Everything You Should Know about the Goods and Services Tax in India

One of the largest changes in indirect taxation is the Goods and Services Tax (GST) in India. It revolves around the idea of destination-based consumer taxation and became applicable across all of India on July 1, 2017.

GST History in India

In order to establish a uniform tax system throughout the nation, the Indian government established the Goods and Services Tax Council or the GST Council. The Union Finance Minister, the Minister of State for Revenue and the State Finance Ministers make up the GST Council. This council makes decisions regarding the GST rate, exemptions, thresholds, subsuming taxes and other issues.


In India, the following taxes are merged under the GST:

  • Combined Excise Tax
  • Excise duties (Medicinal and Toilet Preparations)
  • Additional Customs obligations (CVD)
  • Customs’ Special Additional Duty (SAD)
  • State Real Property gains Tax and Service Tax (VAT)
  • Tax on Central Sales (CST)
  • Taxes on entry, purchases and luxury
  • Lottery, betting and gambling-related taxes


The Organisation of the Indian GST

It is crucial to remember that the GST must benefit both the state and the centre in the Indian context. With this objective in mind, the GSTC developed a dual GST method that gave the centre and the states the authority to charge the tax simultaneously.


As a result, the following elements make up the current GST structure:


  1. Central GST (CGST)

The Central Indian government imposes CGST on the shipment of goods and services inside individual states. The price paid or payable for the specified supply of goods or services is referred to as the transaction value.


  1. State GST (SGST)

The term “SGST” refers to the GST that certain State governments apply on trade, services, and commerce conducted entirely within the State (State-GST). As the transaction took place within the state, the State government here is compensated through SGST.

  1. GST for Union Territory (UGST)

Instead of the State government, the Central government collects the GST in Union territories like Chandigarh, and this tax is known as UGST.


  1. Integrated GST (IGST)

The central government would charge IGST on all interstate sales of goods and services. On all interstate exchanges of taxable goods and services, the centre would impose IGST (CGST plus SGST). 


SM Gupta & Co. provides GST Consultants in Kolkata. Here, you can get highly skilled GST Consultants who will help you to understand things better. To know more about us, get in touch. 



Look Out for These Important Skills in a Consultant for Start-up

A start-up consultant is important in providing professional and financial advice to businesses. It is an important task that is filled with many responsibilities and challenges. The key role of a consultant is to guide a business to the right path to achieve potential growth and overall success.

Why Do You Require a Consultant?

When you plan to start a new business venture, you must not ignore the requirement of a consultant. You may find numerous consultants for start-up companies in Kolkata. However, your task is to scan among the available options. You must look at the vital skills of the consultant to ensure their professional experience and how it can help your business as a whole.

Vital Skills of a Consultant for Startup Companies:

Read this blog to learn about the important skills and abilities that a start-up consultant should possess.

  • Flexibility: The consultant should be well-prepared to handle any situation. They should be well aware of the changes in the requirements and expectations. Several issues may also affect an active project. A consultant should have the finesse and composure to resolve these issues with care.
  • Analytical Skills: Businesses thrive on accurate projections and analyses. So, a start-up needs to look for a professional consultant with proper analytical skills. They should be comfortable handling a large amount of data and keep an eye on the trends and requirements of their client’s industry. Some important analytical skills of a start-up consultant include pattern identification, quick calculations and logical deductions.
  • Creative Thinking: A consultant is not a person who is only filled with jargon and dry numbers. They should have a creative approach to problem-solving abilities. They should possess a fresh thinking pattern that can provide a satisfactory solution to various business crises. A consultant with a creative thinking pattern can get noticed easily and have a high demand around many businesses.
  • Communication Skills: This is a vital soft skill that has immense importance in any field. However, it is an important requirement for a start-up consultant as well. They should possess good verbal and written communication skills and address all shareholders effectively.

When you spot all these vital skills in a start-up consultant, you can remain assured that they will add value to your venture. For quality assistance, you can consult someone like SM Gupta & Co Chartered Accountants. We have highly qualified consultants for start-up companies in Kolkata. For more details, you can visit our website today.


Different Types of Internal Audits that You Should Know About

All organisations have to undergo some sort of audit. This is an important requirement that covers all the financial and non-financial aspects of the company. The audit is an important process to exert constructive improvement.

Why are Audits Important?

You can find different types of financial audits. Internal audits hold an important position among these. This audit is an important requirement for all kinds of industries. It plays an important role in monitoring the advisory service and financial activities.

Kind of Internal Audits Performed by the Auditors:

By taking other resources, Internal audit becomes a decision-making tool for the management. Here, you can get more information about the types of internal audits. These are undertaken by the top auditors in Kolkata.

  • Operational Audits:

    In this audit, the auditor analyses the available resources in the institution. Then, they evaluate whether these resources are utilised in an effective way. This helps to determine if the business is being able to reach its goals. This audit may include the elements of compliance audit and financial audit.

  • Construction Audits:

    The construction audit works with a clear focus on the major capital projects in the system. It ensures whether these activities are functioning properly or not. An element of a construction audit includes the company’s validation of the compliance terms.

  • Integrated Audits:

    As the name suggests, the integrated audit combines financial and control audits of a particular organisation. It can be useful in assessing the efficiency of coordination between the information systems. It can track the subsequent business activities.

If you are looking for internal audit services from trustworthy auditors in Kolkata, you can contact SM Gupta & Co. Chartered Accountants. We are a well-known auditing firm in the city. Our team can perform all kinds of financial audits for your business. For more details, you can visit our website today.



Tax Consultants Blog

How Does A Chartered Accountant Add Value To A Business?

An expert business accounting and tax proficiency should be employed during the arranging phases of another investment or business venture. Moreover, there are umpteen reasons to accept this is a demonstrated reality.

  • Setting up the Right Blueprint- Professional chartered accountant can assist you with getting the outline of your field-tested strategies right. So regardless of whether you have had a broad encounter and information in sending off more modest organisations or undertakings, charge CA have a vastly improved handle of all chime monetary – and can fix records or plans that look great presently. However, it can cost you a fortune over the long haul!
  • Monetary Predictions and Result Estimation- The business turnover and groundwork for the monetary expectations isn’t something that each entrepreneur or business visionary is smooth with. The greater part of the chiefs and financial backers are more bustling investigating business extension and promoting systems instead of such negligible subjects (as indicated by them!). An expert tax accountant can save such hardness and guarantee that business accounting and record-keeping combine into a stable monetary expectation for the following quarter or year – alongside the assessed monetary outcomes and cross-checking for something similar.
  • Expense Forms and Savings- Filing your expense forms as an individual may not be troublesome. However, doing likewise in the interest of your SME or undertaking might appear more confusing than you might have considered conceivable to deal with. A contracted accountant is deft at handling such issues and guarantees you save the ideal sum while recording your expense. The last option is the main justification for why you want a London bookkeeper to investigate the assessment forms – for, on the off chance that you are not sufficiently cautious, you could wind up spending a fortune where a fistful of dollars was required!
  • Financial Plan Assessment- Setting your organisation’s financial plan for the ongoing year or the next quarter is one of the major moves toward maintaining an effective business. Miss the point entirely, and you could have obligations to pay off toward the finish of the quarter. A contracted duty accountant is very significant worth here – as they design the entire financial plan and guarantee that there are no overabundance or shortfall diagrams that slice into the entire picture.

SM Gupta is a renowned CA in Kolkata. If you want to grow your business, you can contact us today.

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Few Beneficial Steps to Follow to Choose a Right Startup Consultant

In the current times, start-up companies have become an important contributor to the Indian economy. The start-ups have stratified the realms of service and improved the facility in a big way. Now, it is the dream of millions of youths across the country to open a start-up company someday.

Importance of Professionals:

One must take cognisance of many financial decisions before opening a start-up company. The financial aspects of the start-up should be analysed by a financial professional. For better assistance, the founders look for reputable consultants for start-up companies in Kolkata.

How to Find the Right Start-up Consultant?

Selecting a good financial consultant for a start-up can be a challenging task. One can make the process easier by following the tips mentioned in this blog.

  • Take Help from Existing Network:

    Networking can play a major role in finding the right start-up consultant. One should ask for recommendations from colleagues, business partners, friends and family members. It will help them to get to several consultants. All they have to do is to sort them and choose the right match.

  • Explore the Market:

    The financial market is highly stratified, and professionals for various industries. A start-up owner should explore this market of their own to find a consultant that matches their requirement. This is a highly beneficial step that can help one to get a professional without extending their existing budget.

  • Interview the Consultant:

    This is an important stage where one should ask several service-related questions to the professional. They should be able to answer about the processes and pathways to assist the start-up company positively. One should also learn about the method of work of the consultant. They should be focused more on devising the long-term goals rather than providing insights about the short-term effects.

  • Check the Track Record:

    The start-up needs guidance from an expert professional who has impeccable success in financial consulting services. So, a start-up owner should check the current track record of the consultant before hiring them. A helpful tip would be to ask for their portfolio. This will show the number of companies that have been benefitted from the consultant’s services.

These are some steps that a start-up owner may follow to find the right professional for consultancy. One can contact a highly reputable firm like SM Gupta & Co. for better assistance. We have a team of qualified consultants for start-up companies in Kolkata. They can help with various financial insights and services. One can visit our website to know more.


Time to Know More about Income Tax Deductions

Filing income tax annually is a necessary task that every individual follows. Whether you are a salaried employee or a business owner, the rules remain the same. You can be assured of saving up a large sum when you pay your taxes strategically.

About Tax Deductions:

If you are looking to reduce the total sum of payable tax, tax deductions can act as a saviour. All you need is to invest your money wisely in various sources to reduce your overall tax liability. The amount of saved tax may vary according to the tax benefit type chosen by you.

In this blog, you will learn more about tax deductions mentioned under the Income Tax Act of India, 1961.

Details about Tax Deductions:

You need to collaborate with a well known income tax advisor in Kolkata to know the strategic ways of saving on your total taxable amount. Tax deductions come to your benefit in two ways. Firstly, you save a large sum on your tax money. Secondly, you invest your money in multiple avenues, most of which are social security programmes.

Difference between Tax Deduction and Tax Exemption:

It is worth noting that a tax deduction is very different from a tax exemption. You get different types of tax relief in tax exemption and may pay the taxable amount at a reduced rate. On the other hand, a tax deduction is a strategic move that can help you lower the total payable amount. Here are some benefits of tax deductions:

  • You pay a lower amount on your taxes by claiming a tax deduction.
  • You can invest the amount received from a tax deduction in other fields.
  • You can get benefits of tax deductions on various expenditures. These include tuition fees, medical costs and donations to charitable organisations.

Investments for Claiming Tax Deductions:

Various strategic expenditures help you save on the total tax amount. These are clearly mentioned by the Income Tax Act of India. You can find various useful options for a tax deduction.

  • Public Provident Fund
  • National Savings Certificate
  • Fixed Deposits in Banks
  • Senior Citizen Saving Schemes
  • Unit Linked Insurance Plans
  • EMIs on Home Loans
  • Stamp Duty Registration Charges

To get an in-depth knowledge of ways to deduct your taxes, take help from SM Gupta & Company. We have a team of expert income tax advisors in Kolkata. You can get insights about useful ways to lower your tax liability from us. We cater to the needs of individuals and businesses alike. Contact us today for more details.

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4 Situations Where You Need to Hire A Professional Tax Consultant

Looking for an online tax consultant in Kolkata? Filing the taxes is an important task that you have to perform annually. If you are not a specialist in this field, the work can be monotonous and boring for you. There are different legal provisions and guidelines that may be hard for you to understand.

Get Professional Help for online tax consultant Kolkata:

To submit your income tax files on time, it is advisable to communicate with a Professional Tax Consultant. They have a wide knowledge of this topic and use advanced tools for a correct audit. Plus, you get to know about the various legal ways to reduce your tax liabilities.

When Should You Take Help of A Tax Consultant?

There are different situations where an online tax consultant in Kolkata can help you. You can get more information about these situations below:

  • Starting A Business:

    A new business establishment should take care of correct tax filing in the initial years. As the owner, it is vital to keep track of all expenditures in a tax year. If you try to do the taxes yourself, you might commit some mistakes. To avoid them, you should consult a professional tax consultant. Remember that correct tax filing in the initial years impacts the tax filing procedure in future.

  • Mistakes in Previous Returns:

    Incorrect tax filing is detrimental both for an individual and a business. If you find inaccuracies in your tax return files for the last few years, take the help of a professional. They use advanced software that ensures a precise and error-free procedure. They can help you make up for the damages caused earlier.

  • Inheritance of Wealth:

    This is a vital situation where a professional tax consultant can help you. If you have inherited a lot of wealth from a deceased family member, you have to pay a certain amount of taxes. If you don’t know whether you are overpaying or underpaying the taxes, the expert can help you. Inherited wealth like cash, property and shares are liable for taxation according to Indian Law.

  • Change in Marital Status:

    Your regular tax filing procedure will be impacted by the change in your marital status. A tax consultant can help you inform the best way to file the taxes as a couple. A divorced couple may also get tax filing tips from a professional consultant.

If you want to file your annual taxes correctly, communicate with SM Gupta & Co Chartered Accountants. We have a qualified team of online tax consultants in Kolkata. They can help you to simplify your tax paying experience.

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Can Hiring A GST Consultant be Beneficial for Your Business?

The Goods and Service Tax, simply known as the GST, is a Pan India tax. All kinds of manufactured products and services fall under this tax scheme. It is mandatory for different businesses to submit annual GST reports and returns.

Provisions of GST in Kolkata:

The GST has different provisions and exceptions. Many business owners may find it difficult. It has four different tax slabs, and the total tax gets divided between the State and the Central Government. The count of total tax amount depends on the revenue amount and the size of the business.

Third-Party Consultants:

It is not possible for the corporate to look over the different rules of this tax. This is why many businesses opt for outsourcing GST Consultants in Kolkata. They are a professional who has in-depth knowledge of this taxation system.

Why Hire A GST Consultant?

The GST Consultants are Government appointed individuals. Their primary work includes filing tax returns on behalf of a business. Advocates, Sales Tax Practitioners and Chartered Accountants are suitable for this role.

  • A business can get various advantages by outsourcing a GST Consultant. They are specialists who ensure a timely and hassle-free tax return.
  • A GST Consultant is a professional who has studied the complex structure of the tax. They can provide ample information against the queries regarding tax.
  • They are a professional who can handle all tax-related problems with ease. They can manage the objections of various Financial Departments against the tax return or audit.
  • The most important task of a GST Consultant is to file the tax on time. They can provide quality assistance to submit the reports in time. The company avoids the payment of any tax penalties.
  • Understanding the tax is essential before filing the return. The consultant researches the various aspect of tax to remain prepared for any issues in the future.

The best way to file GST on time is to consult a professional. They can keep the company free from the worry of late filing. They can save a lot of money. Before outsourcing a consultant, it is important to check the reputation of the company.

One can hire professional GST Consultants in Kolkata from SM Gupta & Co. They are an experienced source where one can get help in different financial activities. Their team consists of qualified tax auditors, financial advisors, and GST Consultants. Their professionals comply with the tax and ensure timely submission.


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Income Tax Exemptions for Salaried Employees

 Income tax advisor Kolkata SM Gupta. The Income Tax Act allows tax exemptions for salaried employees. It is quite effective in saving the taxes. The salaried employee must inform his employer about claiming the tax exemptions which are available as an option. Next, the employer will compute the tax on the balance income according to the income tax slab and deduct the TDS on the salary.         

All these tasks can be burdensome, so most employees prefer hiring an income tax advisor in Kolkata for assistance.  

The TDS deducted from the salary is reflected in Form 16 that the employer must give to all his employees. The deduction happens during the financial year. The employees can also download Form 26AS for the same requirement.   

Income Tax Exemptions for Salaried People  

1. HRA Exemption  

Most companies offer their employees’ house rent or HRA. This allows them to reside comfortably in a good place. A portion of this rent is exempted from the levy of the Income Tax. The tax is only applied on the remaining part.  

The HRA exemption is a valid tax exemption for salaried employees. You can claim it easily, and the exemption amount is large.  

2. Leave Travel Allowance  

Most employers give their employees special allowances to go on leaves and vacations. This amount of money is exempted from the taxes to a certain extent. However, certain terms and conditions are applicable. The tax exemption happens only if the employee goes on a vacation in India. This is because the company would ask for bills from the trip. 

3. Encashment of Leaves    

 Most employers give their employees a certain number of days to claim as leaves. However, if you do not claim these leaves, it is an option for en-cashing, i.e. the employers will pay additional money to you for leaves that are still pending. 

This amount is called leave encashment. It is allowed to be claimed under the tax exemptions up to a certain extent.   

4. Pension Income  

Upon employee retirement, most companies pay pensions to their employees. You might have to purchase an annuity to get the pension that the organisation pays. It is basically of two types – commuted and uncommuted. In the former, the amount of pension that you get is in a lump sum. In the latter, the company will pay you the money in instalments after you purchase the annuity.   

Irrespective of whatever type it is, both fall under the tax exemption category to a certain limit. 

For more detail, consult SM Gupta for professional tax advice and consultancy service. 

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3 Common Mistakes to Avoid While Filing Income Tax Returns

Every working individual must file an ITR under the tax laws. However, the process is tedious and complex. Any ordinary person is bound to commit mistakes while filing the ITR forms. But with a strict deadline, these unintentional mistakes can cause further delays. A professional income tax consultant in Kolkata can assist you in these situations. They handle all the paperwork, ensuring you do not attract any penalty.  


What is an ITR? 


The tax authorities assess the money you have paid as advance tax and how much you owe as a balance. You can self analyse your earned income and communicate it to the department. It is done via the process of filing an ITR. 


Avoid These Mistakes While Avoiding Income Tax Returns


1. Incorrect personal information 

This is a commonly recurring error that people commit all the time. If you enter incorrect personal information in the form, it will lead to delays. Hence it would help if you were careful while mentioning your name, mail id, address, date of birth and PAN. The details must tally with the documentation. If you want to claim a refund, ensure that your bank particulars are accurate.  


2. Particulars like tax deducted and paid

Since the taxpayers cannot attach any document as proof with the form, they mention the TDS credits. This is the basic information about you that the tax department has. For a smooth tax filing process, check the following – 

  • Mention the correct Tan number of the deductor as per the form 26AS.  
  • Check the challan details like BSR payment code of advance tax and self-assessment tax. 

Even if you make a minor mistake, you will not get the tax credits or a demand notice to rectify the matter. Then, you have to undergo the hassle of filing up a rectification request under section 154. 


3. Using the wrong form 

Those taxpayers who wait for the eleventh hour make the silly mistake of choosing the wrong form. This is deemed defective under the tax laws. Hence you should have a sound knowledge of the applicable forms. 

The tax consultants can simplify the process for you. You should seek their help to manage your ITR files and processing.   


Meet the Expert Tax Consultants 


S.M.Gupta & Co. is a renowned chartered accountant firm in Kolkata.  We offer consultancy services for taxation, advisory, law matters etc. With over 45 years of experience, our team of professionals ensure credibility and consistency for every project.  You can rely on us for tax computation and filing, tax audits, certifications, tax appellate proceedings etc.