With the Goods and Services Tax (GST) being rolled out on July 1, 2017, are you scouting for reliable consultants who can advise you on the technical aspects of the tax? Do you think it’s high time you gear up and assess the probable impact of the Goods and Services Tax on your business? Read on then to check out everything you need to know about availing services from the specialists!
Businesses of all shapes and sizes are going to be impacted with the implementation of GST, the largest indirect tax reform in India. Taxes like Sales Tax, Central Excise Duty, State VAT, Purchase Tax, Entertainment Tax, Luxury Tax and several other indirect taxes have now been replaced by the GST. While it’s true that the GST aims to simplify the entire indirect taxation process, certain gaps still exist in the procedures. Availing assistance in the preparatory work for GST can thus be a wise decision!
Need For Availing Services From GST Consultants In Kolkata
With the introduction of the Goods and Services Tax, the taxation system in India has now become destination based. This has impacted diverse aspects of businesses like- the supply chain, the cash flow, profitability, sourcing and the enterprise resource planning. Thus, planning in advance can bring forth a good opportunity to the companies for evaluating and realigning their business objectives and models.
By hiring GST consultants in Kolkata who can advise and teach them about the laws and procedures of implementing the Goods and Services Tax, businesses can gain a competitive advantage over their competitors. Moreover, these professionals can even assist you in renewing your IT systems while coping up with the new tax structure.
Benefits Of The Goods And Service Tax To Business And Companies
- Both state and the central GST will be applicable on the manufacturing cost. Not only will this benefit customers if the prices come down, but it will even lead to more consumption, thus helping companies gain more businesses.
- As per the Goods and Services Tax system, all taxes levied by the central and state government will be put together and merged into a single taxation system. This will do away with the earlier multiple tax system and bring in the concept of one common market for all.
- Under the Goods and Services Tax system, the burden of taxes will be divided equally between services and manufacturing through a lower tax rate.
- The tax will be levied only at the company’s destination unit and not at various points (from the manufacturing units to the retail outlets).
- With uniformity of tax structures and rates, GST has ensured that indirect tax rates and structures are common across the country. Irrespective of the place where the business is done, tax rates for companies throughout the country is neutral.
- Relaxation in the transaction expenses of doing business will gradually lead to an improved competitiveness for the company in the industry.
- With a seamless tax credit system throughout the country, there will be a nominal cascading of taxes. This removal of cascading will reduce the hidden costs of doing any business in India.
So what are you still waiting for? Quickly find a leading consultant and start availing some exemplary services to enjoy the benefits of GST!