Goods and Services Tax (GST)
Goods and Service Tax (GST), one of the major tax reforms in India, finally became a reality when it was introduced in July 2017. Given the magnitude of the change, it comes with its own set of challenges and complexities. The change is not only in the law but also an attempt to infuse technology for reporting requirements.
The government has been very proactive in trying to streamline its processes and adjusting to the demands of the industry. Given the frequent clarifications / changes in the law, and interpretation issues, it is imperative for the businesses to re-visit the positions taken at the time of introduction of GST to ensure that the businesses does not get affected in the longer run.
Compliances:
We help clients in fulfilling all their compliances required under Goods and Services Tax (“GST”) laws. Compliances, inter-alia, include the following:
- Conducting due diligence and health check reviews ensuring that tax compliances are adhered to
- Reviewing the accounting data of client and verification of GST compliance as per the tax laws
- Assistance in obtaining GST registrations
- Complete outsourcing of GST compliances
- Assistance in processing of refund claims
- Providing technical assistance and representation services during departmental audits
- Assistance in relation to yearly GST Audits and credit reconciliations
- GST implementation/transition services in case of newly set up organizations, review of the GST implementation in case of old organizations
- Conducting Health Check / Credit reviews to identify planning opportunities and optimizing the overall indirect tax incidence
- End to end assistance in relation to GST enquiries and assessments
- Conducting anti-profiteering studies and assistance in relation to anti-profiteering certification
- On-call day-to-day queries resolution
Litigation
Our Key service offerings include:
- Assistance in drafting responses to notices, enquiries and such other communication received from revenue/assessing authorities
- Assistance in preparation and filing of appeals against orders received from appellate authorities
- Assisting counsels in preparing/representing appeals/petitions before High Courts and Supreme Court
- Filing advance ruling applications with the authorities in order to seek clarification on ambiguous matters
Advisory
Our Key service offerings include:
- Advice on all GST related matters including interpretation of provisions, classification, valuation, advance ruling, anti-profiteering, compliance methodology, representations, dispute resolution strategy, tax technology, etc.
- GST compliance solution for managing extensive GST compliances
- Advisory on vendor reconciliation mechanism for GST credits claimed
- Advisory on identification of optimal valuation model for related party transactions under GST, aligning the same with the model adopted under transfer pricing provisions
- Assistance to comply with the provisions of anti-profiteering rules under GST
- Review of contracts and agreements in order to identify the GST impact, from the perspective of procurement, manufacturing and distribution
- Analysing the pros and cons of setting up of EOUs, STP units or SEZ units and suggesting a suitable tax efficient structure
- Assist in setting up and operationalizing EOUs, STP units or SEZ units
