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In the labyrinth of financial matters, navigating the intricacies of taxes can be a daunting task for many individuals and businesses alike. This is where tax consultants step in, offering their expertise to guide clients through the maze of tax laws and regulations. In Malappuram, one name stands out among the rest: Shehin and Rasid, esteemed tax consultants known for their professionalism, reliability, and commitment to client satisfaction.

But what exactly do tax consultants like Shehin and Rasid do, and how do they differ from Chartered Accountants (CAs)? Furthermore, do consultants like them pay Goods and Services Tax (GST)? Let's delve into these questions to gain a better understanding.

Understanding the Role of Tax Consultants:

Tax consultants, like Shehin and Rasid, specialize in providing advice, guidance, and assistance on various tax-related matters. This includes helping individuals and businesses comply with tax laws, minimize their tax liabilities, and maximize their tax benefits. They offer a range of services, including tax planning, preparation of tax returns, representation during tax audits, and resolving tax disputes.

Unlike Chartered Accountants, whose expertise spans a broader spectrum of financial matters including auditing, accounting, and financial management, tax consultants focus primarily on taxation matters. While some tax consultants may also be CAs, not all CAs are necessarily tax consultants. This distinction underscores the specialized nature of tax consultancy and the depth of knowledge required to excel in this field.

Is CA a Tax Consultant?

While Chartered Accountants possess a comprehensive understanding of financial matters, including taxation, not all CAs specialize specifically in tax consultancy. Tax consultancy is a specialized field within accounting, requiring in-depth knowledge of tax laws, regulations, and evolving tax trends. Therefore, while a CA may offer tax consultancy services, it's not a given that all CAs are tax consultants.

In the case of Shehin and Rasid, their expertise lies specifically in tax consultancy, making them highly sought-after professionals in Malappuram and beyond. With years of experience and a deep understanding of the local tax landscape, they are well-equipped to assist clients with their tax-related needs.

Do Consultants Pay GST?

The question of whether consultants like Shehin and Rasid pay Goods and Services Tax (GST) is a pertinent one. In India, GST is applicable to the supply of goods and services, including consultancy services, provided the annual turnover exceeds the prescribed threshold limit. Consultants, including tax consultants, are required to register under GST if their turnover exceeds the threshold limit, currently set at ₹20 lakhs for businesses operating within most states.

Therefore, if Shehin and Rashid's annual turnover exceeds the threshold limit, they would be liable to register under GST and remit the applicable GST on their consultancy services. Compliance with GST regulations is essential for consultants to ensure legal compliance and avoid penalties.

In conclusion, tax consultants like Shehin and Rasid play a crucial role in helping individuals and businesses navigate the complexities of taxation. While they specialize in tax matters, they are distinct from Chartered Accountants, although some may possess both qualifications. Additionally, consultants are subject to GST obligations if their turnover exceeds the prescribed threshold limit, highlighting the importance of compliance with tax laws and regulations.

For individuals and businesses in Malappuram seeking expert tax guidance and assistance, Shehin and Rasid stand out as trusted advisors committed to delivering exceptional service and value.

So, if you're in need of reliable tax consultancy services in Malappuram, look no further than Shehin and Rasid – your partners in navigating the world of taxes with confidence and ease.