Goods and Services Tax (hereinafter referred to GST) is an Indirect Tax that was introduced in India w.e.f. 1st July, 2017 and was applicable throughout India which subsumed multiple Indirect Taxes levied by the central and state governments at various levels.
The objective of GST is to remove the multiplicity of Tax levies thereby reducing the complexity and removal of Tax Cascading present in the earlier Tax regime. However, the new Indirect Tax regime is already taking businesses in the country and businesses by storm. Being a completely new Indirect Tax for everyone, GST is set to trigger a multiplicity of confusion, ambiguity, and challenges for businesses that had harmoniously streamlined themselves with the previous Tax regime.
How Taxpert Professionals can assist you?
Advisory services
- Advice on Classification |Rate of Duty/ Tax payable| Valuation on goods and services.
- Review of transactions to advise on liability to discharge Tax under reverse charge mechanism\ Taxability of export and import of services.
- Advice on availability of input tax credit (ITC) on inputs, capital goods and input services to be set-off against Tax payable on supply of goods or services.
- Issues pertaining to anti-profiteering measures\ Review of agreements to advise on Tax implications
Litigation support
- Assistance in replying to show cause notices issued by GST and erstwhile Indirect Taxes authorities and arguing at the time of hearing.
- Appeal before departmental appellate authorities |Appellate Tribunal | Hon’ble Courts and arguing case at the time of hearing.
- Filing of application before Settlement Commission for settlement and arguing case at the time of hearing.
- Assistance in seeking advance ruling on key issues from Advance Ruling Authorities and incase of need filing appeals or defending revenue appeals before the Appellate Advance Ruling Authorities.
Specialized Services
- Diagnostic review of operations under GST to operate in Tax efficient and compliant manner.
- Representations before GST Council, Central Board of Indirect Taxes and Customs and State GST authorities seeking intervention and clarifications on key issues.
- Assistance during and after raid or investigations by Director General Goods and Services Tax Investigations or jurisdictional Tax authorities to take a view on key issues and options to deal with high risk positions, briefing, and debriefing of employees and discussions with authorities to close case.
- Review of tenders and bids to assist in bidding process and negotiations thereafter to arrive at fair price, budget Tax costs, and aligning supply chain in terms of Bill of Material for supply.
Compliance Services
- Assistance\Review of data provided by client and filing of monthly/ annual/ periodical returns under GST laws.
- Assistance in obtaining and surrender of GST registrations.