Reasons to Outsource GST Return Filing
With changing GST Rates , Sections , Provision its become very important to business to keep then self-updated with Law. GST filing is regular monthly, Quarterly & annual compliance. In Law there is no provision for revision of GST returns filed, hence once error / mistake is done it can be rectified in next return. Hence it become important for to file correct GST returns. It’s a business need to outsource GST Return filing to a Professional GST Consultant. By Outsourcing you can shift responsibility and focus on business rather than compliances. GST Outsourcing helps you to keep update about Law.
Benefits of filing Correct GST return is as below.
- No Fine / Late Fees
- Avail Correct GST Input Credit
- B2B Credit Reporting
- Record maintenance under GST Law
- Easy Refund For exporters
- Timely GST Filing give more business
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7 Reasons to Outsource GST Filing
1# Complex Law
For small & Medium size business its difficult to hire in house professional to take care of GST Filing work. GST Law is combination of IGST Act 2017 , CGST Act 2017 & SGST Act 2017 along with Rules , Notifications etc. GST return are medium to decide your GST liability , GST input credit , GST refund etc. Professional GST consultant can help you to simplify this GST law and keep you updated.
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2# Avoid Late fees / Penalty
GST Law have interest , penalty for wrong filing of returns. As well as for late filing of GST Return penalty per return can go upto Rs. 5000/-. Where a business fails to filing regular GST returns , penalty can go up Rs. 60000/- PA. By hiring GST Outsourcing services you can ensure that all returns are filled in due time by consultants.
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3# GST Reconciliation Support
For availing GST Input tax credit company need ensure that you vendors filing timely GST returns. Where vendor fails to file GST return , your company will be at risk for GST Credit availed on invoice. Hence you need to identify which vendors failed to file GST Return. GST Return filing consultant helps in GST Reconciliation services. By Outsourcing you can have details of vendors who failed to file GST Returns & take action on same.
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4# GST Updates by Professionals
GST Council keeps on changing GST related provisions, rates rules for smooth functioning of Law. Such changes can be new or changes to existing Law called as amendment. It become important for business to keeps then self updated with changes. GST Consultant is person who have updates of Law and how said provisions can benefit to your business. Your GST Consultant helps you to keep updated.
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5# Simple Flexible Pricing
GST Return filing fees by CA / Consultant rate from Rs. 500 to Rs. 5000/- Per month. Various factors are responsible for deciding you GST filing package. On An average GST Consultant files appx. 17 Returns annually on your behalf. GST return filing pricing is simple & flexible. Considering the time commitment involved for in house GST filing its better to out source GST filing.
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6# Focus on Business Not on Compliance’s
As a Business owner your core time should be spend on business development, strategies development, new Product /service introduction etc. By outsourcing GST filing services to GST export you can invest time on business expansion. Let a export to work on you half for GST related matters.
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7# Shift Responsibility
Key problem in doing in house GST return filing is Staff is inadequate to handle GST related challenges , staff busy with other important tasks , employee turnaround. With such routine issue associated with employee it become difficult to manage GST related work. GST Outsourcing helps to shift responsibility from in-house staff to GST consultant.
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Category of dealers who Can Start GST Outsourcing
- Regular Dealer
- Composition Dealer
- Input Service Distributor
- Exporter of Goods/ Services
- E Commerce Supplier
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Scope of Work under Outsourced GST Return Filing
- GST Registrations
- GST Date entry
- Alerts & follow-up
- GST Invoicing
- GST Liability & ITC working
- GSTR 1 , GSTR 3B GSTR 9 , GSTR 9C Filing
- GST Audit
- Representation in Assessments
- GST Refund workings
- GST ITC reconciliation support
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