Goods and Service Tax
Our advisory services under GST include:
Assessing the impact of GST on business and product pricing, through evaluation of key parameters including:
Change in tax rates
Change in time and place of supply rules for goods or services or both
Evaluating impact on outward supplies
Analysing impact on procurement of inputs/input services
Valuation mechanism under GST, including incidence on free of costs supplies, stock transfers, discounts, incidental supplies and supplies to related parties
Analysing position on availability of input tax credits – credit restrictions or additional tax credits on procurements of goods and services
Basis the above parameters, assessing the impact of GST on a company’s operations, select products and working capital
Advise on realigning the operations to ensure tax efficiency:
Identifying alternate business models to ensure tax efficiencies and credit-optimisation
Evaluation of alternate business models basis the tax costs involved
Identifying potential risks and suggesting suitable mitigating strategies, associated with the identified models
Defining the business model/contract scenarios after discussions with the management that could be taken up for implementation
Advise on implications under the anti-profiteering provisions under the GST laws:
Evaluating the impact of GST on the prices of products and services in view of additional tax costs/credits
Advising appropriate pricing mechanism to be adopted considering the additional savings/burden
Advising on appropriate safeguards to be adopted
Representations before the Regulatory authorities constituted for anti-profiteering.
Ensuring steps for smooth GST Implementation:
Implementation of changes in business processes such as establishing processes for billings, system to be followed for receiving advances / payments
Guidance on eligibility of specific credits that could be available under GST regime
Evaluating and update eligibility and transferability of existing Input Tax Credits
Assistance in preparation and uploading of statutory Forms for Transition of credits
Guidance in relation to the manner of recovering tax from the customers
Reviewing of contracts and highlighting key areas for negotiation, with vendors/customers
Assistance in obtaining GST registrations
Preparation and updation of compliance manuals / SOPs
Customised GST Trainings
Customised internal trainings for organisational requirements for Finance, Taxation, Legal, Commercial, Sales and Marketing departments; and,
Trainings for vendors, suppliers, and customers.
Compliance Support
Assistance in preparation / Review of GST Returns
Assistance in assessments and representation before the authorities.