GST Consultants in India by Neeraj Bhagat & Co. – Your Trusted Indirect Tax Experts

 

In the dynamic landscape of Indian taxation, compliance with Goods and Services Tax (GST) regulations is a critical component for businesses of all sizes. Whether you're a startup or a multinational corporation, navigating GST laws can be complex and time-consuming. That’s where professional GST consultants come into play. Neeraj Bhagat & Co., a leading chartered accountancy firm in India, offers expert GST consultancy services that simplify your tax compliance and ensure peace of mind.

Why You Need GST Consultants in India

GST is a comprehensive, multi-stage, destination-based tax that has replaced numerous indirect taxes in India. While it aims to streamline the tax structure, staying compliant requires deep knowledge of the law, timely filings, and meticulous record-keeping. Businesses often struggle with:

• Frequent changes in GST rules and rates

• Complex filing procedures

• Input tax credit (ITC) reconciliation

• Notices and assessments from GST authorities

Hiring GST consultants in India can help you overcome these challenges, allowing you to focus on core business operations while experts handle your tax matters.

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About Neeraj Bhagat & Co. – GST Experts You Can Trust

Neeraj Bhagat & Co. is a reputed name in the field of taxation and corporate consultancy in India. With over two decades of experience, the firm has earned a solid reputation for offering reliable, client-centric, and timely GST advisory and compliance services.

Their team of qualified chartered accountants and tax professionals is well-versed in the evolving GST framework and ensures that clients remain compliant with minimal hassle.

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GST Services Offered by Neeraj Bhagat & Co.

Neeraj Bhagat & Co. provides end-to-end GST consultancy services, including but not limited to:

• GST Registration – Assistance in obtaining new GST registration or amending existing registration details.

• GST Return Filing – Timely preparation and filing of GSTR-1, GSTR-3B, GSTR-9, and other applicable returns.

• Input Tax Credit (ITC) Reconciliation – Ensuring maximum benefit of ITC and rectifying mismatches.

• GST Audit – Comprehensive GST audit services in line with statutory requirements.

• GST Advisory Services – Clarification on GST applicability, HSN/SAC classification, and impact analysis.

• Representation Before Authorities – Assistance in GST assessments, appeals, and handling departmental notices.

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Why Choose Neeraj Bhagat & Co. for GST Consultancy?

• ✅ Experience: 20+ years of hands-on experience in taxation and compliance.

• ✅ Expertise: A team of seasoned professionals with deep understanding of Indian GST laws.

• ✅ Technology-Driven: Use of modern tools and software to ensure accuracy and timeliness.

• ✅ Client-Centric Approach: Personalized solutions tailored to your business model and industry.

• ✅ Pan-India Presence: Serving clients across multiple cities and industries.

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Industries Served

Neeraj Bhagat & Co. caters to a wide range of industries, including:

• Manufacturing

• E-commerce

• Real Estate

• Export-Import

• Startups and MSMEs

• IT & Software Services

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Conclusion

If you are looking for GST consultants in India who offer dependable, accurate, and strategic tax solutions, Neeraj Bhagat & Co. is your go-to partner. Their unmatched expertise and client-first approach ensure you stay compliant with the GST regime while optimizing your tax position.

Company Insolvency: How do you know if any company is insolvent?

 

Insolvency is the situation of financial hardship that occurs when a person company is not able to pay its dues. Insolvency for a business can be caused by a variety of situations that can result in low cash flow. In the event of insolvency either a person or business can approach creditors directly and arrange debts to settle them.

|| Ruchika Bhagat Chartered Accountant

What can you do to determine when your company is insolvent?

A business is considered insolvent if it's unable to pay its creditors. This could mean that it is unable to pay its bills on time or when they are due.

It could also be described in a position where there are more liabilities than assets in its balance account.

There are three tests you could run to determine if the company is insolvent.

The test of cash flow

In general, poor cash flow is one of the primary indicators of a failing business. It could be caused by an economic downturn, inadequate processes for controlling credit, as well as the demise of a customer or two. A lack of cash flow will impact the day-today operation of your business , making it hard to expand.

Test: Can you afford to pay off debts that are due to be paid now or will be due in the relatively not too distant in the near future?

If you're constantly paying your bills long after they're due and there's no indication of any changes coming anytime in the near future, your business could be insolvent.

The test of the balance sheet

A balance sheet is an overview of the company's capital, assets, and liabilities at the time of. It is essential that the value of your assets is correct and that all your contingent liabilities (a possibility of loss that might happen in the future) are considered.

A test to determine: Do your company's liabilities outweigh their assets i.e. is it owing more than its assets?

If the company's debts exceed the assets it has, you will not be able to pay your creditors, even if you had to sell the entire assets of the company. This implies that the company is insolvent. If the worth of its assets as well as liabilities are similar, then the company is on edge of bankruptcy.

The test of legal action

If you owe creditors more than PS750 in total, they may seek legal recourse to recover the amount owed. At first, it will be in the form either an statutory demand or county court judgment (CCJ) which is issued against the company. If the debt is not paid and the creditor is unable to pay, they can issue a winding-up request to shut down your business.

Test: Has any legal actions been taken against the business that is still unfinished?
If you have an unpaid legal demand or County court judgement filed against your company that hasn't been paid, the company is considered insolvent. This applies regardless of whether the debt is disputable.

What can happen when a business is insolvent?

An insolvent company is at risk of being taken over by the government.
However, directors of the company might be able make a decision that permits the company to trade or an organization may be able to, after having wiped out all of its liabilities, with an extraordinary resolution or by the approval of seventy five percent members in relation to the capital stock that is paid up, file an application according to the procedure to the Registrar to remove the name of the business from the company's register and the Registrar after receiving the application be able to remove the company's names out of its Register of Companies.

Pre-requisites/conditions for applying for Striking off name of Company:

• Elimination of all assets and obligations that belong to the Company.
• Approval of shareholders to apply to strike off the Company via a Special Resolution adopted at a properly convoked General Meeting or by obtaining the approval from 75% of shareholders on the basis of payed-up share capital.
• Accounting Statements (Form AOC-4/Form. AOC-4 XBRL) and the Annual Tax Return (Form MGT-7) are required to be filed prior until the close of the fiscal year which the business ceases to conduct its business
• There should not be any litigations pending against the Company
• The Company cannot receive a notice from the Registrar in accordance with section 1 of Section 248.

Procedure to apply for Strike Off from the Company under Section 248 of the Companies Act.

Call a Board meeting to approve closing of Bank Account, pay off all outstanding obligations, and to make the most recent financial statements of the Company following closure of Bank account, and to hold an Extra General Meeting Ordinary of the members.

Notice of EGM at least 21 days prior to the EGM or seek the consent of at least 90% of shareholders with notice periods that is less than 21 calendar days.

Hold an EGM and adopt Special Resolution for approval of the strike-off of Company. Instead of passing a Special Resolution, consent of at least 75% of the capital holders who have paid their share is possible to obtain.