A well educated Chartered Accountant can not only help one to plan their taxes and other compliances, but also at various stages of setting up business. Since he is an expert in major fields related to business like laws, finance and taxes, agreements he can be an integral part while formulating the strategies, applying for business loan, maintaining accounts, the softwares to be installed, the subsidies that one can receive, etc.

Therefore, consulting a CA while planning a start up can really be beneficial as one can get clarity on major aspects early on rather than getting trapped later. CA experts in India can help in preparing the perfect accounting structure of your company.

Let us discuss in brief a CA’s role in setting up a business

In these tough times where entire world is fighting against Covid-19 outbreak and where India has gone under complete lockdown from 24th March 2020 onwards for 21 days, the taxpayers and professionals were getting a lot of inconvenience due to such lockdown.

To provide some relief and as a precautionary measures our Union Finance & Corporate Affairs Minister Smt. Niramla Sitharaman announced several important relief measures in view of COVID-19 outbreak, especially on statutory and regulatory compliance matters related to several sectors. The measures are provided in the area of Income Tax, GST, Customs & Central Excise, Corporate Affairs, Insolvency & Bankruptcy Code (IBC), Fisheries, Banking Sector and Commerce.

Here are major reliefs which are granted:

GST is a complex business. That is why most people prefer to consult GST consultants, rather than doing the taxes on their own. One of the much talked about tax return is GSTR-9.

It is an annual return to be filed by taxpayer registered under GST. The form is a compilation of all business transactions of a financial year. The same includes all details pertaining to supplies and receivables under different tax heads i.e. CGST, SGST & IGST and HSN codes. The information furnished in monthly and quarterly returns is compiled in GSTR-9.