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Goods and Services Tax (GST) is an indirect tax applicable throughout India which replaced multiple cascading taxes levied by the central and state governments. It was introduced as The Constitution (One Hundred and First Amendment) Act 2017, following the passage of Constitution 122nd Amendment Bill. The GST is governed by a GST Council and its Chairman is the Finance Minister of India. Under GST, goods and services are taxed at the following rates, 0%, 5%, 12% and 18%. There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold. In addition a cess of 15% or other rates on top of 28% GST applies on few items like aerated drinks, luxury cars and tobacco products.

Pre Transition

1.    GST Impact Assessment

GST is going to change the way business is done. There is need for every business to analyse the impact of GST on various spheres of their business. We have team of professionals with sound knowledge of GST which could assist in assessing the impact of GST on your business. Services offered under this category are as follows:

Tax impact on business functions

In-depth analysis of GST impact on key business functions i.e. procurement, production, warehousing, distribution, supply chain management, information technology, working capital and other functional areas. Suggestions for necessary modifications to reap maximum benefits under GST

ERP Support

Implementation and/or modification: GST would be information technology driven law requiring immaculate ERP system to integrate the financial and non financial information with the information required to be submitted to regulators. We suggest ERP system based on size and need of business, review existing ERP system & suggest suitable changes therein to make it GST compliant.

Standard Operating procedures (SOPs)

Design and Review: Professional organisation requires SOPs for key business functions. There could be need to review existing SOPs and design new SOPs in accordance with GST. We help in meeting all the requirements around design and modification SOPs for key business functions.

2. Review under existing IDT

Smooth transition to GST: Transition from existing phase to GST involves substantial challenges. We review existing indirect tax systems to ensure that all eligible benefits are carried forward in GST regime and proper systems, processes and procedures are envisaged and put in place in advance so as to ensure flawless compliance under the new law.

3. IDT reengineering and preparation of SOP

Business functions presently carried on are centred around existing indirect tax laws. There could be need to revamp key functional departments to be GST compliant and to reap the benefits of GST. We re-engineer business processes from indirect tax perspective including designing SOPs for the same.

During Transition

1. Review under existing law

Limited review: To identify impact areas during transitional and course of actions to be taken for smooth transition to new tax regime.

2. Area specific review

There are specific transitional provisions covering carry forward of credits, continuing contracts, refund/rebates, past unpaid liabilities etc. We carry out area specific review to ensure full compliance with transitional provisions without losing out any benefits.

3. Suggestions for transition as to process, procedures and other aspects

The compliance burden under GST is going to increase substantially. There is need for having proper system in place as to process, procedures, documentations and other aspects. We assist in customised designing to suit the business requirement and at the same time, ensure the full compliance of GST.

4. Agreement vetting/modificatio

Review of existing agreements and suggestion for changes to make them GST compliant.

5. Tax optimisation/credit optimisation

Suggesting ways to optimise overall indirect tax/credit incidence under GST.

6. Assessment of disputed and refund cas

Advent of GST would result in repeal of indirect taxes to be subsumed in GST. There is need for assessing the impact on pending disputed cases and claims of refund/rebate filed by entity. We assess the impact of these cases under new regime and suggest the course of actions to be taken to mitigate the adverse impact.

7. Industry/client specific representation

GST could impact business in multiple ways. Many unanticipated implications may arise having adverse impact on business. We can make representation before government/regulators to address the concerns of industry/client.

Post Transition

1. Hand hold support

Guidance, assistance and support in the post transition initial phase so that you are relieved of all your taxation worries.

2. Consulting retainership

To solve all GST related queries by phone, e-mail or other mode of communication on real time basis acting as consulting retainer.

3. Review (periodical) retainership

Periodical review of business functions to assessee compliance level under GST, identifying the area of leakage of benefits and suggesting the ways to set them right. This could be monthly, quarterly, six monthly or annually.

4. Compliance support/outsourcing

Undertaking compliance functions ie. obtaining registration, verification of input tax credits, filing of returns and all other compliances under GST either on support basis or complete outsourcing.

5. Industry/client specific representation

Making representation before government to address post implementation problems faced by business.

6. Pre-audit under GST

GST could impact business in multiple ways. Many unanticipated implications may arise having adverse impact on business. We can make representation before government/regulators to address the concerns of industry/client.

7. Audit under GST

Statutory audit as required under GST law.

8. Refund/rebate claim

Suggesting options for claiming refund/rebate benefits, assistance in preparing and filing necessary documentations and follow up with department to get the benefits.

Gst Training

We offer training to human resources of the organisation covering all or specific aspects of GST. The training program could be in the form of corporate training, business specific training, functional area training or workshop as per need of the client. We also provide training to departmental officers on specific requests.

Other GST Services

Our other services include advisory/consultancy on any GST related problems, transaction structuring to optimise the tax incidence under GST, handling litigation at various stages and suggesting alternative course of actions to mitigate and resolve possible disputes under GST.

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