A tax is a mandatory fee or financial charge levied by a government on an individual or an organization to collect revenue to generate income for undertaking projects to boost the economy of the country and to raise the standard of living of its citizens. The authority of the government to levy taxes in India is derived from the Constitution of India, which allocates the power to levy taxes to the Central and State governments. All taxes levied within India need to be backed by an accompanying law passed by the Parliament or the State Legislature. Common example of taxes that are levied are income tax, wealth taxes, inheritance taxes, estate taxes, gift taxes, property taxes, sales taxes, use taxes, payroll taxes, custom and excise duties etc.

The purpose of taxes is to provide the government with funds for spending without inflation.  Taxes are used by the government for a variety of purposes, some of which are:

• Funding of public infrastructure
• Carrying out development and welfare projects
• Incurring defense expenditure
• Conducting scientific research
• Providing public insurance
• Paying salaries of government employees
• Operation of the government Providing public transportation Providing unemployment benefits Operating pension schemes
• Law enforcement
• Public health
• Public education
• Public utilities such as water, energy, and waste management systems

The primary role of any tax consultant is to help people and organizations in paying their taxes. They hold expertise in tax law, tax compliance, and tax planning. They gather information about their client’s financial situation and devise strategies to help them reduce their tax liability by taking advantage of tax credits and deductions. The tax consultants then ensure that their clients fulfill the tax obligations and follow the law.

Assistant Tax Consultant/GST Accounts Assistant: Career Pathway

• Assistant Tax Consultant/GST Accounts Assistant
• Accountant
• Senior Accountant
• Account Manager
• Senior Manager
  (Accounts)
• Director (Finance)

Assistant Tax Consultants work for public accounting firms, law offices, financial consulting firms and many even have their own independent tax preparation and consultation businesses. In all settings, they can be expected to perform duties that include:

• Conducting research on tax laws.
• Strategizing with clients to minimize tax liability.
• Communicating with clients to explain tax issues.
• Preparing tax returns.
• Keeping clients compliant with their tax obligations.

GST Accounts Assistants on the other hand are focused only on the Goods and Services Taxes (GST). A GST Account Assistant is responsible for maintaining records of accounts for the purpose of making preparing periodic reports around GST from time to time. He is authorized to perform functions relating to filling returns by the applicable due dates. The job role involves compilation of tax liabilities related to GST, filing of returns and maintaining records of the same for audit purposes.