In business restructuring deals, tax due diligence of buyer side is required. This may be required to be done voluntarily by the seller or based on the specific direction of buyer. The review is intended to highlight the tax exposure which may carry to new entity. This becomes more critical in cases where entity is exposed to multiple indirect tax laws. We at Taxpert Professionals having in-depth knowledge in due diligence review to support the parties to deal or other professional advisors. The team identifies areas of non-compliance, potential threats thereof and suggest remedial measures. Based on the review, we are able to suggest an alternative structuring strategy to optimize tax incidence.
Advantages / Objective of ensuring Due Diligence :
- Implication of GST on given business and suggestion on the tax efficiencies.
- Minimizing financial exposure of Interest | Penalty due to non – compliance or miss – out;
- Adherence to provisions of GST law (computation, Payment | Return Filing etc);
- Assurance of proper maintenance of documentation for GST Audit | Assessment and compliance of other legal provision;
- Suggestions / Recommendations to improve various aspects such as Internal control procedures, documentation and other compliance w.r.t GST.
It is very important for every business house to keep a pace with changes happening in GST law on day to day basis. We understand that there are lot of changes in GST rates | classification | amendments in compliance & documents requirement, legal provision in relation to procurement from unregistered suppliers, changes in accounting aspects etc.
How Taxpert Professionals can assist you?
- Admissibility of Input Tax Credit availed by the Company as per section 17 of CGST Act, 2017 & advice on appropriate treatment thereof;
- Verification of timely payment of GST and filing of monthly GST Returns in Form GSTR – 3B & GSTR – 1;
- Review of Vendors agreements/ statutory records | registers maintained by the Company from GST perspective;
- Reconciling the GSTR-2A and GSTR-3B so that timely follow-up can be done by the Company so as to ensure none of the credit is missed out;
- Assistance in preparation of pending Annual Return | Reconciliation Statement as per GST Laws.