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What is GST Compliances and why do you need to outsource the services to the professionals

GST is known as the Goods and Services Tax. It is an indirect tax that has replaced many indirect taxes in India such as excise duty, VAT, services tax, etc. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017 and goods and service tax (GST) rolled out in India on 1st July 2017, and now it is more than 3.5 years old. During this period, we have seen many changes and updates on a day-to-day basis.

Goods and Services Tax is an indirect tax used in India on the supply of goods and services. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes.

GST in India:

GST is one of the major indirect tax reforms in India, but it is not only tax reforms but also a change in the way of developing new standards of Business Processes. In the GST regime, a Business needs to fulfill too many compliances regularly like GST Return filing on a monthly, quarterly, yearly basis, ITC Reconciliation, GST Audit, Reconciliation of GSTR-1 vs 3B, GSTR-3B vs GSTR 2A, and many more tasks to be done for fulfilling compliances. In order to complete these compliances, a Business needs several services like Chartered Accountant, highly skilled Accountant to maintain GST Data in book entries, IT expert, Expensive Software, etc., In simple terms for day-to-day compliances and requirements, a Business needs to have a separate department for GST (Indirect Taxation). It is convenient for a large-scale organization but not cost-effective for MSMEs businesses to have all these experts under one roof.

We at Viser solutions, provide an integrated outsourcing solution for all these business requirements in a single place. We provide GST registration for all types of businesses. You can rest assured about these compliances and stay focused on your core business area to achieve your goals and aims.

Objectives Of GST:

1) To achieve the ideology of ‘One Nation, One Tax’

2) To subsume a majority of the indirect taxes in India

3) To eliminate the cascading effect of taxes

4) To curb tax evasion

5) To increase the taxpayer base

6) Online procedures for ease of doing business

7) An improved logistics and distribution system

8) To promote competitive pricing and increase consumption

Benefits of Integrated solutions for GST compliances :

  • Cost-effective for MSMEs Business

For completion of GST compliances, it is required to hire many experts and consultants, software, highly skilled team, training for day-to-day updates, Heavy penalties, and interest in non-compliances. All these prerequisites are cost manageable for large-scale organizations but not for small and medium organizations. Integrated outsource solution for GST compliances provides all these experts and requirements at minimum cost at a single place.

  • Timely compliances

In the GST regime, there are too many returns GSTR 1, GSTR 3B, Annual Return 9 and 9C, GSTR 4, CMP-08, different types of GST Reconciliations, and many more to be filed on various dates on a monthly or quarterly basis. It is sometimes hectic and stressful for small and medium businesses to efficiently meet all compliances. Integrated outsource solution takes responsibility for filing all returns and complete compliances on time and ensuring you are stress-free from penalties, Interest levy, and timely fulfillment of all compliances.

  • All services at a single place

A business needs many experts like Chartered Accountant, Legal consultant, highly skilled accountant, IT expert, and software to record GST data and reconcile Inward, and outward Tax and skilled team to operate all these, etc., and require updated knowledge on a routine basis. Integrated outsource solution provides all these services single-handedly.

  • Assistance for day-to-day Business

Integrated outsource solution provides assistance on changes/updates happening on a day-to-day basis in Business processes to grow Business in today’s highly competitive market.

Why Viser solutions are the best service provider in GST compliances:

  1. Dedicated experts’ team with qualified Chartered Accountant, Company Secretary, Legal consultant, IT Experts, highly skilled Accountant team to meet all compliances with high accuracy.

  2. Automation of GST workings with user-friendly software for Eliminating non-compliance and due dates headache.

  3. Proactive support and maintenance with an easily reachable experts’ team.

  4. Provide Data security to assure your data’s integrity with the Best security tools.

  5. Dramatic cost savings with Budgeted solutions.

  6. With this, we at Viser solutions, say ‘Focus on what you do the best and for the rest, be completely assured’.

viser solutions

author

Viser Solutions, one stop shop solution for your business related to accounting, bookkeeping, taxation, gst registration, tax return, cfo services, payroll, financial analyses, incorporation services.

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