Services
02. Indirect Taxation
GST Opinions
We help the client companies in understanding the changes that GST has brought on the key business functions and the resulting impact on the cost control strategies, pricing strategies, and productivity of the company. We understand the facts of the case and provide our expert opinion on GST rules on MRP priced products. We also deal with circumstances where products were distributed as free samples, we guide companies on applicability of GST on free samples and supplies. Our GST experts provide their expert opinion on industry-specific issues including real estate, hospitality, pharmaceuticals, NBFCs, educational institutions, wholesalers and retailers, importers, exporters, etc.
We provide GST Opinion on various matters such as GST on supplies made under CSR, GST on Director’s Remuneration, GST on Contract Employee Remuneration, GST on Notice Pay recovery, GST on commission and brokerage, GST on flat maintenance charges, GST on distribution of lottery tickets, Exempt services in under GST, GST on Rent, GST on shipping charges, GST on export of goods and services, Exempted goods under GST, GST on airfares, GST on rail transport, GST on job work, GST on works contract, and GST on stock transfer.
GST Refund
Our team of knowledgeable and experienced GST professionals helps the clients to understand the situations wherein the situation of GST refund arises so that clients are better aware of them. We support our client companies in filling up the application form RFD-01 on the GSTN portal. Along with the application, it is also essential to submit the relevant documents that can justify and support the GST payments already done for the transaction. These documents vary depending on the category of the refund. We carefully analyze the relevant documents specific to the transaction and submit the same in time on the portal.
We use the expertise of our GST proficient people who are well versed with GST refund rules to obtain the accurate calculation of the refund amount in consultation with the internal team of the client that handled the relevant transaction. Furthermore, we provide the relevant CA certificate required to be submitted in case of GST refund claims exceeding INR 2.00 lakhs. We also track GST refund status for the GST refund applications made through us.
GST Reconciliation
Our team of GST experts helps the clients in preparing GST Reconciliations. In the GST era, it is important to reconcile the output tax paid with the output tax payable as per books of accounts to avoid any non payment/excess payment of taxes. This would lead to saving of Interest and Penalty, if applicable.
Moreover, it is also important to reconcile the Input Tax Credit claimed with the books of accounts and GSTR 2A on a monthly basis. As per the current GST rules, a registered person cannot claim an ITC that is not appearing in the GSTR 2A. In order to prevent loss of ITC, we help our clients reconcile GSTR 2A on a regular basis and inform them of the parties which frequently default in depositing GST on time so that they are able to approach the clients and ask them to deposit the taxes on time.
Such reconciliation also come in handy for filing GST Annua Return in form GSTR 9.
GST Due Diligence
The GST due diligence experts employ their knowledge and experience to understand the operations of the client company. It is essential to understand the activities of the company so that they can be classified in a better way according to the GST codes of products and services.We also examine the accounting records maintained and verify if they are adequate, considering the requirements of the GST law.Our GST professionals help in the identification of the right HSN/SAC code for determining the right tax rate applicable to the supply, accurate GST calculation, and returns filing. Our GST due diligence consultants help the client companies by conducting a review of the GSTR-3B filed by them to compare it with the GSTR-1. We also engage in responding to the notices sent by relevant departments regarding any unmatched supplies in GSTR-3B and GSTR-1.
We assist our clients with the identification of the correct “place of supply” to determine the type of GST applicable to the supply - CGST, SGST, or IGST. Our due diligence experts handle the review of invoices verify “bill to” and “ship to” details diligently to avoid any interest or penalty payments in case of the incorrect heading of GST.
