What is GST and Why Do You Require Implementing it for Your Business?
Goods and Services Tax (GST) is one of the most prominent tax reforms in India till date. GST was introduced with a speculation that this new tax regime may help the country to achieve as much as 9% growth rate. The reform hit the market on 1st July 2017. With GST, customers don’t need to pay a number of indirect taxes. Consumers are required to pay only one indirect tax namely GST while buying goods or services. But GST is different from central excise duty and service tax. These two are levied at individual points of transaction for each good and/or service. In a nutshell, all indirect taxes have been fused into a single tax — GST. And that has made few things either cheaper or dearer.
Who are GST Consultants in Kolkata
A GST consultant is a person authorised by either State or Central Government to accomplish all tax-related for the Indian tax payers. Key jobs done by a GST consultant are as follows:
· Filing applications for new GST registration
· Filing applications for amendments, modifications and abandonments of the registration
· Providing in-depth description of inward and outward supplies
· Making payment toward credit into electronic cash ledger including payment toward penalties, taxes, interests, fees and other purposes
· Filing claim for getting tax refund
· Representing and denoting a taxable individual in case of a proceeding under Act, other than search, inspection, seizure and/or arrest
· Applying to the First Appellate Authority
· Applying to Appellate Tribunal — this can be done by a CS/CA/ICWA/Advocate
What is The Need To Hire A GST consultant
In India, implementation of GST has become compulsory from 1st July, 2017, as mentioned above and companies have already become compliant to GST. The key objective behind hiring a GST consultant is to disentangle the complications associated with filing GST return as well as other associated task. Other benefits of hiring GST Consultants in Kolkata may include,
· One-stop destination for all GST related queries
· Filing GST on time in order to avoid tax penalties
· Maintaining tax related issues in a professional manner
· Knowing and understanding different aspects of GST that might occur in near future
What Are The Importances of GST Implementation
The key aim of GST implementation is to make the country a single marketplace by unifying its tax system. For the business people, this ensures smooth flow of goods and services to make things simpler for them. Every Indian state has their individual tax system. And this led to compartmentalization of the market. GST has been crafted such a way so this issue may be resolved. It simplifies the tax system and tax structure of the country, and ensures flawless optimisation as it comes to proper allocation of resources.
GST denotes ‘one nation — one tax’ system to develop an amiable business environment throughout the country. GST implementation is hardcore reality and it has huge impact on Indian economy.
