Why Hire SBC For GST Services?

The Indian tax regime follows a methodology wherein different tax law provisions are applicable to a single transaction which tends to create contentious lawful problems. Currently, the Income-Tax Act 1961 and the GST Laws (CGST Act, 2017) are the major regulations working together in the direct and indirect tax front respectively.

Specific provisions in Income tax and GST, present a variety of chances and problems for any business.

Hence, it is crucial that the businesses gear up and be prepared to avoid any potential litigations.

Sometimes it might be difficult for any organisation to keep up with the timelines under both direct and indirect taxes. The burden to keep up with all the compliances, timelines, notices might become cumbersome. Thus, the need for a reliable and reputable professional service handling all tax related matters arise.

This is where Steadfast Business Consulting enters!

Developed on the five major pillars of Trust, Client Relationship and satisfaction, cost effectiveness, Time efficiency, and Quality, SBC is a multi-dimensional professional Corporate Tax Planning firm offering a broad range of taxation and regulatory services to its clients across the globe.

As a leading indirect tax consultant, we offer complete range of services in relation to indirect taxation, of high quality within budgetary limits. Here is why SBC is your ideal partner.

1. Team of Steadfast

The Company has a founding team of professional people who are its known consulting partners. Every partner has diverse and niche expertise in different fields such as Transfer Pricing, Indirect Taxes, Mergers and Acquisitions, Outsourcing Business, Domestic and International Taxes, Internal Audit, Government Incentives and more. The team’s diverse expertise makes Steadfast one of the best solutions providers, helping businesses meet their operational and financial goals.

2.Easing Tax Compliance through Technology

Steadfast Business Consulting focuses on Automation, Tracking and offers consistent updates, dashboard systems, MIS and Tax network connections, and access to databases that help acquire clients’ confidence. We at SBC have an organized GST automation product in collaboration with our IT partner to automate the GST E-Invoicing system to help clients to automate reconciliations and other manual tasks involved in GST. Along with this, a cloud-based database storage system provides real-time access to data for both clients as well as SBC staff.

3. Services Offered by SBC:

The majority of the previous indirect taxes collected by the Center and the States have been subsumed by the transaction tax known as GST. Given the size of the shift, there are particular difficulties and complications in its implementation. Businesses have reviewed their tax structures and restructured them to conform to the GST requirements.

We are in an optimum position to assure compliance with the GST law and in providing value-driven services to our clients, thanks to our subject matter expertise in indirect taxation and experience managing GST transition for diverse enterprises.

a. Compliances:

The GST has altered how business is conducted. Every firm must evaluate how the GST would affect different areas of their operations. Doing things not just right but also at the right time is very essential in adhering to tax compliances. Our gamut of services under GST compliances include:

• Computation of tax payments and filing of various returns
• Assist in reconciliation of input tax credits as per the GST system and as appearing in records maintained by the Company
• Preparation of compliance tracker
• Assist in queries related to e-Way bills generation
• Assistance in undertaking GST Annual compliances

b. GST Refund:

Presenting choices for requesting refunds or rebates, aiding with the creation and submission of required paperwork, and following up with the agency to secure the benefits is also our core competency.

With the objective that the taxes are not exported or embedded in the supply chain, the refund of GST paid on eligible purchases is extended as a refund to exporters and businesses covered under an inverted duty structure (i.e., instances where the rate of tax paid on input is higher than the rate of tax payable on outward supplies made).

We undertake cost-benefit analysis and suggest the best workable options in client-specific facts, including the following:

• Evaluating the alternatives of refund/rebates and advising on the beneficial method for claim
• Designing system for generation of the necessary documentation for preparing refund claim
• Assistance in the retrieval of supporting documents
• Preparing refund claim as per statutory requirement
• Filing refund claim with department and making follow up
• Making representation in case refund claim rejected

c. GST Litigation:

GST still being in nascent stages and evolving both from a policy and implementation perspective; there are several uncertainties in the interpretation of the provisions. With the possibility of multiple interpretations being taken, several issues result in increased litigation. We assist our clients in:

• Preparing replies to various intimations, notices received under the GST Act and drafting of appeals, etc.
• Drafting and filing applications seeking advance rulings
• Representation services
• Litigation review exercise to formulate a strategy for swift resolution of matters

d. GST Health Check-up Services/ Reviews:

We undertake to review the overall tax positions and compliances undertaken by the Company, thereafter, suitably advising for any tax efficiencies. The review is intended to unearth any possible gaps in the tax system or position adopted. With our experience, we know the possible areas where there can be a lapse in the tax system implemented. As a part of the review, we shall:

• Review the position of the Company as to whether the same is in consonance with the existing GST Compliances
• Identify risks and opportunities, viz. areas of non-compliance and potential tax exposures, areas of savings, etc., and provide suggestions on the same
• Review of various processes followed by the Company from a GST perspective

e. Foreign Trade Policy:

The Foreign Trade Policy has been issued by the Ministry of Commerce to promote and facilitate exports of goods out of India and also to govern imports into the country. Amongst others, the Policy provides for benefits like setting up the unit as an STP/EOU, remission of Duties and Taxes on Exported Products (RoDTEP), and Rebate of State & Central Taxes and Levies Scheme (RoSCTL), Service Exports from India Scheme (SEIS), etc. We at SBC have consistently assisted our clients in optimising the claim of different incentives extended under the FTP.

f. Special Economic Zone:

• Assistance in filing applications, liaising with authorities in obtaining SEZ approval as a Co-developer, Unit.
• SEZ Compliances including filing performance reports, SOFTEX forms, DTA Services Procurement Form (DSPF)

Conclusion

We are well familiar with the government’s operations and policies. As a result, our highly efficient team can effectively use the information and resources to reduce your tax burden while abiding by the law. Make sure to contact our Goods and Services Tax planning specialists as soon as possible if you don’t want to incur any more taxes or unwarranted fines.