- GST registrations
- Tax credit transitions
- Return reporting
- Other statutory compliances
- Managed/ Shared Services
- Enabling business engagement
- Facilitating business readiness
- Training the executives and finance officers
GST Health Checkup
- Review of GST Compliances and Interpretations
- Verification of records for tax credits
- Review of Tax Reversals, Exemptions, Export Benefits, Import Benefits, etc
- Review of Internal Controls for GST fulfilment
- Suggest proper course of action to limit dispute with the tax department
GST Annual Audit
- Preparation of Requisite Reconciliations, Records and Formats
- Filing of Audit Report within the permissible guidelines and time limit allowed by GST Law
- Certification of specific, incidental and ancillary records as required by GST law
- Preparation and Filing of annual audited accounts as required by GST law
- Suggest proper course of action to limit dispute with the tax department
- GST Reconciliation Statement and Annual Return
- Preparation and Filing of Requisite Formats
- Certification of specific, incidental and ancillary records as required by GST law
GST Health Checkup
- Review of GST Compliances and Interpretations
- Verification of records for tax credits
- Review of Tax Reversals, Exemptions, Export Benefits, Import Benefits, etc
- Review of Internal Controls for GST fulfilment
- Suggest proper course of action to limit dispute with the tax department
GST Annual Audit
- Preparation of Requisite Reconciliations, Records and Formats
- Filing of Audit Report within the permissible guidelines and time limit allowed by GST Law
- Certification of specific, incidental and ancillary records as required by GST law
- Preparation and Filing of annual audited accounts as required by GST law
- Suggest proper course of action to limit dispute with the tax department
- GST Reconciliation Statement and Annual Return
- Preparation and Filing of Requisite Formats
- Certification of specific, incidental and ancillary records as required by GST law
- Identifying alternate business models to ensure tax efficiency and credit-optimization
- Evaluation of the alternate business models identified on the basis tax costs which could be incurred
- Identify potential risks and suggest suitable mitigating strategies, associated with the identified models
- Define the business model / contractual scenarios after discussions with the Management that could be taken up for implementation for your business.
To meet the varying and day to day requirements of our clients, India Tax Helpoffers GST Advisory services. We have a team of highly experienced professionals who undertake GST tax advisory services in a very efficient manner and ensure that your company’s overall GST related tax filing and advisory needs are met in a timely manner. We assist you with dentification of changes to any long-term contracts, conducting tax-code mapping for all transactions and a review of the existing levels of GST tax compliance.
Our GST planning services help strategically identify opportunities to reduce GST liabilities, improve cash flow, and minimize compliance costs.
Our Advisors can help with realigning for business transformation, advising on configuring IT systems, and reorganizing legal, finance and tax structures.
We help clients properly structure M&A; deals to avoid hidden tax consequences and help determine whether the acquisition itself is subject to GST. When real estate is involved, we assist in identifying other potential GST issues that may arise, including examining the effects on other taxes such as property, conveyance, or transfer taxes which differ by jurisdiction.
We support clients with engaging/liaising with government authorities and also help you in health checks and preparedness with audits by government authorities/regulators.
We provide customs and GST planning strategies that minimize tax exposure because certain customs facilities can be extended to include GST.
Taxes covered: Most of the important indirect taxes of the centre and states are integrated under the GST. There are three important indirect taxes for the centre – the union excise duties, service tax and customs duties. Of these, the central excise duties and service taxes are brought under the GST. Customs duties as a tax on trade was not merged with the GST. States have two important indirect taxes – sales tax and state excise duties. Of these two, only the sales tax is merged with the GST.
The four-tier rate structure: The GST proposes a four-tier rate structure. The tax slabs are fixed at 5%, 12%, 18% and 28% besides the 0% tax on essentials. Essential commodities like food items are exempted from taxes under GST. Other consumer goods which are common items will be taxed at 5%.
Service tax rate under GST: Under the GST, there is a differential tax structure. A low tax rate of 5% is imposed on essential services. Common services are charged at 12% and some commercial services at 18%. A tax rate of 28% applies to luxury services. Several services like education provided by an educational institution, Post Offices, RBI etc. are exempted from service taxation.
Turnover limit under GST: GST is applicable when turnover of the business exceeds Rs 20 lakhs per year. Traders who would like to get input tax credit should make a voluntary registration even if their sales are below Rs 20 lakh per year. Traders supplying goods to other states have to register under GST, even if their sales is less than Rs 20 lakh. There is also a composition scheme for selected group of tax payers whose turnover is up to Rs 75 lakhs a year.
Tax revenue appropriation between the centre and states: The centre and states will share GST tax revenues at 50:50 ratio (except the IGST). The centre and states are merging their prominent indirect taxes under GST, both will get their own share in the GST. For this, the GST Council has adopted a dual GST with two components – the Central GST (CGST) and the State GST (SGST).
There is sharing of GST by the centre and the tax accruing state at 50:50 ratio. For example, if a good is taxed at 18%, out of this, 9% will go to the centre and the remaining 9% will go to the state where the good is consumed.
Integrated GST (IGST) The IGST comes to play when the commodity is produced in one state and is traded to another state (interstate trade). In this case, the share of SGST should go to the consuming state.
Taxes covered: Most of the important indirect taxes of the centre and states are integrated under the GST. There are three important indirect taxes for the centre – the union excise duties, service tax and customs duties. Of these, the central excise duties and service taxes are brought under the GST. Customs duties as a tax on trade was not merged with the GST. States have two important indirect taxes – sales tax and state excise duties. Of these two, only the sales tax is merged with the GST.
The four-tier rate structure: The GST proposes a four-tier rate structure. The tax slabs are fixed at 5%, 12%, 18% and 28% besides the 0% tax on essentials. Essential commodities like food items are exempted from taxes under GST. Other consumer goods which are common items will be taxed at 5%.
Service tax rate under GST: Under the GST, there is a differential tax structure. A low tax rate of 5% is imposed on essential services. Common services are charged at 12% and some commercial services at 18%. A tax rate of 28% applies to luxury services. Several services like education provided by an educational institution, Post Offices, RBI etc. are exempted from service taxation.
Turnover limit under GST: GST is applicable when turnover of the business exceeds Rs 20 lakhs per year. Traders who would like to get input tax credit should make a voluntary registration even if their sales are below Rs 20 lakh per year. Traders supplying goods to other states have to register under GST, even if their sales is less than Rs 20 lakh. There is also a composition scheme for selected group of tax payers whose turnover is up to Rs 75 lakhs a year.
Tax revenue appropriation between the centre and states: The centre and states will share GST tax revenues at 50:50 ratio (except the IGST). The centre and states are merging their prominent indirect taxes under GST, both will get their own share in the GST. For this, the GST Council has adopted a dual GST with two components – the Central GST (CGST) and the State GST (SGST).
There is sharing of GST by the centre and the tax accruing state at 50:50 ratio. For example, if a good is taxed at 18%, out of this, 9% will go to the centre and the remaining 9% will go to the state where the good is consumed.
Integrated GST (IGST) The IGST comes to play when the commodity is produced in one state and is traded to another state (interstate trade). In this case, the share of SGST should go to the consuming state.
Impact of existing and proposed GST on:
- Costing
- Pricing and working capital.
- Availability of credit of GST.
- Revenue & Procurement stream.
- Tax credits
- Payments
- Accounting.
- Change assessment in accounting entries
- Risks & controls
- System changes – ERP, EI tools, other technology tools
- Compliance with GSTN requirements
- Preparing systems for an Audit
- Change assessment in accounting entries
- Automation
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