In July 2017 Goods and Services Tax (GST) replaced a plethora of indirect taxes such as excise duty, VAT, service tax, central sales tax, countervailing duty (CVD) and octroi duty. GST has far-reaching impacts for virtually every business in terms of tax rates, overall tax incidence, input credits, distribution system, prices and costs.
Businesses need to ensure:
- Proper classification in terms of HSN and SAC codes and the applicable tax rates (generally ranging from exempt to 28%)
- Ascertain place of supply to determine relevant state for GST compliances and tax payments
- Claim proper input tax credits where eligible and exclude or defer input tax credits not eligible, as well as refunds or tax credits for exports
- Ascertain and ensure compliance with reverse charge on inward supplies where applicable
- Ensure filing of periodic and annual tax returns in each state (or for each registered presence) based on applicability
- Special procedure for valuation in case of related party transactions
Thankfully, our indirect tax advisory specialists are here to help.
Our tax compliance advisory services
- GST & customs duty incidence and compliance blueprint: Providing a blueprint for GST and customs duty incidence and compliances as applicable to the client
- GST compliances: Review of tax returns and tax computations and submission to tax authorities in each state or for each registered presence (including review of mismatches between vendors and/or customers and the client’s records based on reconciliation prepared by the client) and also providing ASP/GSP selection related guidance
- GST operational assistance and retainer services: Addressing operational issues arising out of GST implementation, vendors and customers ecosystem support and advisory services as well as obtaining advance rulings
- GST audit services: Assisting the client in getting annual GST audit done in respect of each registered presence where the client is situated.
- GST internal audit review: Review of Order to Cash and Procure to Pay and other processes from a GST perspective, including testing, validation and user acceptance of ERP-related GST controls
- GST representation and litigation support: Representation before GST assessing and appellate authorities in the various states across India
- GST supply chain effectiveness review: Along with Miebach Consulting, a German headquartered global supply chain expert, we provide clients with insights on improving supply chain, network optimisation, warehousing and logistics
Why choose RSM India for your goods and services tax advisory services?
- We boast a dedicated pan-India team of 100-plus personnel from a diverse collection of professional backgrounds, comprising CAs, IT & ERP engineers, LLBs and MBAs
- Our GST team works closely with the IT & ERP team for reviewing tax logic and controls in the IT/ERP system and user acceptance tests
- We work with a broad client base across sectors including engineering and manufacturing, hospitality, retail, media & entertainment, pharma & healthcare, infrastructure & real estate, IT & ITES and gems & jewellery
- We offer a knowledge-driven approach, having hosted GST workshops across India at prestigious forums such as CII, IEMAA, Bharat Diamond Bourse, Rio Tinto, Citibank, as well as contributing to a series of publications on GST