Why hiring a GST Consultant in Mumbai is a good idea?
If you’re looking for a GST Consultant in Mumbai, you can count on Taxcom for high-quality and professional services
For both Indian and foreign companies having businesses in India, paying Goods and Services Tax (GST) is one of the most importation obligations. Failing to comply with GST provisions can attract penalties. Many companies retain a GST Consultant in Mumbai for the efficient administration of the tax regime and compliance with the government rules in matters of taxation.
Why do you need a GST Consultant in Mumbai?
GST with all its details is still something that many people including top company executives don’t understand. To begin with, there are four different tax slabs of 5%, 12%, 18%, and 28% that apply to four different sets of goods and services. Some sectors such as education and health also get exemptions. The complexity does not end here and that’s why you need a professional third-party service provider for an efficient GST service in Mumbai.
There are 4 different GST categories that cover businesses within the state, between the states, and overseas businesses. Further divisions are made based on revenue or the size of the businesses. Based on these factors, a company may have to file multiple GST reports and returns in a year. This is not an easy task, especially because GST administration is not the core business of a company.
If it focuses on GST-related issues and gets overly involved in it, the core business may get slighted and it may serious consequences. Given this, it is more advisable to engage GST Return Filing Services in Mumbai than try to do it in-house.
What is the Goods and Services Tax (GST)?
Goods and Services Tax (GST) is an indirect tax that sees India as one and unified market. It replaced many central and state-level taxes to become one tax for the entire country and all businesses.
Inherited from the mixed economy era, India had too many taxes that made tax administration difficult. For the businesses, too many taxes meant so many difficulties in doing business. In effect, neither businesses nor tax authorities were in a happy situation.
As a remedy, India adopted a ‘one nation one tax’ policy with the introduction of GST in 2017. Now, it is the most important tax regime that covers all businesses and services across the nation. Businesses that cross the minimum revenue threshold for the GST administration have to comply with the GST tax regime.
Is outsourcing GST Return Filing Services in Mumbai a good idea?
As we have discussed above, like all taxes, calculation, assessment, and reporting of GST is a long and complex process. If a company desires to do the job in-house, it will have to hire domain experts and maintain a separate department for this purpose. But if it outsources, it can save time and resources for hiring experts and maintaining an office for them. Besides, there is greater efficiency and full-proof compliance with GST rules. Here are a few other benefits of taking the help of GST Return Filing Services in Mumbai:
Greater efficiency and cost-effectiveness
Frees up time and attention of key executives
Better compliance with all applicable rules
How should you choose your GST service in Mumbai?
When you engage a third-party service provider, there is always a risk of data theft. In the case of GST return filing services, the outsourced company will gradually build a repertoire of information about your company. If the service provider is not reputable and does not abide by the highest standards of business ethics, your data can be at risk of being stolen and misused. In this light, you should hire only professional and reputed companies to process your GST returns.
Why choose Taxcom as your GST service in Mumbai?
Taxcom is a reputed outsourcing service provider that covers many domains, including GST services. The company has an excellent digital and physical infrastructure. It has a skilled and experienced workforce who prepare and file GST returns on a day-to-day basis. They know the job inside out and you can trust their efficiency and professionalism.
Compliance with GST laws can be a tricky issue for businesses that lack domain experts on their payrolls. Such companies can hire a GST Consultant in Mumbai and let it provide efficient GST Return Filing Services in Mumbai. Taxcom is a prestigious GST service provider with Indian and foreign businesses as its clients. If you are looking for a GST service in Mumbai, you can count on Taxcom’s efficient and professional services.