INDIRECT TAX & GST
Indirect tax has come to be at the forefront of the government’s fiscal reform priorities over the years. For businesses, this translates into complicated web of statutory compliances and regulations, as well as the need for strategic thinking to chart their way forward in a relatively nascent indirect tax regime. We assist our clients with both aspects through our robust compliance and regulation frameworks, as well as the thought leadership in strategic initiatives.
Compliances & Regulations
- Assisting in obtaining registrations under GST or other statutory legislations as required
- Periodic computation of tax liabilities
- Preparing and filing various monthly and quarterly returns under GST
- Providing GSP/ASP solutions for seamless execution of monthly compliances
- Developing system and methodology for data collection Preparing and filing
- Annual returns under GST Ensuring compliance of E-way bill & other regulatory requirements
- Maintaining robust Tax reconciliations and plug leaks in the system
- Filing and Processing refund & other statutory applications under GST
Advisory & Structuring
- Analysing Indirect Tax applicability and implication on various business transactions
- Cultivating a mechanism to optimize tax credits and reduce tax liability
- Reviewing contracts and agreements in order to identify the GST impact
- Assisting in identifying optimal valuation model for related party transactions under GST
- Advisory on setting up a business operation in a tax efficient manner
- Evaluating the legal positions adopted & suggesting changes under the GST regime
- Analysing business requirements and operations of the company to align them with the prerequisites of Indirect tax regime
- Advisory on various incentive schemes pertaining to duty-free import/export of goods or services under the Foreign Trade Policy
Due Diligence & Health Check
- Comprehensive scrutiny of business engagements to examine the applicability of Indirect tax
- Reviewing statutory returns/ records and documentation
- Substantiating tax positions taken by the company on critical matters
- Identifying and reporting exposures and non-compliances related to Indirect tax laws
- Conducting elaborated and amplified due diligence of indirect tax section
- Suggesting remedial actions to bridge major gaps
Representation & Litigation
- Assisting in representation services before relevant GST authorities
- Assisting in drafting responses to notices, enquiries, etc. received from GST authorities
- Assisting in preparation and filing of appeals against orders received from appellate authorities
- Representation before the appropriate authorities and engaging external legal counsel, if required
- Reviewing pending litigation issues and provide risk exposure report
- Providing support to external counsel on various matters
- Diagnostic review of litigation history and assistance in litigation risk analysis
- Preparing and filing applications before advance ruling authority
Customs & Foreign Trade Policy
- Assistance on import-export procedures
- Support on product classification, valuation, license requirements etc.
- Advisory on matters pertaining to import and export of goods into/from India under the Customs Act, 1962
- Assistance in obtaining various export incentives such as SEIS, MEIS, EPCG, etc.
- Assistance in Customs Valuation-related matters with regards to import from related parties
- Assistance in relation to HSN classification of products based on their functionality and technical description
- Helping Companies obtain certification under Authorised Economic Operator (AEO) programme
- Prepare and file applications before advance ruling authority
Implementation & Transition Management
- Custom-designing changes in ERP, Internal Controls and Accounting
- Assisting in making relevant changes in Supply Chain
- Reviewing and suggesting changes in documentation, processes and policies to meet GST requirements
- GST registrations in all jurisdictions where required
- Assisting in meeting first cycle of GST compliances (invoice formats, returns, etc.)
- Assisting in transitioning tax credits and liabilities from legacy IDT systems to GST systems using
- Transition Rules Addressing special needs such as suggestions on State incentives