India Entry & Business Startup Consultings

GST Health Check

GST Health Check

The GST Health Check contains great insights about the GSTIN. The key elements in this GST Health Check report are Details about the delays in filing GST Returns, delays in reporting outward supplies, Tax Differences between GSTR-3B and GSTR-1, Changes in ITC claimed when compared to GSTR-2, Unclaimed ITC on taxes paid under Reverse Charge, Non-reporting of Nil-rated/Exempted and Non-GST Supplies in GSTR-3B, Incorrect categorizing zero-rated supplies. This report also offers an investigation of the possibility of receiving notices and suitable action for the same.

GST Health Check Report includes:

  • GST returns filing status
  • GSTR-1 vs GSTR-3B report
  • GSTR-3B vs GSTR-2A report
  • Vendor Compliance report

Essentials of GST Health Check

  • Timely identification and alteration of errors in your books of accounts and GST returns to streamline your compliance activities
  • Appropriate documentation to help you avoid scrutiny or arrange you to respond to one confidently
  • Effective modification of your processes to ensure proper compliance with the constantly changing GST laws, and avoid heavy interest and penalty
  • Health check activities include the following :
  • Integration sales or revenue income with external supply value as per return
  • Reconciling GSTR-3B & GSTR-1 & subsequently adjusting or rectifying returns
  • Categorizing goods or services based on respective tax rates
  • Checking admissibility of TRAN-1 credit
  • Identifying reverse charge liability
  • Creating correct alteration of loans in the earlier month
  • Supplying services free of cost to branches located in other states
  • All service transactions with group companies
  • Timely recovery from employees
  • The diminishing value of goods in the books of accounts
  • Reversing input tax credit wherever required
  • Claiming input tax credit on pre-paid expenses

How ASC helps?

  • ASC arranges meetings with the client to understand their specific business situation and prepare a customized checklist to be followed.
  • Thoroughly review the books and returns, and match them with the detailed action checklist prepared by the team.
  • Our GST experts analyze the client's documents and look for issues and concerns to present an observation Project Report.
  • As per the client's needs, the findings from the reports can be used to make appropriate changes in the GST compliance processes.
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