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THE BEGINNING OF GST ERA – THE CHALLENGES AHEAD
GST is one of the most radical reforms that have been proposed for the Indian economy after years of political and economic debate. GST is not just a Tax Reform but a Business Reform, as it modifies the way in which business will be done in India. Every Stake holder needs to get ready for the GST likely to be introduced in India from 1st July, 2017. Tax is money and whether the stake holders will gain or loss depends upon the tax schedules, final GST rates and the laws that are framed for availing input tax credit on item-to-item basis or on cross basis. The stake holders need to take immediate steps and start discussions, industry specific, to frame their final view on the draft legislation, as and when released. The impact will be tremendous; laws will be simplified and if the stake holders rightly understand the intricacies of the law, take timely steps to upgrade their business practises and systems; the financial gains will be all pervasive.
Companies that are proactive in preparing for the GST early can gain a real competitive advantage by reducing disruption and maintaining and improving relationships with domestic/international suppliers and customers alike. Starting the analysis of GST process early will help Industries to leverage the opportunities that the new tax system offers, ensure timely compliance and avoid disruption and panic at the later stage.
Our in depth experience in Indirect Taxation for over so many years for some big Corporate Houses and a dedicated research team for GST analysis, makes us the competent consultant for smooth roll out and management of GST in your organisation. We offer following services with regards to GST Implementation Management:
1. GST Registration and Migration
We carry out fresh GST Registration for new Proprietorship / Partnership / Private Limited Companies. Apart from newly registered concerns, fresh GST Registration is also done for existing business which havecome under Indirect Tax ambit for the first time or wants to register voluntarily. For business concerns that were already under VAT / Service Tax / Central Excise, we help in getting them migrate to the GST.
For those who have already applied for migration or applied for registration under GST and are getting a status of VALIDATION ERROR or INVALID GSTIN or PROVISIONAL or PENDING FOR ORDER, we ensure they get the GST Registration Certificate within a minimum time period. This ensures that the client is able to carry on his business without any hurdles.
2. GST Return Filing / Support
We being a software centric firm, use customized software to file and upload various returns under GST, as a part of compliance. We have separate GST teams for handling small business, mid-size organizations and listed Companies, and hence provide separate tailor made packages for return filing support for different organizations, depending upon their requirements.
With our GST Return filing services, we provide handholding support service as well. Our dedicated R&D team apart from providing valuable critical insights to GST on a regular basis, hold a webinar / training sessions on a weekly basis, wherein queries of different clients are handled and solved on the spot.
3. ITC Mismatch & Reconciliation
After filing of Form GSTR – 3, following details relating to the ITC claimed would be matched by GST Common portal – a) GSTIN of Supplier / Recipient b) Invoice Number c) Invoice Date d) Taxable Value e) Tax Amount and so on. The claim of ITC would be treated as matched in respect of the invoices and debit notes in Form GSTR-2 that were accepted by the recipient on the basis of Form GSTR 2A. Discrepancy in claim of ITC would be communicated on or before the last day of the month in a) FORM GST MIS 1 to the recipient claiming ITC on inward supply and FORM GST MIS 2 to the supplier. We ensure Rectification of the discrepancy in claim of ITC.
4. GST Implementation
1. Adherence to Transitional Provisions
- GST Registrations in all jurisdictions where required.
- Compliance of Transitional Provision as per GST Act.
- Assistance in transitioning tax credits and liabilities from Legacy IDT systems to GST systems using transition Rules
- Effective navigation through transitional and cut off issues like pre-GST credit and pre-GST stock of goods
- Physical Verification of Stock as on Appointed Date.
- Certification of the Stock as on Appointed Date.
- Assistance in meeting first cycle of GST Compliances (Payment, Returns Filling etc)
2. GST Implementation Control Assistance
- Custom design changes in ERP, Internal Controls and Accounting
- ITC in GST on Closing Stock, WIP and Raw Material along with analysing GST on Stock with Job Workers
- Review and suggest changes in documentation, processes and policies to meet GST requirements
- Plot manner in which the GST Credits and liabilities can be auto-picked for compliances and tax pay-outs
Post GST Regime
1. Hand Holding Supports & Guidance post Implementation:
Providing hand holding support, assistance and guidance for GST Return Validation and other GST related worries.
2. Compliance Outsourcing:
The new GST regime is marked with greater Statutory Compliance which are auto populated in most of the cases, hence outsourcing the statutory compliance to our dedicated team of professional equipped with automated software will relief you from the tension of Return compliance.
3. Input Tax Credit Reconciliation:
GST is marked with Credit matching concept hence mismatch of Credit will be one of the most important issues to be faced by the Organizations, we provide an automated tools to identify the cases before hand and also incorporate the follow up communication from the counter parties to solve the problem.
4. Reverse Audit in GST Scenario:
Audit in line with the Tax Authorities to identify the issues which can raise demand and to mitigate the same.
5. Statutory Certification:
Statutory GST Audit and Certification as required under GST Law.
6. GST Consultancy:
To provide real time support and advisory services to solve out GST related queries.
7. GST Training:
- Knowledge Transfer Sessions on key GST Topics like Levy and Taxable Event ; GST Returns; Payment and Refund of Taxes under GST parlance
- Suppliers and channel partners for explanation of the promotional schemes, discount structures and changes in the prices
- User Manual on Frequently Asked Questions specifically applicable to the Company regarding GST
- User Guide on filing of Returns under GST