Goods and Services Tax advisory and compliance

In July 2017 Goods and Services Tax (GST) replaced a plethora of indirect taxes such as excise duty, VAT, service tax, central sales tax, countervailing duty (CVD) and octroi duty. GST has far-reaching impacts for virtually every business in terms of tax rates, overall tax incidence, input credits, distribution system, prices and costs.

Businesses need to ensure:

• Proper classification in terms of HSN and SAC codes and the applicable tax rates (generally ranging from exempt to 28%)
• Ascertain place of supply to determine relevant state for GST compliances and tax payments
• Claim proper input tax credits where eligible and exclude or defer input tax credits not eligible, as well as refunds or tax credits for exports
• Ascertain and ensure compliance with reverse charge on inward supplies where applicable
• Ensure filing of periodic and annual tax returns in each state (or for each registered presence) based on applicability
• Special procedure for valuation in case of related party transactions

Thankfully, our indirect tax advisory specialists are here to help.

Our tax compliance advisory services

• GST & customs duty incidence and compliance blueprint: Providing a blueprint for GST and customs duty incidence and compliances as applicable to the client
• GST compliances: Review of tax returns and tax computations and submission to tax authorities in each state or for each registered presence (including review of mismatches between vendors and/or customers and the client’s records based on reconciliation prepared by the client) and also providing ASP/GSP selection related guidance
• GST operational assistance and retainer services: Addressing operational issues arising out of GST implementation, vendors and customers ecosystem support and advisory services as well as obtaining advance rulings
• GST audit services: Assisting the client in getting annual GST audit done in respect of each registered presence where the client is situated.
• GST internal audit review: Review of Order to Cash and Procure to Pay and other processes from a GST perspective, including testing, validation and user acceptance of ERP-related GST controls
• GST representation and litigation support: Representation before GST assessing and appellate authorities in the various states across India
• GST supply chain effectiveness review: Along with Miebach Consulting, a German headquartered global supply chain expert, we provide clients with insights on improving supply chain, network optimisation, warehousing and logistics