India has introduced GST on 01.07.2017. GST change the way business is done. GST would lapidate lots of opportunities and challenges for the business itself. GST emphasis to gear up themselves for adopting the change.
Our experience in Indirect Tax over last 10 years and extensive research in the GST domain makes us your ideal partner in a smooth transition to GST. Our services offered are as follows:
Despite GST being a tax reform, it would impact various business functions, including finance, IT, supply chain, and marketing. It is critical for businesses to plan and evaluate the impact of GST in a timely manner. Since the impact of GST could be a multifold, effective and seamless transition to the GST regime would be a mammoth task. In this major transformational process, we would assist clients in identifying, assessing, and plotting the impact of GST on their business operations.
We would also assist clients in engaging with the government for making necessary representations. In this regard, we would undertake an 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.
IT Support- GST would be information technology driven law. It would require immaculate IT system to integrate the financial and non-financial information with the information required to be submitted to regulators. It also would require implementation and/or modification of the IT system of a business. We suggest IT system based on size and need of business, review existing IT system & suggest suitable changes therein to make it GST adaptive.
Procedures Support- Organizations requires SOPs (Standard operating procedures) for their key business functions. There could be needed to review existing SOPs and design new SOPs in accordance with GST. We help in customization or launch SOPs needed for GST.
Registration- Obtaining new/amendment in registration: Assist clients in obtaining new/amending registrations under the GST regime.
Compliances- Assisting/hand-holding to ensure compliance by taking into consideration of
- Financial records
- Input Tax Credit
- Computation of GST liability
Compliance support/outsourcing- Undertaking compliance functions ie. obtaining registration, verification of input tax credits, the filing of returns and all other compliances under GST either on support basis or complete outsourcing.
Refund/rebate claim- Suggesting options for claiming refund/rebate benefits, assistance in preparing and filing necessary documentations and follow up with the department to get the benefits.
Retainership To solve all GST related queries by phone, e-mail or another mode of communication on real time basis acting as consulting retainer.
Review – Periodical review of business functions to 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.
Industry / Client Specific Representation – Making representation before the government to address post implementation problems faced by business.
Pre-audit – Pre-GST audit undertaken prior to GST statutory audit to enable taking corrective actions timely. Audit under GST- Statutory audit as required under GST law.
We offer training to human resources of the organization 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 the 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 optimize the tax incidence under GST, handling litigation at various stages and suggesting the alternative course of actions to mitigate and resolve possible disputes under GST.