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Goods and Service Tax

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 center 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
Analyzing 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

Supply Chain - 50%

Finance & Administration - 75%

Sales & Marketing - 35%

Procurements - 50%

IT Systems - 75%

Production - 35%

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

GST: Boon or Bane?

Increased rate of tax on services
Credit of state tax available to service sector
Credit of services available to traders
Extensive compliance procedures
Reduced multiplicity of taxes
Anti-profiteering measure
Warehousing to be business call instead of tax call
Identification of inter-state or intra-state supply for each transaction
FOC transactions with related party to be taxable
Extensive technology refresh warranted to develop GST-compliant system

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
GST Representation Services
GST Training/ Workshops

Tailor-made trainings and workshops for employees and vendors
Sector specific training sessions from industry experts