GST or Good and Services Tax has changed the taxation system of the country by implementing a single tax system. The GST includes service tax, excise duty, etc. This has helped in reducing the duplication of taxes and various other tax deficiencies with the indirect tax system. However, it may get complicated when you want to obtain GST registration. This is why it is important that you hire a GST registration consultant in Agra.
A GST consultant has a financial background and is also updated with the rules of GST registration and filing. With their experience and knowledge, they are able to guide you in complying with GST norms and other financial and accounting matters.
Why is GST Registration Necessary?
Any person who is offering goods and services has to register GST. However, there is a clause under which GST registration is exempted from certain products. It is also necessary for taxation purposes for an individual. The registration is also necessary for the person who is liable to pay taxes under the reverse charges scheme. Any e-commerce company or any person who is a non-resident but is eligible for taxes also need to register for the GST.
Benefits of Getting GST Registration
There are many benefits to getting GST registration. The first benefit is that you will be recognized as a supplier legally. The second benefit of the registration is that it helps in the simplification of the tax structure. Understanding GST is easy and simple and hence, getting the taxes right is easy.
The third benefit for the traders and suppliers is that their products become cheaper due to the composition scheme under GST. The fourth benefit that they have is that it can help them to reach global competition without the loss of money.
Qualifications of a GST Consultant
While selecting a GST consultant, you need to keep in mind that he or she is qualified to handle all the issues related to finances and GST. The consultant should the resident of the country with a degree in banking, commerce, auditing, law, etc. Apart from any of these degrees, the consultant should have an experience in the field to handle the GST related individually. He or she should also be able to file your GST on time so that you do not have to pay any penalties. He or she should also be able to update you with the latest norms under GST.
Reasons for Hiring a Consultant for GST
There are many reasons to hire a GST consultant. The most important reason is that they are able to file your GST returns on a timely basis. This is very important to avoid any penalty. There are many payments that are made throughout the year and tracking those payments can be difficult for you to track. A consultant keeps track of your payments to ensure that the returns filed are correct.
Maintaining your GST compliance is very important for running a successful business. The GST consultants help you in maintaining it by taking care of your finances and taxes. They also help in synchronizing your taxes with your activities.
Understanding the law of GST can be complicated and over the years the laws have been updated. Hence, it is necessary that you are updated with the new laws. With the help of a GST consultant, you can have all the updates that you need related to GST. GST registration is quite beneficial. Hence, if you have a consultant for you, then you will get benefits in the future.
Hiring an Individual or Agency
You can either hire a GST consultant who is associated with an agency or with an individual. No matter how you hire the consultant, you need to make sure that he or she is experienced and has complete knowledge of the laws associated with GST. You can do research on the person or agency before you hire the consultant.
