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THE BEGINNING OF GST ERA – THE CHALLANGES 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:
Pre GST Regime
1. The As-Is Scenario – Mapping the existing scenario and GST impact
- Mapping the impact of the GST with the widening tax bases, the various rates for taxing goods and services and extending the set off mechanism possessing the capability to change the price of the goods and the services.
- Highlighting major points of the GST that can impact various functions of the Company like procurement, distribution, marketing, accounting and taxation.
- Providing support in filing of returns under present pre-GST regime, so that revision of returns is avoided
2. Keeping in line with Basics Records & Report Format
- Classifying goods and services based on the codes ? This includes defining the codes of goods on the basis of HSN (Harmonized System of Nomenclature) and services using the Service Accounting code
- Assisting in designing of the format of the invoice on the basis of the disclosures to be made. These disclosures may be related to the taxes, coding etc.
- Producing varied returns including intricacies of the inward supplies, outward supplies, annual returns, monthly returns, ISD returns etc., each with a different format and a different field.
3. IT infrastructure ? Aligning ERP with GST
- Helping the technicians in designing the software modules for the incorporation of the impact of the new GST mechanism along with new accounting codes/treatment. It would include taxes, customers, vendors etc.
- Providing assistance in comprehending the requirements of varied return formats so that the returns automatically take the input from the ERP.
- Testing of the systems of the IT, updating and handling the issues pertaining to the migration and cut-over.
4. Advisory Services on Business Process Re-engineering
- Advising and encountering exclusive issues like the valuation of the branch transfers and inter-state supply of intangibles.
- Undertaking enormous transactional issues formulated under the new law such as the treatment of the existing credit issues and the stock.
- Advising on various services associated with the preparation of the Standard Operating Process (?SOP?) for businesses under the new regime
- Evaluation of the fate of the litigations that are pending and the time period required for judicial pronouncements in the pre-GST regime
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 Organisations, 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