Goods and Services Tax (GST) was introduced in India from 1st July, 2017. It is one of the major tax reforms since independence in the area of indirect taxation. It was introduced with the objective to mitigate the cascading effect of taxes by allowing seamless credit across goods and services, facilitate free flow of goods and services across India and boosting tax revenue from better compliance and widening the tax base.
Adherence to compliances is the key on which the entire spectrum of GST Law operates; and these compliances are more or less, procedural in nature. On the contrary, the costs and consequences involved in non-compliances are very high and cannot be ignored. GST Law works on the doctrine of ‘ignorantia juris non excusat’, and therefore, ignorance even in the matter of maintenance of the accounts and records as required by the statutes also cannot be excused.
Below advisory services may be provided in the area of GST:-
- Analyzing the impact of GST on the business of the company especially operations and working capital.
- Evaluating the impact of GST on the prices of products and services in view of additional tax costs/credits.
- Implementation of changes in business processes such as establishing processes for billings, system to be followed for receiving advances / payments.
- Assistance in obtaining GST registrations.
- Preparation and updation of compliance manuals / SOPs.
- Advisory in relation to the manner of recovering tax from the customers.
- Guidance on eligibility of specific credits that could be available under GST regime.
- Evaluating and update eligibility and transferability of existing Input Tax Credits.
- Computation of tax payments and filing of various returns.
- Preparation and filing of refund claims.
- Providing end to end support including liaising with the authorities and obtaining refund orders.
- Assist in reconciliation of input tax credits as per the GST system and as appearing in records maintained by the Company.
- Preparing replies to various notices, drafting appeals, etc.
- Suggestion on applicability of reverse charge.
- Review and suggest changes in documentation, processes and policies to meet GST requirements.
- Representation services.
- Preparation of compliance tracker.
- Assist in queries related to e-Way bills generation.
- Reviewing of contracts and highlighting key areas for negotiation, with vendors/customers .
- Review and suggest changes in documentation, processes and policies to meet GST requirements.
- Address special needs such as suggestions on State incentives.
- New and current updates on changes in the tax rates, rules for goods and services tax, or both.
- Customised internal trainings for Finance, Taxation, Legal, Commercial, Sales and Marketing departments; and Trainings for vendors, suppliers, and customers.
