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GST Consulting Services: Understanding The Basics

February 10, 2022 Andrew AdolphGST

GST consulting services help domestic and foreign businesses comply with the new Canadian tax laws to avoid costly audits and continue with business as usual. Keep reading to learn more about this particular tax service.

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GST Consulting Services

GST tax concerns are a crucial factor to consider for US and Canadian businesses seeking to engage in cross-border trading. It doesn’t matter if you’re a small business owner or a large corporation; the CRA expects your business to manage your financial systems properly and comply with GST obligations.

Is your business fully compliant with recent updates to Canada’s tax laws? If you’re even slightly unsure, you might consider consulting with a tax consultant. While the cost and effort of straightening out your books can be a headache, it’s far less trouble than facing a tough CRA audit.

 

What Do GST Consulting Services Include?

Professional GST consulting services can keep things simple, efficient, and easy for you by helping you run all matters related to GST, including compliance, return filing, and registration.

 

GST Compliance

GST consulting services can help business owners fulfill their obligations under the Goods and Services Tax (GST) law. These services may include:

  • Reviewing your accounting data to check if it’s compliant with the GST tax laws
  • Helping you categorize transactions under the correct tax code for goods and services
  • Examining the potential impact of GST laws on your various business operations (e.g., determining whether the GST applies to certain ongoing or future transactions)
  • Defining the correct type of tax to be paid classified either under inter-state or intra-state supply and applying provisions concerning the place of supply in client’s transactions
  • Observing the time of supply to the tax period when you should pay tax dues
  • Preparing debit and credit notes, tax invoices, bill of supply, and all other essential details stated under the provisions of GST laws
  • Reviewing all invoices or any other documents concerned with GST requirements prepared by yourself
  • Information for paying taxes according to your output liability
  • Creating and GST filing paperwork for the movement of goods
  • Identifying invoices available for input tax credit (ITCs) concerning the relevant provisions
  • Monthly reconciliations or ensuring transactions and supporting documents align
  • Defining the input services and capital goods where you paid taxes and eligible credits you can claim (including determining the reversals of input tax credit availed per GST laws)
  • Informing you about updates or changes issued under GST compliance laws
  • Answering your questions and concerns or providing tax advice regarding the GST
  • Checking if the reverse charge mechanism applies to you

Man and woman discussing GST Consulting services

GST Return Filing

A GST consultant can help you file your GST forms, plus other periodic returns under other tax schemes. Their services may include keeping clients updated on GST amendments, reviewing annual returns, collecting relevant data, and verifying reconciliation statements.

In addition, most GST consulting services include:

  • Gathering relevant data, analyzing, and consolidating it
  • Filing and preparing all periodic returns in compliance with the provisions of GST laws
  • Reconciliation of outward supplies made during the year as taxable supplies, non-taxable/exempted supplies, and GST-exempt transactions
  • Reconciliation of income and expenses with financials
  • Reviewing the availability of ITCs, including commensurate credit claimed ineligible credit, and checking the accuracy of any ITCs you claim on your GST returns
  • Filing annual returns or other relevant forms depending on your taxpayer status
  • Reviewing audited annual accounts, including the notes to your company’s statements for the applicable period in compliance with GST laws
  • Updating you on changes and notifications under GST laws to fully comply with the requirements and avoid penalties or damages of non-compliance

 

GST Registration

GST registration services start with determining whether you qualify to register under GST. Likewise, these services may include GST registration, identifying goods and services sold under GST laws, filing appeals for restoration, and more.

Additionally, GST services help with other aspects of registration such as:

  • Assessing whether or not you have to register for GST
  • Reviewing your eligibility and helping you decide between registering under the composition scheme or normal scheme
  • Helping you register under the appropriate category in compliance with the GST laws
  • Helping you apply for a temporary user ID if you have yet to register under GST laws
  • Helping you apply for an extended registration period for persons identified as a non-resident taxable person or a casual taxable person
  • Getting your GSTIN and making login credentials
  • Addressing discrepancies that may arise in the process of registration
  • Determining relevant SAC and HSN codes per the requirement
  • Classifying the goods and services you have sold or provided
  • Applying for your various places of businesses under different states
  • Submitting documents required to get a GST registration certificate
  • Revising any details indicated in the registration certificate in compliance with relevant provisions of GST laws
  • Applying for cancellation of registration based on your qualifications, which may include helping you apply and visit the GST department
  • Filing an appeal to restore cancelled registrations
  • Helping clients reset the email address and mobile number of their authorized signatory

 

Gateway Tax GST Consulting Services

It can be overwhelming to think of all these formalities and provisions to ensure your business fully complies with GST tax laws, specifically since the new Canada digital tax laws took effect.

As a former CRA auditor and experienced CPA, I can help your business stay compliant so that you can avoid disruptions caused by a CRA audit. To book a free GST consulting services appointment, call 604-240-6173 or email andrew@gatewaytax.ca.

Visit the Blog to find more tax resources and information.

 

Sources

  • Goods and Services Tax. GST Consultant | GST Consulting Service provider in India – AKM Global. (n.d.). Retrieved January 12, 2022, from https://www.akmglobal.com/taxation-services/goods-and-services/
  • GST Consulting and compliance. RSM Australia. (n.d.). Retrieved January 12, 2022, from https://www.rsm.global/australia/service/tax-services/gst-consulting-and-compliance
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Andrew Adolph

Andrew Adolph is a CPA and former CRA auditor with 25 Years of experience. He helps businesses to not par any more in sales taxs than the law says they must and acts as an advocate for you if you are being audited, so you can fous on your business.