GST Experts in Kolkata, East India
GST Expert is someone who creates value for the company by building trust and utilizing his professional expertise. An expert helps his/her client in keeping the tax liability as low as possible by claiming correct ITC and keeping in mind the Blocked credit u/s 17(5). A GST Expert also exercises due diligence and safeguards the client from penalty & scrutiny. The expert ensures the company’s compliance requirements are up to date, proper return filing takes place and there is on-time reply to any notices sent by the GST department. The GST expert not only demands extensive knowledge of the tax domain but also requires intensive technical knowledge, as filings and compliances are paperless and data-intensive, which leads to an increase in demand for professional GST Experts all over India.
Helpmybiz houses some of the best experts from the GST field to help you out. Our experience and integrity ensures that you get any and all query resolved at the most affordable pricing!
GST has increased the burden of compliance on businessmen by almost twice, as they have to file at least 25 returns annually that is, 2 returns per month compulsorily on the 10th and 20th of every month along with one annual return. The business will have to upload all tax invoices raised during the previous months as well as reconcile all their sales and purchases. The reconciliation is necessary to avoid penalties and effectively manage the business working capital.
Under GST the business has to ensure reconciliation is completed on time, so as to avoid show-cause notices from the GST department. This becomes tedious for a person if he/she has to manage it along with the regular day-to-day business operations. Some of the reconciliation needed are,
As GST mainly focuses on self-assessment, the compliance verification by the department is done through documentary checks rather than physical control. Sec.35 of the CGST Act clearly mentions that taxpayers have to maintain true and correct accounting records at their principal place of business as mentioned in their certificate of registration for a period of 72 months i.e. 6 years.
A list of General Documents that are not maintained by most of the businessmen are as follows-
Sec 171 in CGST Act mentions that “Any reduction in the rate of tax on any supply of goods or services or the benefit of the input tax credit shall be passed on to the recipient by way of commensurate reduction in price”, this leads to an increase in litigation cases as the taxpayer has to prove that GST benefit has been passed on to the consumers.
This section also demands the taxpayer to maintain proper cost sheet records, to calculate the profits arising from input tax credits and reduction in tax rate which is quite impossible without the help of experts.
Assessment simply means the determination of Tax liability. Under GST, the Tax liability is computed by multiplying the Rate of Tax with the value of supply. Both the component are complex as various industries have different valuation requirements which attract different rates. So to avoid any interest on Short payment of Taxes or to avoid extra payment of taxes you require expert advice.
GST Act also has provisions for Scrutiny Assessment under sec 61 and Summary Assessment under sec 64. Failing to provide satisfactory explanations under these assessments shall initiate appropriate actions such as an Audit of the registered person, inspection and search of a place of business of the registered business which further leads to initiating demand and recovery provisions.
i) Refund Claim – In order to claim a refund under various circumstances taxpayer has to maintain proper document records and has to file various forms accurately.
ii) Drafting and Pleading under GST - Under GST, the taxpayer is given the opportunity to be heard before any order is passed against them. It becomes important for the taxpayer to present his/her reply to the GST department in strict compliance with the rules and regulations.
iii) Constant Amendments - GST is vast and is continuously amended in order to keep up with the trends and the dynamic environment. A business needs to be updated with any changes that will impact his/her business.
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