India currently is on the verge of the biggest Indirect tax reform since independence whereby the erstwhile regime of multiple taxes on manufacture / sale / supply of goods is being replaced by a common GST on supply of goods and services.
For a small medium business, where domain experts are not normally available, GST is going to be a challenge not even post July 1st, 2017, it will have a material bearing on the operations and profitability of business. As a prudent business unit, you should have a pre implementation assessment of GST impacts on your business and all operational process, get the required changes done before July. Implementation and going into GST in July also need expert eyes. There would be major issues post GST for initial periods of at least six to nine months.
Our team of specialists brings expertise in the area of tax and regulations to deliver innovative solutions which are tax efficient and compliant with corporate and other regulations in India. As a firm, we are constantly seeking to develop and deliver thought leadership in our chosen area of excellence.
What we are offering you to ease your life in GST?
- Conduct GST impact assessment for the purpose of financial impact/cash flow impact on the business.
- Identify and finalize Taxability, exemptions, valuation, Tax rates, Credit eligibility, credit set-off etc.
- Impact on exemptions and abatements
- To analyse if there is any impact on existing signed contractual agreements.
- Analyse impact on special transactions like Interest Income etc.
- Assistance in migration of existing Indirect Tax registrations (VAT/ST/Excise)
- Identifying trigger points for changes required in IT systems ( Tally, oracle, SAP), from indirect tax perspective.
- Providing base documents which can be used as formats for invoicing etc. under GST
- To understand the impact of GST on closing stock, goods in transit, Credit in returns, credit in books. Analyse the same and decide the way forward.
- GST Workshop/training to all the stakeholders / Users to smooth and proper implementation.
Preparing a compliance manual outlining the tax aspects at different stages would include the following
- Applicability of GST on each transaction patterns
- Treatment of domestic reverse charge
- Treatment of TDS on transactions
- Treatment of place of supply rules on 5 transaction patterns
- Credit flow mechanism and transfer of credits
- Providing principles of valuation
- Providing guidance for calculation of transitional credits
- Compliances and reporting requirements
- Requirements for vendor invoices for availing credit
- Changes in invoices, credit / debit notes
Drafting 1 specimen communication which can be circulated to vendor group and 1 specimen communication that can be circulated to Customer/vendor/Suppliers etc.
Post – Implementation Assistance
- Assistance in getting new registration whereas applicable
- Review of all State GST returns for a period of three months
- Time to time advise on any queries that may arise during the period of 3 months from introduction of GST law.
- Assistance in preparation and filling of periodical returns
- Assistance in generation of E-Road permit and maintaining the record of the same Assistance in generation of Invoices and keeping record of the same
- Audit Assistance
- Assistance in communication with the supplier to reconcile the mismatches which may arise during the periodical returns
Our GST Help-desk
In brief, our Team is well equipped with taking impact analysis of GST to your business, implementing GST with your team, training your team for changing time, and to support your business on continues basis for initial period of GST so as to hand over the full process and compliance manual to your team and then providing periodical compliance as per your requirements.
We hope that our communication will provide you an insight about the challenges you would be facing and how we can help you out. Our GST help desk will be pleased to meet your team for a personal presentation and cost structure in case it looks interesting to you.