GOODS & SERVICES TAX

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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 plans
Supply Chain
Finance & Administration
Sales & Marketing
Procurements
IT Systems
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
Advisory on GST Specific Matters

GST Rates

Essential Goods
Certain Goods/Services
Major Goods & Services
Demerit/Sin Goods
Compensation Cess