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What is GST?
- Destination based consumption tax, i.e., tax on inter-state supply to accrue to destination state
- Dual GST model - CGST to be central tax and SGST to be state tax
- IGST on inter-state transaction, to be shared between centre and states
- Single taxable event, i.e., supply
- Four tier tax rate and creditable compensation cess
- Matching concept introduced for admissibility of credit
How can we help?
- Mapping current business model vis-a-vis model under GST regime
- Analysing key tax impacts on transactions undertaken
- Evaluation of agreements
- Examining eligibility of tax credits into GST regime
- Simulating I/O cost structure
- Identifying issues and developing mitigation plan
Implementation Planning
- Assistance in aligning tax reports, invoices
- Providing insights on factors for vendor negotiation
- Advice on transitional issues
- Preparing GST-compliance calendar
- Conducting training sessions
- Assisting IT-team to make GST compliant IT-system
- Verification of tax calculation in system after IT implementation
- Assisting in aligning the existing RCMs
- Helping to identify internal checks for reducing errors
- Revalidating impact analysis on the basis of final GST law
Post Implementation Support
- Checking eligibility and effective utilization of credit
- Periodical review of monthly I/O data & returns
- On call routine advisory
- Suggesting changes to bring efficiency
- Updating the organization with relevant legal changes
- Support with ASP/GSP
GST Audit
- A GST audit is an examination of records, returns, and other documents maintained by a registered
person under GST laws.
- Its purpose is to verify the correctness of turnover declared, taxes paid, refund claimed, and
input tax credit (ITC) availed.
- Proper classification of goods/services
- Cross-checking GSTR-3B vs GSTR-1 vs books
- Reversal of ITC (Rule 42/43)
- Ineligible ITC claims
- GST on advances, RCM, and inter-branch transfers
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