SME Funding & Support Services

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It is very important for every business house to keep a pace with changes happening in GST law on day to day basis.

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Indirect Tax

Customs – Special Valuation Branch :

Special Valuation Branch (SVB) is a branch within the Customs Department which investigates Valuation of Imported goods on transactions between related parties.

Whenever a case is selected for investigation, the Importer is asked to furnish a bond covering the amount of difference in Tax paid as provisionally assessed and the Tax determined post completion of the investigation by the SVB. Usually, the bond is to be furnished for 1% of the Assessable Value of the goods imported, commonly known as extra duty deposit (EDD). Apart from the EDD, a questionnaire is issued to the Importer requiring submission of specified details and documents. The importer is required to furnish the reply along with relevant documents and details within 30 days of receipt of the questionnaire.

Each SVB order is valid for three (3) years and importer is required to apply for renewal post the expiry period.

Our Services Include:

  • Analysis and Evaluation of the relationship between the exporter and importer.
  • Review of relevant documents such as Pricing agreements, Bill of Entries, Invoices etc.
  • Assistance in drafting and submission of the reply to the questionnaire received from the SVB.
  • Assistance in preparation, compilation and submission of necessary documents and details as demanded by the SVB.
  • Assistance in execution of bond against EDD prior for submission with the valuation authority.
  • Regular follow-up with the authority and updates on the developments in the case.
  • Obtaining the final Order-in-original from the authority.
  • Evaluation of the Order and analysis of the takeaways for the applicant from the same.

Goods & Service Tax Compliance & Due Diligence :

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.

We may assist you in conducting Due Diligence of GST Compliance | Documentation as a pro – active step in order to ensure that Company has adhered to all the applicable legal provisions and become a GST compliant.

Our Services Include:

  • Checking the 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;
  • Verification of books of accounts of the Company to analyse the applicability of Reverse Charge Mechanism;
  • Verification of statutory records | registers maintained by the Company and other documents maintained by the Company;
  • Review of Vendors agreements from GST perspective.
  • Assistance in computation of any differential Tax liability arising, Interest, or any late fees (if payable);
  • Issuance of Due Diligence Report to the Management of the Company;
  • 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.
  • Verification & review of Sales Register | Sales Invoices | Debit or Credit Notes & other relevant statutory documents.
  • Verification & Review of Purchase Register, Purchase Invoices | Credit Notes | Self Invoices | Payment Vouchers & other relevant documentation as per GST Laws.
  • Assistance in preparation of Annual Return | Reconciliation Statement as per GST Laws.

Goods & Service Tax Refunds:

In order to make exports of services or goods from India internationally competitive, the Government of India has zero rated such exports. Consequently, the services or goods exporting community is entitled to obtain refunds of input tax credits or utilise such credits to offset domestic output taxes (i.e. CGST or SGST, IGST). The IT & the ITES industry is a key part of the service exporting community and is expected to be a major beneficiary of such refunds in terms of being competitive in the global marketplace.

As per section 16 of the Integrated Goods & Services Tax Act, 2016, every registered person can export goods & / or services with / without payment of IGST. Exporters can claim refund of IGST paid.

Our Services Include:

  • Assistance in fast & early disbursement of blocked working capital from department with continuous follow – up;
  • Analysis of the place of supply to determine whether the said services or goods are eligible to classified as export of goods & / or services;
  • Review of Input Tax Register i.e Electronic Credit Ledger as prescribed under the CGST Act, 2017;
  • Verifying of Input Invoices as prescribed under section 31 read with Rule 46 of the CGST Act, 2017;
  • Preparation of GST refund application in Form GST RFD – 01;
  • Assistance in issuance of Chartered Accountant certificate required to be submitted with the application;
  • Assistance in compilation of the GST refund documents;
  • Appearance before the concerned assessing / refund authority for resolving the query raised;
  • Drafting & filing of replies against the queries \ clarification \ order issued or passed by the assessing authority and appearing before the concerned authority.
  • Drafting & filing of Commissioner Appeals against the order passed by the lower authority.

Foreign Trade Policy:

All the guidelines are regarding trade of India are issued by (DGFT). Thus, (DGFT) is the main governing body in matters related to EXIM Policy of India. The main objectives of the Foreign Trade Development and Regulation Act are to provide the facilitating of imports and augmenting of exports from India.

The Foreign Trade Policy (FTP) 2015-20 was unveiled by Ms Nirmala Sitharaman, Minister of State for Commerce & Industry (Independent Charge), Government of India on April 1, 2015.

F.T.P 2015-20 provides a framework for increasing exports of goods and services as well as generation of employment and increasing value addition in the country, in line with the ‘Make in India’ programme.

They policy  aims to enable India to respond to the challenges of the external environment, keeping in step with a rapidly evolving international trading architecture and make trade a major contributor to the country’s economic growth and development

Merchandise Exports from India Scheme (MEIS)

MEIS was launched under Foreign Trade Policy of India (FTP) 2015-20. It is one of the two schemes introduced in FP 2015-20, as part of Exports from India schemes.

Objective of MEIS is to offset infrastructural inefficiencies and associated costs involved in export of goods and products, which are produced and manufactured in India. It also seeks to enhance India’s export competitiveness of these goods and products having high export intensity, employment potential. Under this scheme, Ministry of Commerce gives duty benefits to several products. It provides duty benefits at 2%, 3% and 5% depending upon the product and country..

Services exports from India schemes (SEIS)

Service Exports from India Scheme (SEIS) aims to promote export of services from India by providing duty scrip credit for eligible exports. Under the scheme, service providers, located in India, would be rewarded under the SEIS scheme, for all eligible export of services from India.

SEIS Scheme Eligibility

Service Providers of notified services, located in India are eligible for the Service Exports from India Scheme. To be eligible, a service provider (Company / LLP / Partnership Firm) should have minimum net free foreign exchange earnings of USD15000 in the preceding financial year to be eligible for duty credit scrip’s. For proprietorships or individual service providers, a minimum net foreign exchange earnings of USD10,000 in the preceding financial year is required to be eligible for the scheme. Also, in order to claim reward under the SEIS scheme, the service provider shall have to have an active Import Export Code (IE Code) at the time of rendering such services for which rewards are claimed.

Advance authorisation Scheme

An Advance Authorization is issued to allow duty free import of inputs, which are physically incorporated in export product (making normal allowance for wastage). In addition, fuel, oil, energy, catalysts which are consumed / utilized to obtain export product, may also be allowed. DGFT, by means of Public Notice, may exclude any product(s) from purview of Advance Authorization. Duty free import of mandatory spares up to 10% of CIF value of Authorization which are required to be exported / supplied with resultant product are allowed under Advance Authorization. Advance Authorizations are issued for inputs and export items given under SION. These can also be issued on the basis of Adhoc norms or self-declared norms.

Exports Promotion Capital Goods (EPCG)

Export Promotion Capital Goods (EPCG) Scheme helps facilitate import of capital goods into India for producing quality goods and service and to enhance India’s export competitiveness. EPCG scheme allows for import of capital goods used in pre-production, production and post-production at zero customs duty

  • Issue of Importer –Exporter code
  • Obtaining Registration –cum-membership certificate
  • Obtaining Advance authorisation
  • Redemption Advance authorisation
  • Duty drawback on the basis of all industry rate and Fixation of drawback rate
  • Obtaining EPCG authorisation
  • EPCG authorisation redemption
  • Reply to DGFT queries and Show Cause Notices
  • Obtaining Services exports from India schemes
  • Redemption Obtaining Services exports from India schemes
  • Obtaining Merchandise Exports from India scheme

Redemption Merchandise Exports from India scheme.

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