Goods and Services Tax (GST)

SBC :Expertise Services :Taxation Services :Goods and Services Tax (GST)

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GST is a transaction tax that has subsumed most of the legacy indirect taxes levied by the Centre and States. Given the magnitude of the change, it comes with its own set of implementation challenges and complexities. Businesses have re-visited their tax structures and have realigned to match the business requirement under GST. As the law is comparatively new, regular amendments circulars are being issued by CBIC.

We have a team of goods and services tax subject matter experts. We provide GST Services in India and ensure that we comply with GST law and in provision of providing value-driven GST Services to our clients.

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Benefits With Our Service

They are highly trained for quickly response and provide great service to our customers. Experts are give profitability and success of our business growth & marketing. Network solutions’ to Windows and open source operating systems, as those software platforms gained networking capabilities.

OUR OFFERINGS

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 & tax 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

With the objective that the taxes are not exported or embedded in the supply chain, refund of GST paid on eligible purchases is extended as refund to exporters and businesses covered under 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 at SBC, have in-depth knowledge of the intricacies of GST Services in India, undertake cost-benefit analysis and suggest 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 necessary documentation for preparing refund claim
  • Assistance in 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

GST is still in nascent stages and evolving both from a policy and implementation perspective there are several uncertainties in interpretation of the provisions. With the possibility of multiple interpretations being taken, several issues resulted in an increased litigation. We at SBC with our experience in handling GST for companies would be glad to assist our clients in:

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

We shall undertake to review the overall tax positions and GST 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 adopted. With our experience, we know the possible areas where there can be lapse in the tax system implemented. As a part of review, we shall:

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

The Foreign Trade Policy has been issued by the Ministry of Commerce to promote and facilitate exports of goods out of India and to also govern imports into the country. Amongst others, the policy provides for

  • Setting-up unit as a STP/EOU
  • Remission of Duties and Taxes on Exported Products (RoDTEP)
  • Rebate of State & Central Taxes and Levies Scheme (RoSCTL)
  • Service Exports from India Scheme (SEIS)
  • Merchandise Exports from India Scheme (MEIS)
  • Import of goods under Advance Authorisation/ EPCG scheme
  • Star House Exporters recognition

We at SBC, have consistently assisted our clients in optimising the claim of different incentives extended under the FTP