India’s economic scene has seen a lot of revolutionary decisions in the last few years. Out of all the pioneer decisions, the GST(Goods and Service Tax) Act was the one which changed the face of the entire Indian economy. It got enacted on 1st July 2017, introducing the Indirect Goods and services text which replaced several other indirect taxes.
The enactment definitely complicated the taxation dynamic of the country. Dealing with the complications of the new tax can be a really tough nut to crack if you don’t have a good consultant on your side. Many accountancy firms provide GST consultancy in India. It is up to you to find one which is best suited to your needs.
Here is a guide to help you find and connect with the top GST consulting firms:
Know your requirements
GST is not uniform for all industries. The act has different tax slabs for various industries and products. It is essential that you understand your product and industry well, before looking for a consultant, or diving deep into various other key aspects of the act. The tax slabs for your line of products may vary amongst 0%, 5%, 12%, 18%, and 28%.
Search for the GST consultancy firms near you
We live in the technical era and hence it is very easy to find the nearest CA firms near you which may help you with your GST needs. Just a quick search on google and you will find a comprehensive list of the suitable firms near you.
Now, the question arises, is a google search enough? The answer is, no! Because many efficient firms still believe in running on word of mouth. So, you must also consult your colleagues in the same industry.
The top national GST consultancy firms provide services online too
There are chances, however thin, that you may not be able to find a suitable firm near you. In that case, there is no need to worry. The top national CA firms also provide their services over software and online correspondence these days. So, you might as well consider that option. There are various well-developed applications and software available online. Some of them even provide free services.
Research if they deal with your industry
This is the most important aspect of the process. Since the tax slabs are different for various industries, there are also some variations in some other legal aspects associated. It is very necessary that the chosen firm has prior experience with your industry and your line of products.
Also, don’t forget to take feedback from the firm’s clients to make sure that you have chosen the right consultancy. Once done with all the above steps, now you can work on a way to connect with the firm, either via software or face-to-face consultation.
These were some general guidelines on how to connect with a suitable GST consultancy firm. Remember, a lot depends on the firm you settle with. At the end of the day, it can be a really challenging task to manage your accounts while keeping the GST norms in mind, without the help of an experienced professional. So, make sure you choose wisely and stay updated on all the key rules.