5 Key Tips to Hire GST Registration Consultant

GST Registration consultant

The Indian Economic System underwent a major overhaul with the introduction of GST in 2016. And whether it’s impact has been good or bad- we can’t deny the fact that it has turned out to be a stern challenge for business owners.

From filing mandatory monthly as well as annual returns to avoiding penalties and claiming tax refunds- the challenges have been far from easier for an average businessman. Add to that India’s shadow economy, illiteracy in small sectors, and lack of economic knowledge, and we can see why small to medium businesses have struggled to grow under GST.

But doing something as simple as hiring a GST Registration Consultant can solve most of these worries. It is the only way for businesses to keep thriving smoothly.

Hiring a GST Consultant saves you not only a lot of time but also prevents penalties and mismanagement. For small business owners, the consultant may even provide advice on how to grow the business.

Who is a GST Registration Consultant?

A GST Consultant is someone authorized by the State or Central Government to do tax-related activities for a taxpayer in India. The roles and responsibilities of a registration consultant include:

  • File monthly, quarterly and annual GST returns for the business
  • File application for cancellation and modification of registration
  • Facilitate new GST registration
  • Make payments on behalf of the company for tax, interest, fees, penalty, etc. into cash ledger
  • Denote the businessman in any proceeding under the Act, other than inspection, search, seizure, and arrest
  • Mention inward and outward supplies in transactions
  • File an appeal to the First Appellate Authority

Tips for hiring

  • Look for a Retired officer of Commercial Tax Department

The retired officer might have worked in any of the state or central governments or from the Central Board of Excise and Customs. Having such an officer at work might cost a substantial amount, but then you won’t need to worry about any tax-related issue.

It would substantially reduce the chances of mistakes and penalties while these officers can advise you best on reducing tax. Look for an officer having retired from at least a Group-B gazetted or above rank. Likewise, the tenure shouldn’t be less than two years.

  • Look for Post Graduates in the following fields

Candidates must have a graduate or a post-graduate degree in Law, Higher Auditing, Business Administrations, Banking, and other related fields. UGC should recognize the universities through which the candidate has attained their degree.

  • Look for candidates with the sound presence of mind

Having a sound presence of mind is essential to cover all aspects. Ignoring a single transaction, missing dates, and so on can lead to losses in the business.

The candidate should have a strategy devised for every future payment or return. Moreover, being proactive is essential to adapt to any changes in policies, which has been a trend since the advent of GST.

  • Look for Chartered Accountant firms with several years of experience

Inexperienced registration consultants can help you make better decisions regarding the way to go. Experience consultants would help synchronize tax planning with all facets of your business to ensure a good GST score. This also ensures you’d be able to reach your goals in quick time without hindrances.

  • Look for a candidate with a degree from Institute of Chartered Accountants

The Institute of Chartered Accountants is a premier institute that delivers excellent professionals without fail. Their rigorous testing and training ensure that their students are up to date with the demands of the current economic system, apart from understanding the know-how of running business accounts.

Why should you hire a GST Consultant

The primary objective behind hiring a GST Registration Consultant is simplifying the complexity of filing GST Returns and synchronizing it with businesses.

Your consultant will ensure timely filing of returns and GST forms, which would also help you avoid tax penalties. Moreover, they will make you ready for any upcoming challenges or modifications that come with GST.

Now it should be clear that you shouldn’t take filing GST returns lightly. And using some professional help is the way to go, especially until you understand the know-how.