Goods & Service Tax (GST)

Understanding GST and It's challenges

The introduction of Good & Service Tax also known as GST deeply transformed India’s tax structure. Introduced with the intention to consolidate a stratified tax system into one single tax system, it also created challenges related to the necessity to quickly change and adjust to the new norm. Quickly the introduction of GST strongly impacted most organisations’ operations, and new GST compliances were introduced on the “matching concept. For example, the buyers and sellers data need to be periodically matched in order to eliminate any tax leakages.

GST Advisory

Our tax experts will guide your team through each challenge related to regulatory compliances under GST by providing the following services:

Interpretation of GST Act and specific sections based on status, industry, or products
Registration under GST and classification in terms of HSN and SAC codes and applicable tax rates
Assessing places of supply to determine which state is relevant for GST compliances and tax payments
Claim proper input tax credits where eligible and exclude or defer input tax credits not eligible as well as refunds or tax credits for exports
Ensure compliance with reverse charge on inward supplies where applicable
Formulation of tax efficient business models and structuring of contracts / transactions to optimise tax incidence
Conducting tax impact assessment studies.

Compliances Under GST

Non-compliance under GST can be heavy of consequence for your business activities and fairly expensive. Our team has set up a broad range of procedures and working methodologies to ensure your organisation is always compliant under GST.

Review of tax returns and tax computations and submission to tax authorities in each state or for each registered location (including review of mismatches between vendors and/or customers and the client’s records based on reconciliation prepared by the client)
Ensure filing of periodic and annual tax returns in each state (or for each registered presence) based on applicability
Special procedure for valuation in case of related party transactions
Addressing operational issues arising out of GST implementation, vendors and customers ecosystem support and advisory services as well as obtaining advance rulings
Assisting the client in getting annual GST Audit done in respect of each registered presence where the client is situated
Review of Order to Cash and Procure to Pay and other processes from a GST perspective, including testing, validation and user acceptance of ERP related GST controls.
Assistance in filing / submitted of Letter of Undertaking (LUT) incase of exports under GST Rules.
Assistance in refund of excess GST paid.

Litigation Support Under Indirect Tax

For any queries related to Goods & Service Tax (GST), contact us to schedule a 15 minutes free Consultation.

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