Goods and service tax advisory services emphasis on the client’s overall tax performance, generating greater opportunities to evaluate and improve efficiency and develop a more strategic approach to deal with tax provisions.
Essentials of GST Advisory Services:
1. Broad Impact Assessment
- Advance particular concept level impact areas, based on the information available in the public domain and comparative GST structures in similar areas.
- Sift impact areas into areas of opportunity and threats.
- Assistance with representation to GST policymakers to reduce impact areas.
- Identify the manner in which opportunities could be enriched.
2. Short-list realistic analysis
- Perform simulated valuations of potential GST impact on business by using Grant.
- Ascertain possible scenarios under which the above-recognized opportunities/ issues could be maximized or minimized, as the case may be.
- Short-list realistic scenarios that could be applied for GST readiness.
3. Execution Assistance
- Custom-design alterations in ERP, Internal Controls, and Accounting.
- Aid in making relevant alterations in Supply Chain
- Assess and propose alterations in documentation, processes, and policies to meet GST requirements
- Providing strategies in which the GST credits and liabilities can be auto-picked for compliances and tax pay-outs
4. Evolution Management
- GST registrations in all areas where needed.
- Aid in meeting the first cycle of GST compliances.
- Support in transitioning tax credits and liabilities from legacy IDT systems to GST systems using Transition Rules.
- Address special needs such as suggestions on State incentives.
Key Areas of GST Advisory Services
- Examining the fiscal impact of GST on business and price of the product by evaluating key parameters like change in tax rate or time and place of supply of goods and services.
- Evaluating the impact of outward supplies and analyzing the impact on procurement of inputs and services.
- The complex framework of the act requires detail and a good understanding of each aspect which a registered business can get through the knowledgeable advice given by the experts.
- Advisory services that are mainly related to the guidance given to the clients on their queries raised due to the complex and rapidly changing GST Law.
- Advise on the effects of the anti-profiteering provisions under the GST laws.
- Establishing the impact of GST on the prices of products and services in view of additional tax costs/credits.
- Advising on the appropriate pricing mechanism to be agreed upon considering the additional savings/burden and the legal provisions.
- Advising the appropriate safeguards to be adopted.
- Representing before the Regulatory authorities constituted for Anti-profiteering.
How ASC Helps?
- Assistance in Assessing tax implications on existing or proposed business transactions.
- Review contracts and agreements in order to identify the GST impact from different perspectives.
- Evaluate the continuous changes and update brought in by the Government/Department and suggest changes, if any, to the clients.
- Provide assistance to comply with the provisions of anti-profiteering rules under GST
- Recommendations on the valuation of GST liability on monthly basis.
- Guiding on maintenance of Statutory Books of Accounts/records needed under GST Law.
Frequently Asked Questions
How can GST advisory impact our business decisions?
GST has become an important consideration in the case of business decisions. Whenever you enter into any important contract or arrangement, it is important to consider the implications of GST. Considerations like whether you are eligible to claim ITC or will it get added to cost; the tax rate applicable on your offerings; the impact of GST on international transactions; implications of notifications, circulars, and amendments, etc. need to be taken into account while making important business decisions. That’s where GST advisory services rescue you. It helps you understand the correct implications of GST on your contracts and arrangements. GST advisory services help you favorably plan the GST in your business dealings.
How can GST advisory help avoid future litigations?
One of the major causes of GST litigations is when the GST department holds a different opinion from the taxpayer. If you plan for GST in advance before undertaking any major transactions and consult the GST Advisory experts, then you can avoid litigations. GST professionals can help you understand the actual implication of GST as well as the possible opinions that the GST department and concerned officers can hold for the concerned transactions.
What are the benefits of availing of GST advisory services?
Following are some of the key benefits of availing of GST advisory services in India:
- Informed business decisions and safeguards to be adopted
- Timely and accurate compliance with GST law
- Avoid future disputes and litigations
- Avoidance of penalties, interest, and other penal actions
- Savings in costs
- Up-to-date information and understanding of the implications of the rapidly changing GST law