Goods and Service Tax

Goods and Service Tax

Introduction of Goods & Service Tax w.e.f. July 1, 2017 has been a paradigm change in the indirect tax structure of the country with unification of indirect tax laws of various states and union territories. While a simpler mechanism of flow of input, a unified law and merger of multiple taxes into one tax were major reliefs for a business, understanding and adopting new law and return format also posed a challenge. Our dedicated GST Team transformed this challenge into an opportunity by providing hand-holding support to our clients for a smooth transition to GST, without any interruption to business process.

Our GST Team is led by partner with experience of working in development of GST module and providing training to tax officials, resulting in in-depth understanding of functionality of GST laws and rules.  Our services related to GST involves:

1. Compliance

We have a dedicated team of GST experts for timely preparation and filing of GST returns, ensuring businesses to outsource their GST Compliance work. By following a standard operating procedure, backed by the use of technology, we are able to cater the needs of clients from across the industries, including manufacturers, retailers and service providers.

Our compliance operation involves-

•  Reviewing of GST data for correctness of taxes charges
•  Reconciliation of input tax availed with input as available on GST portal
•  Compliance of provisions with respect to reversal of input tax, exports, place of supply and exempted supply.
•  Providing updates for changes in GST Laws
•  Timely and correctly filing of GST returns
•  Preparation and filing of GST Annual Return

2. Advisory

Still being in a nascent stage, there are regular amendments in law and changes in rules pertaining to GST laws. Further, judgements of various courts and Authority of Advance Ruling are providing more clarity on interpretation and practical aspects of the law. It is, therefore, a matter of utmost important for businesses to continuously review such changes and judgements for their implication on their businesses and new opportunities emerging from them. Our GST advisory function helps businesses in this aspect. Few aspects in which an organization may require GST advisory includes:

•  Valuation
•  Inter branch supply
•  Determining place of supply
•  Refunds
•  Barter Agreements
•  Exports
• Imports
•  Composite Supplies

We provide assistance to businesses in interpreting GST laws and helping them in understanding the practical functionality of the law. This helps the organizations to reduce tax litigation, be fully tax complied and manage their tax burden.

3. Assessments

Assessment by tax authorities is an integral part of any tax law. It is important that any notice received from tax authorities are handled in a diligent manner to avoid non-compliances and undue tax demands. Led by partner with years of experience in handling indirect tax matters, our services include:

•  Drafting and replying to notices received from tax authorities
•  Representing client in assessment proceedings and appeal
•  Drafting and filing of appeals
•  Filing refund requests
• Ensuring compliance with provisions of GST laws

4. GST Audit

Section 35(5) of the CGST Act, 2017 mandates all registered person having annual turnover greater than Rs. 2 crore to get their accounts audited. For the purpose of annual turnover, aggregate turnover of all GST registrations taken on a PAN is required to be considered. A reconciliation statement, GSTR-9C, is also required to be filed for each GST registration every financial year.

During the GST audit, our team reviews the following aspect:

•  Whether or not all the requisite accounts or records are maintained.
•  Whether or not the Financial Statements are prepared as per the books of accounts maintained at the principal place of business or additional place of business of the taxpayer.
•  Whether monthly and annual return filed by the assessee are reconciling with financial statements
•  Whether provisions of the GST laws have been complied
•  Whether tax liability has been determined correctly and timely deposited to the government
•  Whether input of tax as claimed is reconciling with books of accounts and GSTR-2A statement

Based upon our review, reconciliation statement in the Form GSTR-9C along with certification on truthfulness of information and observations, if any, is filed by our team. A detailed and thorough review of the GST returns and books of accounts ensures that the organization is fully complied with GST provisions.