GST ADVISORY services
Our team of dedicated Indirect Tax professionals will help you deal effectively with current and potential issues arising in goods and service tax (GST).We help clients by advising on the GST treatment of various transactions and supplies, and help resolve classification or other disputes and issues with the authorities.
We provide assistance in identifying risk areas and sustainable planning opportunities for indirect taxes throughout the tax life cycle.
We suggest workable solution with business centric approach and ability to solve complex issues and deliver strategy and implementation from a business and technical view within the framework of law. We assist in improving the performance and effectiveness of client’s business by examining all the indirect tax aspects of core management and business process for further growth of the business.
Illustrative services under GST Advisory services are of the following nature:
- Advisory services in respect of all GST Issues
- Hand-holding through GST advisory on regular basis
- Tax and Credit Optimisation
- Value added consultancy including limited reviews of activities to indicate possibility of large savings to SME’s by way of credit availment, correct tax payments and availment of admissible exemptions
- Analysis on the implications of GST for a specific client/industry and optimal solution to client issue
- Cost control and tax planning
- Identification of areas so as to maximize ITC availment
- Post implementation advice on GST for future and ongoing projects and orders
- Vetting the agreements contracts in terms of GST optimisation
- Advisory w.r.t to Transaction Re-structuring, Process Designing, Classification issues
- Regular updates with respect to GST
Our Dedicated and experienced team is equipped to provide all kind of Litigation support to Organizations in respect of Goods & Services Tax and other statutes of erstwhile Indirect Tax regime such as Excise and Service Tax.
Reply of Show Cause Notice
Our team having in-depth experience will help you in drafting reply and handling show cause notices. We always look for opportunities of value addition to client in the course of handling show cause notice. We also attend personal hearing on behalf of client.
Reply to Departmental Audit Objections
Our legal team is well equipped to address audit objections raised by revenue officers diligently and have proven track record of successfully handling the case to drop the litigation at this stage only. Our experience in Indirect Taxation coupled with the knowledge of possible litigation prone area could mitigate the risk of litigation.
Filing of Appeal and representation upto Tribunal
Matter escalated beyond notice stage needs filing of appeal before quasi-judicial or judicial authorities. These could be commissioner (appeals), Tribunal, revisionary authority, or before similar other authorities. Our legal team understands the matter; prepare & file appeals appropriately considering the legal,factual aspects and represent the matter during hearing before authorities.
Assistance in filing appeal and representation before High Court & Supreme Court
The firm has team of able professionals who can assist attorney in filing of an appeal and representing the case before High Court and Supreme Court. We fill the gap between the counsel and client. We also have association with leading lawyers who can take up the case before higher courts.
Applying for Advance Ruling
Since the GST is the new law, there are more possibilities of divergent interpretations of law. One way to avoid the future litigation is to take a ruling/decision from the Advance Ruling. This may help to avoid the future litigation. We advise and assist client in filing application for advance ruling. Our team undertakes preparation and filing of an application and also representation before the Authority for Advance Ruling (AAR) and Appellate Authority for advance Ruling (AAAR).
Representation before Government AUTHORITIES
We have been assisting industry and trade association to take up their case before governmental authorities to address the issue affecting members at large.
Handling Litigation under erstwhile Indirect Taxation Laws
All earlier indirect tax laws (except Customs) have got subsumed in the GST. However, this does not mean that proceedings under old laws cannot be initiated. Audit, enquiry, search & investigation by department initiated under earlier laws could result in litigation. We can also help you in handling litigation under erstwhile indirect taxation regime.
Our experience in indirect taxes would help us to understand the new requirement in GST law as well. We provide compliance support to clients of all size. Our tax compliance and reporting team provides high-quality, flexible and cost-effective solutions to tax compliance. Our approach in compliance is tailored to clients’ needs aimed at ensuring error free compliance. Involvement of senior members of the firm means we can use our experience and skills to identify opportunities to improve tax processes and deliver tax savings. Our services include following:
registration & de-registration services
The decision to obtain registration should be taken considering the requirements of GST law. Sometimes, decision to be made after evaluating all exemptions and benefits associated with such registration. Due care needs to be taken while applying for registration to ensure smooth flow of business. Factors like type of registration, places of business to be added and additional information to be provided needs to be considered for registration. This necessitates assistance of professionals. The services include support in de-registration and surrendering of unwarranted registration as well.We could support in obtaining the registration and resolving various associated issues, if any.
GST Return Filing
Once registered, entities are required to submit periodic returns. Compliance would be key in GST due to automation of all periodical returns including payment process. There is a need to comply with reverse charge payments as well. Managing these multiple tasks could be technically complex, time consuming and can involve unpredictable costs for a business.Tax needs to be paid to government at the end of each tax period which requires identification of appropriate tax liability after adjusting eligible credits. There could be other multiple adjustments on account of non-monetary consideration, time of supply, related party implications, reverse charge liability etc. The services under this could cover the following:
- Review of GST returns for ensuring appropriate disclosure.
- Review of sample sale and purchase invoices
- Review of computation of GST output liability
- Review of computation of GST input tax credit and eligibility of credits on sampling basis. Review of credit reversals.
- Review of computation of GST under reverse charge mechanism
- Review interest computation due to delayed GST payment, non-payment to vendors
- Review of fulfillment of conditions for exemption / concessional rate of taxes
- Filing of GST Returns on behalf of the client
- Support in designing efficient accounting and support system so that information necessary for filing of return are available instantaneously.
- Assist in making payment after adjusting eligible credits
Assistance IN SETTING up of Internal Control System for GST Compliances
Indirect tax systems impact almost all financial transaction of business. This necessitates having proper control system to manage tax function at transaction levels. Also, the businesses have now become system driven where human interference is reduced to very minimal. The complex business structure coupled with system automation requires flawless tax system inbuilt in all processes. Our team can assist in establishing internal control and implementation of system addressing all compliance requirements under indirect tax statutes.
Designing of Standard Operating Procedures (SOP) for GST
Business should not depend on individuals for key business process especially indirect taxation which has impact on all business transactions. This necessitates developing robust SOP under indirect tax for smooth functioning of business. The need of SOP is felt in both medium and large size business. It has been seen that wherever such procedures have been followed, it has resulted in significant decline in department actions. We can assist you to develop SOP for all your processes from the point of view of Tax compliance and Tax Efficiency.
gst review SERVICES
GST COMPLIANCE REVIEW ON PERIODICAL BASIS
GST is still a nascent law in India. Since its inception, there has been frequent changes not only in rates, but also in various legislative provisions and procedures. Weprovide assistance in ensuring compliance by conducting GST compliance review on periodical basis covering all functions having impact in GST. This could include sales, procurements, inventory, finance etc. Such review would also be helpful for GST annual audit which is mandatory as per GST provisions for assesses with turnover of more than Rs.2 crore in a financial year. Periodical review could help the organization to ensure compliance, take benefits of credits, update with changes in rate of taxes et. Broadly, this would cover the following:
- Review of GST outward supplies, tax rates applied, concessions, exemptions claimed, fulfillment of related conditions, export benefits claimed etc.
- Review of GST input tax credits claimed to assess eligibility, ineligibility, completeness, documentation for credits, transitional credits carry forward etc.
- Review of procedural compliances including GST registrations obtained, payment of taxes, filing of returns, disclosure of ITC & outward supplies in returns, movement of goods for job work, carry forward of credits etc.
- Review of reverse charge compliance by reviewing the expense ledgers on sampling basis, payments made, availment of re-credit after payment, eligibility of such credits, rate and abatements if any claimed including documentation.
- Review of Accounts & Records to be maintained as required under GST Law.
GST REVIEW BEFORE DEPARTMENTAL AUDIT
Departmental audit is undertaken to gauge revenue leakage. This may ultimately culminate into litigation proceeding against the assessees. The cost of such unearthing is very high especially due to higher rate of interest and imposition of penalty upto 100%. With our experience, we know the possible target areas of department and methodology adopted for audit. We carry out the review before department officers come to your office and highlight areas which need immediate actions to minimise/avoid the risk of possible future litigation.
GST COMPLIANCE REVIEW TO SUPPORT AUDITORS
In recent years, reporting obligations of statutory, tax and internal auditor have increased manifold. They are required to mention the extent of non-compliance under indirect taxation also. We support chartered accountants and other professionals in undertaking compliance review during the course of their statutory, tax and internal audit so that they are able to meet their statutory obligations. This sometimes, also opens up huge tax planning opportunities for the client.
PRE- GST AUDIT SERVICES
The GST Audit would be undertaken for the first time, and therefore, demands significant preparation from both the auditor and the auditee. The GST audit requires deep understanding of the GST laws, IT infrastructure of the auditee, the method in which the GST portal operates, applicability of the various notifications, circulars, clarifications, classification of goods and / or services, the nature of supplies, the manner of availment of credits together with its allowability or otherwise, maintenance of various records and documents specified therein, requirements of reporting and source of information, understanding of the business of the auditee etc. Apart from these issues, it is imperative that an auditor understands the basic functioning of the e-governance model.
The audit coverage of all these records and documents would need substantial amount of preparation and time. Hence, it is imperative for a company to get ready due for GST Audit. One of the ways to achieve this is to have the GST Periodic Audit conducted well in time.
One of the most important reason for getting the GST Pre-Audit done is that the last date for recording GST Debit/ Credit Notes is till 20 th Oct,2018 i.e last date for filing GSTR-3B for month of September 2018. However Annual return can be filed till 31st December,2018. Thus GST Pre-Audit will allow assesee a definitive advantage as the discrepancies will be noticed at the time of omission / commission and corrective measures can be taken in a timely manner. Thus, it would lead to maximization of credit availment and minimization of tax / other outgoes owing to proper planning and timely compliances. Instead of carrying out the audit at the end of the year, for all the assessees, a pre- audit will help the auditee in understanding the short-comings that can be duly adhered to within time and would, in a way, avoid any further consequences.
It will also give GST auditors necessary information for completion of GST Audit timely and expeditiously.
GST AUDIT SERVICES
Section 35(5) of CGST Act 2017 read with Rule 80(3) requires a registered taxable person with turnover of more than Rs.2 crore in a year to get his books of account audited by a chartered accountant or cost accountant. The due date for submission of audited financial accounts including reconciliation statement for a financial year would be 31st December of subsequent year.
GST Audit would cover following aspects:
- Review of outward supplies declared in return to ensure that it included all outward supplies made
- Review of inward supplies declared in return to ensure that it included all inward supplies made
- Review of all deductions claimed including sales returns, abatements, exemptions
- Review of classification, rate of goods according to provisions of GST
- Assessment of registrations obtained
- Review of input tax credits claimed on inputs, input services and capital goods
- Review of reconciliation statements are to be filed along with GST audit report.
- Conducting audit in accordance with all other requirements as per GST Act
Our team has the experience of conducting regular GST Reviews and also having prior experience in conducting VAT audits can assist your organization in conduct of GST Annual Audit. At GST Experts, we consider Audit as an exercise for Value Addition rather than a mere attest function.
Further, section 44(2) of CGST Act states that every registered person who is required to get his accounts audited in accordance with the provisions of sub-section (5) of section 35 shall furnish, electronically,
- the annual return under sub-section (1) along with
- a copy of the audited annual accounts and
- a reconciliation statement, reconciling the value of supplies declared in the return furnished
for the financial year with the audited annual financial statement, and such other particulars as may be prescribed.
Rule 80 (3) of CGST Rules state that every registered person whose aggregate turnover during a financial year exceeds two crore rupees shall get his accounts audited as specified under sub-section (5) of section 35 and he shall
- a copy of audited annual accounts and
- a reconciliation statement,
- in FORM GSTR-9C, duly certified,
electronically through the common portal either directly or through anFacilitation Centre notified by the Commissioner
Thus GST Audit will mandatorily be required to be done for each GST Registration number of all organizations having aggregate turnover beyond the threshold limit. In this regard, following services are provided by our team of experienced GST Professionals;
Introduction of GST has lead to rise in training requirements–
(a) for the industry
(b) for tax professionals.
We at GST Experts has a team of certified trainers for GST who can assist in managing the training requirements of your organization.
The training program could be organised for senior management, middle management or operational staff handling accounts, finance, marketing or procurement functions. The objective of training programs is to give understanding of legal and practical aspects of law for effective decision making and to ensure that tax function of entity is performed error free. This ensures skill and up-to-date knowledge necessary for effective compliance are instilled and maintained in staff.The training can be customized according to the needs of the company.
ADVISORY SERVICES FOR VAT IN GCC
For the first time in history, GCC which includes countries such as Saudi Arabia, UAE, Qatar, Bahrain, Oman and Kuwait have agreed to introduce VAT in phased manner starting from 1st January 2018. Introduction of VAT is mainly to generate additional revenue in light of falling crude oil prices. Our experience in GST implementation support for entities in India has helped tremendously in understanding of proposed VAT system in GCC countries. The scope of services may cover the following:
Implementation of VAT for entities could be complex for countries in GCC considering the fact that VAT is a new concept. VAT could change the way in which business been planned as it impacts capital, cash flow, terms of agreements with suppliers and customers. Various functions of the entity would face challenges in understanding and implementing the VAT aspects. Our services include:
In-depth analysis of VAT impact on key business functions such as procurement, production, warehousing, distribution, supply chain management, information technology, working capital and other functional areas.
- Providing suggestions for necessary modifications to reap maximum benefits under VAT.
- Assessing impact on cashflows and capital needs of entity.
- Assessing impact on pricing of goods and services with VAT introduction.
- Support in implementation and/or modification of ERP.
- Training of the staff.
- Preparing implementation roadmap for smooth implementation of VAT.
Error free compliance of tax laws is very vital for any business considering the high penalties levied for non compliance. We can assist the business in making all compliances required under the law in error free manner. This could be assistance in computation of tax, tax payment, filing of return, review of recoverable input tax and output liability, Updation on changes taking place in the law and any other aspects concerned with the compliance of law.
Advisory and consultation
Tax laws are never static and new business scenarios necessitates for the business to understand the tax implications. Our experience in handling global indirect tax gives us an unique position where we can address the complicated business scenarios requiring tax advisory within four corner of law and optimize the tax incidence on the business.
As introduction of VAT in GCC countries would pose knowledge challenges at senior management level, middle management level and Operational management level. All the concerned person would need to be trained in the company.
We at GST Experts has a team of certified trainers for GST who can assist in managing the training requirements of your organization.
The training program could be organised for senior management, middle management or operational staff handling accounts, finance, marketing or procurement functions. The objective of training programs is to give understanding of legal and practical aspects of law for effective decision making and to ensure that tax function of entity is performed error free. This ensures skill and up-to-date knowledge necessary for effective compliance are instilled and maintained in staff. The training can be customized according to the needs of the company.
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