Goods & Service Tax (GST) is the most important indirect tax reform in the country, which introduces a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India to replace various taxes levied by the central and state governments. GST is levied and collected at each stage of sale or purchase of goods or services based on the input tax credit method. A supplier must register in each state or union territory from where he affects supply if the taxable value of supply (aggregating taxable value of each state) exceeds the threshold limit.

Changeover to GST has impacted the tax structure, tax incidence, tax computation, tax payment, compliance, credit utilization and reporting, leading to a complete overhaul of previous indirect tax system followed by entities. It is imperative for entities to study the far-reaching impact of GST on almost all the aspect of the business operations, i.e. pricing of products and services, supply chain optimization, IT, accounting and tax compliance systems.

We assist our clients in deciphering GST impact and identifying risk areas and sustainable planning opportunities by providing following services:

• Undertake comprehensive review of client’s existing business transactions, contracts, sourcing policies, pricing and distribution policies and analyze the GST implications on these.
• Assistance in customizing ERP / other IT platform to obtain the data required for periodical compliances under the GST regime.
• Advice on proper classification, valuation, applicability of taxes on transactions in reference to benefit / exemptions.
• Assistance in proper accounting of GST transactions.
• Assistance in maintenance of proper documentation as required by the law.
• Providing advisory at the various levels of client’s personnel on GST law so as to enable them to re-align and restructure their business processes and IT system.
• Assist in testing whether the report generated by the system / the data provided by the system meets the GST requirements.
• Advising or preparation of other matters like registration, refund, GST returns and other modification / updation in the GST portal.
• Audit as required under the GST law.
• Representation for assessments, appeals, refunds and other matters under GST.