GST- Goods and Services tax introduces in July 2017. It is India’s biggest tax reform, GST is removed much tax from the market and has included all types of products and services except Liqueur and Petroleum, there is speculation that the new tax regime would help India y 2017achieve a 9% growth rate. There is speculation that the new tax regime would help India achieve a 9% growth rate. With a clear way forward as described by the Finance Ministry, the Government is on right track to achieve targeted GST implementation effective 1 July 2017. With a clear way forward India’s biggest tax reform, Goods & Service Tax (GST) is on its way and set to hit the market from July 1st.
There would be four GST Bills:
- Central GST (CGST)
- Integrated GST (IGST)
- State GST (SGST)
- Bill to Compensate States
For businesses, the GST tax system comes with several challenges that need to be managed in an effective way and the answer is a GST Practitioner. Such a professional is more like general Accounting and Tax professionals who are appointed to file returns on behalf of taxable firms and individuals. At present, the role is played by Chartered Accountants (CAs), Advocates, and Sales Tax Practitioners.
Who is a GST CONSULTANT?
A GST Practitioner (Chartered Accountants (CAs), Advocates, and Sales Tax Practitioners) is an individual authorized by the Central or State Government to carry out all tax-related activities on the behalf of taxpayers in India.
These activities include:
- File an application for new GST registration
- File an application for modification or cancellation of registration
- Provide details of outward and inward supplies
- Provide monthly, quarterly, annual or final GST returns
- Make payments for credit into the electronic cash ledger, i.e. payments for tax, interest, penalty, fees or any other amount
- File a claim for refund
- Denote the taxable person in any proceeding under the Act, other than inspection, search, seizure and arrest
- File an appeal to the First Appellate Authority
- File an appeal to the Appellate Tribunal (can only be done by a CA/CS/ICWA/Advocate)
Who can become a GST Consultant in India?
An individual can be a GST consultant if he is:
- A resident of India
- Has sound presence of mind
- Has not been declared insolvent
- Has not booked under any offence that involved imprisonment of more than two years
- Qualifies the educational and work criteria mentioned below –
The person should be a retired officer of the Commercial Tax Department of any State Government or of the Central Board of Excise and Customs. Besides this, he should have acquired a post not lower in rank than of a Group-B gazetted officer, for the tenure of not less than two years.
OR
He has successfully procured – a graduate or postgraduate degree or its equivalent examination, getting a degree in Commerce, Law, Banking including Higher Auditing, or Business Administration or Business Management from any Indian University established by any law for the time being in force
OR
a degree examination of any Foreign University recognized by any Indian University as equivalent to the degree examination mentioned above
Any other examination reported by the Government in this domain
OR
Any degree examination of an Indian University or of any Foreign University accepted by any Indian University as the equivalent of the degree examination, and has also passed any of the following examinations-
- Final examination of the Institute of Chartered Accountants of India OR
- Final examination of the Institute of Cost Accountants of India OR
- Final examination of the Institute of Company Secretaries of India
GST Practitioner Forms
| Form GST PCT-1 | Application for Enrolment as Goods and Service Tax Practitioner. |
| Form GST PCT-2 | Enrolment Certificate for Goods and Service Tax Practitioner. |
| Form GST PCT-3 | Show Cause Notice for disqualification |
| Form GST PCT-4 | Order of rejection of an application for enrollment or disqualification of a GST practitioner found guilty of misconduct. |
| Form GST PCT-5 | Form for Authorization/withdrawal of authorization of Goods and Service Tax Practitioner. |
Why should One Hire a GST CONSULTANT
The foremost objective behind hiring a GST Consultant is to remove the complexity associated with filing GST returns and other associated tasks. Other benefits include:
- Timely filing of GST to avoid tax penalties
- One-stop avenue for all GST-related queries in India.
- Maintaining tax related activities in a professional way
- Understanding various aspects of GST that may occur in future
Reach can be used by Consultants, Rentals and subscription businesses, Startups, and Small businesses for doing their Invoices, expense management, customer management, and Accounting.
