Goods & Services Tax
GST (Goods & Services Tax) this Indirect tax is levied on all transactions like transfer, purchase, sale, lease, barter or import of goods and services. It came into effect on 1st July 2017. This destination-based tax is levied on every stage of value addition.
As whole Indirect tax regime of our nation is going to shift from origin-based tax structure to destination-based tax structure, it is obvious that supplier will face difficulties in various issues like carry forward of input tax credits, registration into GST, migration from existing tax regime etc. To overcome these difficulties many GST Consultants in India like Chartered Accountants, Lawyers are providing GST consulting services in India.
There is increased in compliance that business need to file minimum of 37 returns and to ensure timely compliance and no loss of input tax credit business need to get assistance from GST consultants.
There are many issues like e-way bill, letter of undertaking, GST audit for which most of business houses have no idea how to get it through and also as GST is a new tax structure so there are many flaws in this tax structure and to overcome this government is proposing changes by issuing notifications and circulars on regular interval.
In this competitive environment it is necessary for business houses to concentrate on their core activities and outsource GST related services (Registration, return filing, advisory, cases etc) from GST consultants like chartered accountants, lawyers etc.
In GST there is a provision of special audit in which the registered person is required to get his record including books of account examined and audited by GST consultants i.e. Chartered Accountant or a Cost Accountant during any stage of scrutiny, inquiry, investigation or any other proceedings.
Client’s understanding of GST provisions and its impact on their business is still at premature stage and they have to make analysis like pricing of goods and services, pre and post GST, working capital requirements to pay all GST related taxes by setting off their input tax credit, utilizing input in case of closing stock held on the day preceding the GST became effective. For all these services there are many consultants specialist in GST in the market.