Inception of GST on 1 st July 2017 marked the beginning of “Biggest Indirect Tax Reform” since Indian Independence. GST is expected to make India “One Nation, One Market” and ensuring ease of doing business.
Various indirect taxes like VAT, Service Tax, Excise Duty, Entry Tax and Luxury Tax etc. have been subsumed in GST. Only Custom and few other special indirect taxes remain outside the purview of GST.
GST is a consumption-based tax and will be charged on the ‘supply’ of goods or services or both. GST Council is continuously making the return filing process but there are various technicalities involved in the overall law which require expert handling and skilful methodology
Our special offerings
– Our expert team will handle the notices and intimations from GST Department and ensure their timely reply,
– We will communicate with the vendors for alteration in GST return to ensure free flow of input tax credit,
– We will also send the due reminders for GST due dates to avoid any penalty or financial implications,
– We will also help in revising the vendor management process to keep it aligning with the GST provisions.
GST Impact Analysis:
We analyse the impact of GST on the business operations on the basis of following parameters:
Change in the tax rates and structure,
Impact on procurement and outward supply,
Valuation Mechanism including free samples, stock transfers and discounts,
Flow of input tax credits
Impact of GST on supply chain, working capital and overall operations
GST Advisory Services:
Advising the clients on the requirement of registration under GST and subsequent applicability of provisions of GST,
Assisting the clients in getting registration under GST and obtaining GST Registration Number,
Advising the clients on special issues like Reverse Charge Mechanism & Casual Taxability
Advising the clients on rates of GST on goods & services
Assisting the clients in segregating the supplies in goods or services or both
Advising on IT Systems:
IT system will be the base of GST compliance since the entire mechanism will be online. Robust IT System can be beneficial in hassle free compliance with GST.
How will we help?
In-depth study of the existing IT system to see the mapping of the business transactions and their flow,
Making a blueprint of the changes introduced in GST law to see the changes to be done in the mapping of the newer business transactions,
Configuring the tax rates and updating the master files to create new heads and list of accounts,
Assisting the workforce to understand the reports to be extracted from the system,
Helping the workforce in issuing bills, credit notes, and other documents by mock drilling of the system,
Regular testing of the IT system to ensure correct flow of the business transactions.
GST Training and workshops:
Our expert professionals can create customised internal GST trainings to help your employees, customers and vendors understand the nitty-gritty of GST.
We also have customised GST training workshops for cross-functional teams to give them an idea of GST impact on different processes of the company.