{"id":1201,"date":"2022-11-25T20:30:45","date_gmt":"2022-11-25T20:30:45","guid":{"rendered":"https:\/\/trchadha.com\/?post_type=service&p=1201"},"modified":"2024-04-12T10:23:46","modified_gmt":"2024-04-12T10:23:46","slug":"good-service-tax","status":"publish","type":"service","link":"https:\/\/trchadha.com\/service\/good-service-tax\/","title":{"rendered":"Goods and Service Tax"},"content":{"rendered":"
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SERVICES<\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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What is GST?<\/strong><\/h3>\n<\/div>\n<\/div>\n<\/div>\n
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  • Destination based consumption tax, i.e., tax on inter-state supply to accrue to destination state<\/span><\/li>\n
  • Dual GST model – CGST to be central tax and SGST to be state tax<\/span><\/li>\n
  • IGST on inter-state transaction, to be shared between centre and states<\/span><\/li>\n
  • Single taxable event, i.e., supply<\/span><\/li>\n
  • Four tier tax rate and creditable compensation cess<\/span><\/li>\n
  • Matching concept introduced for admissibility of credit<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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    How can we help?<\/strong><\/h3>\n<\/div>\n<\/div>\n<\/div>\n
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    Impact Analysis<\/strong><\/h4>\n<\/div>\n<\/div>\n<\/div>\n
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    • Mapping current business model vis-a-vis model under GST regime<\/span><\/li>\n
    • Analysing key tax impacts on transactions undertaken<\/span><\/li>\n
    • Evaluation of agreements<\/span><\/li>\n
    • Examining eligibility of tax credits into GST regime<\/span><\/li>\n
    • Simulating I\/O cost structure<\/span><\/li>\n
    • Identifying issues and developing mitigation plan<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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      Supply Chain<\/span><\/h5>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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      Sales & Marketing<\/span><\/h5>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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      Procurements<\/span><\/h5>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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      IT Systems<\/span><\/h5>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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      Production<\/span><\/h5>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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      Implementation Planning<\/strong><\/h4>\n<\/div>\n<\/div>\n<\/div>\n
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      • Assistance in aligning tax reports, invoices<\/span><\/li>\n
      • Providing insights on factors for vendor negotiation<\/span><\/li>\n
      • Advice on transitional issues<\/span><\/li>\n
      • Preparing GST-compliance calendar<\/span><\/li>\n
      • Conducting training sessions<\/span><\/li>\n
      • Assisting IT-team to make GST compliant IT-system<\/span><\/li>\n
      • Verification of tax calculation in system after IT implementation<\/span><\/li>\n
      • Assisting in aligning the existing RCMs<\/span><\/li>\n
      • Helping to identify internal checks for reducing errors<\/span><\/li>\n
      • Revalidating impact analysis on the basis of final GST law<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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        GST: Boon or Bane?<\/strong><\/h4>\n<\/div>\n<\/div>\n<\/div>\n
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        • Increased rate of tax on services<\/span><\/li>\n
        • Credit of state tax available to service sector<\/span><\/li>\n
        • Credit of services available to traders<\/span><\/li>\n
        • Extensive compliance procedures<\/span><\/li>\n
        • Reduced multiplicity of taxes<\/span><\/li>\n
        • Anti-profiteering measure<\/span><\/li>\n
        • Warehousing to be business call instead of tax call<\/span><\/li>\n
        • Identification of inter-state or intra-state supply for each transaction<\/span><\/li>\n
        • FOC transactions with related party to be taxable<\/span><\/li>\n
        • Extensive technology refresh warranted to develop GST-compliant system<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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          Post Implementation Support<\/strong><\/h4>\n<\/div>\n<\/div>\n<\/div>\n
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          • Checking eligibility and effective utilization of credit<\/span><\/li>\n
          • Periodical review of monthly I\/O data & returns<\/span><\/li>\n
          • On call routine advisory<\/span><\/li>\n
          • Suggesting changes to bring efficiency<\/span><\/li>\n
          • Updating the organization with relevant legal changes<\/span><\/li>\n
          • Support with ASP\/GSP<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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            GST Audit<\/strong><\/h4>\n<\/div>\n<\/div>\n<\/div>\n
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            GST Representation Services<\/strong><\/h4>\n<\/div>\n<\/div>\n<\/div>\n
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            GST Training\/ Workshops<\/strong><\/h4>\n<\/div>\n<\/div>\n<\/div>\n
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            • Tailormade trainings and workshops for employees and vendors<\/span><\/li>\n
            • Sector specific training sessions from industry experts<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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