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SERVICES
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 centre 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?
Impact Analysis
- Mapping current business model vis-a-vis model under GST regime
- Analysing 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
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Supply Chain
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Finance & Administration
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Sales & Marketing
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Procurements
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IT Systems
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Production
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
- Tailormade trainings and workshops for employees and vendors
- Sector specific training sessions from industry experts