Under GST Service Offering
GST will affect every part of your business in India with regards to cash flow, costing of capital, pricing of products and services, financial reporting, tax accounting, compliance processes, supply chain, procurements and contracts and all technology currently enabling this ecosystem. In addition, there will be significant training needs for personnel to understand and operate effectively under this new regime.
"The current delay in introduction of GST is a blessing in disguise, as it will give some more time to corporates to prepare,"
Termed as the biggest tax reform since independence, it is crucial to understand that GST is not merely a tax change but a business change which is likely to impact various business areas such as Finance, IT, Supply Chain, HR, Marketing etc. On one side there could be a huge impact on the supply chain, and on the other there may be a requirement for redeploying people and different advisors as the three taxes (Excise, Service tax and VAT) would merge into one single tax.
Needless to worry! We are there to assist you in the best possible way. Our experience in Indirect Tax over last 10 years and extensive research in the GST domain makes us your ideal partner in smooth transition to GST. Our services offered are as follows:
:GST is going to change the way business is done. There is need for every business to analyse the impact of GST on various spheres of their business. We have team of professionals with sound knowledge of GST which could assist in assessing the impact of GST on your business. Services offered under this category are as follows:
Tax impact on business functions: 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
ERP Support- Implementation and/or modification : GST would be information technology driven law requiring immaculate ERP system to integrate the financial and non financial information with the information required to be submitted to regulators. We suggest ERP system based on size and need of business, review existing ERP system & suggest suitable changes therein to make it GST compliant.
Standard Operating Procedures (SOPs)-Design and Review : Professional organisation requires SOPs for key business functions. There could be need to review existing SOPs and design new SOPs in accordance with GST. We help in meeting all the requirements around design and modification SOPs for key business.
Transition from existing phase to GST involves substantial challenges. We review existing indirect tax systems to ensure that all eligible benefits are carried forward in GST regime and proper systems, processes and procedures are envisaged and put in place in advance so as to ensure flawless compliance under the new law.
Business functions presently carried on are centered around existing indirect tax laws. There could be need to revamp key functional departments to be GST compliant and to reap the benefits of GST. We re-engineer business processes from indirect tax perspective including designing SOPs for the same.
To identify impact areas during transitional and course of actions to be taken for smooth transition to new tax regime.
There are specific transitional provisions covering carry forward of credits, continuing contracts, refund/rebates, past unpaid liabilities etc. We carry out area specific review to ensure full compliance with transitional provisions without losing out any benefits.
The compliance burden under GST is going to increase substantially. There is need for having proper system in place as to process, procedures, documentations and other aspects. We assist in customised designing to suit the business requirement and at the same time, ensure the full compliance of GST.
Review of existing agreements and suggestion for changes to make them GST compliant.
Suggesting ways to optimise overall indirect tax/credit incidence under GST.
Advent of GST would result in repeal of indirect taxes to be subsumed in GST. There is need for assessing the impact on pending disputed cases and claims of refund/rebate filed by entity. We assess the impact of these cases under new regime and suggest the course of actions to be taken to mitigate the adverse impact.
GST could impact business in multiple ways. Many unanticipated implications may arise having adverse impact on business. We can make representation before government/regulators to address the concerns of industry/client.
1.Hand hold support guidance, assistance and support in the post transition initial phase so that you are relieved of all your taxation worries.
2. Consulting relationship to solve all GST related queries by phone, e-mail or other mode of communication on real time basis acting as consulting retainer.
3. Review (periodical) retainership Periodical review of business functions to assessee 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.
4. Compliance support/outsourcing Undertaking compliance functions ie. obtaining registration, verification of input tax credits, filing of returns and all other compliances under GST either on support basis or complete outsourcing.
5. Industry/client specific representation Making representation before government to address post implementation problems faced by business.
6. Pre-audit under GST Pre-GST audit undertaken prior to GST statutory audit to enable taking corrective actions timely.
7. Audit under GST Statutory audit as required under GST law.
8. Refund/rebate claim? Suggesting options for claiming refund/rebate benefits, assistance in preparing and filing necessary documentation and follow up with department to get the benefits.
We offer training to human resources of the organisation 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 need of the client.
Other GST Services
Our other services include advisory/consultancy on any GST related problems, transaction structuring to optimise the tax incidence under GST, handling litigation at various stages and suggesting alternative course of actions to mitigate and resolve possible disputes under GST.