etc.They can also fill monthly,quarterly, anually or final GST returns
Here are a few reasons in brief why you should consider outsourcing GST advisory services to a professional:
1. They have the knowledge and expertise
The firms that provide tax advisory services have vast knowledge and experience in closely monitoring the developments and impact of GST. With their expertise, they help businesses anticipate policy changes, assess risks, ensure seamless implementation of GST and integrate it with the existing systems.
2. Comprehensive GST advisory services
GST and risk advisory service providers offer comprehensive solutions that focus on improving overall tax performance of the businesses – build a strategic approach for taxes, create lucrative opportunities that help to evaluate and boost efficiency and offer remarkable shareholder value.
3. GST planning
They provide current knowledge on different regulations pertaining to GST in India. The firms help businesses to identify great opportunities in a strategic manner to improve cash flow, minimise GST liabilities and reduce the cost of compliance. They perform a Broad Impact Analysis that helps to develop “concept level” impact areas of GST on business operations, sort impact areas into opportunities and threats and identify ways in which the opportunities can be improved.
4. What-if analysis
The firms that are offering GST advisory services also perform simulated calculations to evaluate the potential impact of GST on business “as-is.” They help to discover the scenarios under which the opportunities or threats can maximise or reduce, and identify the realistic applications that could be used for GST preparedness.
5. Implementation and transition management
A major benefit of outsourcing GST and risk advisory services is that they help in seamless implementation and transition to the new tax system. The firms would provide tailor-made changes in ERP, supply chain, accounting and internal controls to make them GST-compliant. They also help to plot a process in which GST credit and liabilities will get auto-picked for tax payouts and compliances.
Outsource expert GST advisory services to a reputable firm and reap the benefits of this new tax regulation for your business.