India’s largest tax reform, Goods and Services Tax (GST), is speculated that the new tax system will help India achieve a 9% growth rate. The path and answer are GST practitioners. Such professionals are more like general tax and accounting professionals, who are designated to submit returns on behalf of taxable companies and individuals.
Today, this role is held by chartered accountants (CA), advocates and sales tax professionals (STP); the primary goal of hiring GST professionals is to unravel the complexities associated with submitting GST returns and other related tasks. Let’s discuss how being a GST Consultant In India is worthwhile.
Who Is A GST Consultant?
Tax professionals are persons authorized by the central or state government to carry out all tax-related activities on behalf of the Indian taxpayers. Suppose you have successfully obtained a graduate or postgraduate degree or equivalent examination, a degree in business, banking, law or advanced auditing or business administration from any Indian university. In that case, you can become a GST consultant.
The degree examination of any foreign university recognized by any Indian university is equivalent to the above-mentioned degree examination. Any other government-notified test in this field is also equal.
How Can They Help?
GST consultants Make credit payments with the help of Transaction Advisory Services; they help you understand how to pay taxes, fines, interest, fees or any other amount, specify the taxpayer in any procedure other than inspection, seizure search, and arrest, they provide monthly, quarterly, annual or final GST refund.
Submit GST Returns Immediately
One of the most obvious reasons for hiring consultants is that they will submit your GST returns in a timely manner without any delays or discrepancies. Timely submission will save you from heavy fines and losses.
Professional Tax Management
Another important reason for using GST professionals to conduct business is that they will handle business tax management for you. Nowadays, maintaining a good GST compliance score is very important for building a brand image by avoiding unnecessary penalties. They help to give you fully synchronize tax planning in order to achieve business goals in the shortest time.
Good For The Future
The Goods and Services tax law was introduced in 2016, so the government is still observing its operation and its impact. The GST Consultant in India will always keep you informed of rules and changes that the government may introduce.