As government makes it mandatory for all to fill in the GST details in the country, the demand for GST consultants in India has grown by leaps and bounds.
According to newer norms, GST has now replaced the old indirect tax structure (of VAT, CST and other taxes). GST consultants in India have therefore had their hands full with GST Registrations as well as for Review and e-filing of GST on monthly, quarterly and annual basis. The compliance burden is much higher, with more forms and returns required to be filled on a monthly basis for output liability, input credit and reconciliations.
In last few years, several GST consultants have come up in Mumbai to help the business houses in resolving key issues related to GST. They have been working to resolve GST Defect Memo raised by GSTN, for Management Conducting GST Compliance Review (GST health check), etc.
GST consultants in Mumbai have been advising corporates in managing the businesses structure, supply chain, working capital management and minimizing unrecoverable GST costs.
For companies that are not large or equipped to deal with the new demands of the GST system, external GST consultants could be very helpful in implementing GST and providing post-implementation support Several companies are also opting for a GST-onboarding service which involves the GST consultant setting up and implementing best practices for GST in the company and slowly transitioning the GST work to in-house employees of the company.
GST consultants are also available to advise companies on their product categorisations, GST rates, potential GST exemptions or benefits that might be available to them and management of working capital. The refunds process for exports is straightforward for exporters of goods but not so for service exporters. Such areas may also merit an external assessment of liability and advice on how to speed up GST refunds.