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Indirect Tax Advisory

Over the years we have given value added services in respect of Indirect taxes to clients in areas of erstwhile Sales Tax, VAT etc. and the newly introduced GST among other taxes.

With the advent of the Goods and Service Tax Act in 2017 effective from July 2017, the entire aspect of Indirect taxes have been revolutionised with GST providing the one indirect tax for all goods and services ( with some exceptions which continue to be part of Excise Duty Structures). This has put more onus on businesses and organisations to learn the rope and make their organisations GST Compliant. The GST Structure also integrates the Output and Input Tax so that businesses get credit for taxes paid on inputs subject to a set of guidelines. Our role in Indirect Tax Advisory covers the whole gambit and we aim to provide a complete 360 degree solution to businesses for efficient GST Administration.

Service Areas - GST

The GST Laws were introduced in July 2017, paving way for the much famed "one nation one tax" theory of the Government of India. This Act effectively subsumed the VAT, Excise Duty ( on most items), Service Tax and a host of other smaller taxes. With the introduction of the GST, organisations needed to have a paradigm shift in their tax management and administration and adopt newer means and methods for an effective and efficient tax management.

GST in principle works on a value added tax principle, whereby businesses charge their customers GST at applicable rates and collect the same. They are entitled to a credit for the inputs used in their businesses, and the businesses effectively pay the net difference between output tax and the input tax as their liability to the government.

Thee above simplistic method is quite complex in the actual world and here is where our team comes in :-
We have a well experienced and trained team of experts who :

  • Adept at compiling, preparing and filing of the GST Returns at periodic intervals as prescribed. The GST Filing and administration by the Government, being automated, non-filing of returns or delay in filing of returns has serious consequences.
  • Providing a complete 360 degree check of the available ITC Credits so that businesses get maximum benefit of the GST Input Credit Mechanism. Important Note - Availing of Input Credit is not automatic and is based on a tight set of rules, guidelines and documentation.
  • Ensuring Reconciliation and Compilation of various returns and data provided in the GST Portal to ensure least amount of future litigations and notices.
  • Performing GST Audit as applicable not only to comply with the laws, but also to ensure that businesses are tax compliant.
  • Attending to GST Notices, Inspections, Hearings and any kind of litigation to provide the businesses with the best and beneficial interpretation of laws.
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