India Entry & Business Startup Consultings

GST Advisory Services

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.
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