Hire GST Consultants For Small Businesses And Reap Numerous Benefits

For someone not aware of the term yet, GST or the Goods and Services Tax is a value-added tax levied on goods and services generally sold for domestic consumption. The tax is paid by the consumer and provides revenue for the government. More than 10 years have passed since the bill was passed and the concept of GST has evolved drastically over the decade. It has almost transformed the indirect taxation system in India. It is not just about big organisations but even start-ups and small business owners can reap numerous benefits with GST implementation as it helps in simplifying the indirect tax structure.

4 Reasons Why Small Businesses Should Hire GST Consultants In Kolkata

  • Starting A Business Becomes Easy

Earlier, business owners had to visit the sales tax department in the State they are willing to start a business and get their VAT registration done. This became a challenge for business owners operating in multiple States as different States had different procedures for tax registration. They could not maintain compliance with VAT regulations and would often end up paying fines. The GST registration procedure, on the other hand, is centralised and standardised. A single registration will be applicable across India.

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  • Multiple Taxes Integration

One of the main reasons why every State in India had different VAT rates, regulations and procedures is that the VAT regime under which goods and products were taxed was implemented by the Central government. There were also the central sales tax, purchase tax, luxury tax and additional customs duty which complicated it further. Numerous taxes were summed up into one tax under the GST regime. Few of the taxes subsumed under GST are services tax, central excise duty, state-level value added tax, additional customs duty and surcharges, among others.

 

  • Exemption For Start-ups And Small Businesses

One of the primary reasons why numerous start-ups and small business owners are hiring experienced GST Consultants is that there is GST exemption for them. Under the new GST regime, organisations whose turnover is less than 40 lacks annually don’t have to register their business under GST. If your business turnover is more than that but you don’t have prior experience in GST registration, make sure that the GST consultant you are hiring has dealt with start-ups and small businesses earlier.

 

GST Consultant in Kolkata

  • Ease The Process Of Doing Business

Few businesses like computer sales and service or restaurants which provided goods and services had to earlier comply with both service tax regulations and VAT. This became a challenge for business owners as different items had different rates and they had to calculate taxes for those transactions. The difference between goods taxes and service taxes vanished after GST was introduced which eased the compliance process. Even invoicing became easier for businesses as they had to adopt only one rate.

Since there are so many ways through which start-ups and small businesses can benefit from GST, it’s time you start looking for experienced GST consultants.

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