What is GST?
- Destination-based consumption tax, meaning tax on inter-state supplies accrues to the destination state
- Dual GST model – CGST as central tax and SGST as state tax
- IGST levied on inter-state transactions, shared between the central and state governments
- Single taxable event defined as 'supply'
- Four-tier tax rates with creditable compensation cess
- Introduction of matching concept for eligibility of credit
How can we help?
Impact Analysis
- Mapping current business model vis-a-vis model under GST regime
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Analysing key tax impacts on transactions undertaken
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Evaluation of agreements
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Examining eligibility of tax credits into GST regime
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Simulating I/O cost structure
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Identifying issues and developing mitigation plan
Implementation Planning
- Assistance in aligning tax reports, invoices
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Providing insights on factors for vendor negotiation
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Advice on transitional issues
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Preparing GST-compliance calendar
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Conducting training sessions
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Assisting IT-team to make GST compliant IT-system
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Verification of tax calculation in system after IT implementation
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Assisting in aligning the existing RCMs
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Helping to identify internal checks for reducing errors
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Revalidating impact analysis on the basis of final GST law
GST: Boon or Bane?
- Increased rate of tax on services
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Credit of state tax available to service sector
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Credit of services available to traders
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Extensive compliance procedures
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Reduced multiplicity of taxes
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Anti-profiteering measure
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Warehousing to be business call instead of tax call
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Identification of inter-state or intra-state supply for each transaction
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FOC transactions with related party to be taxable
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Extensive technology refresh warranted to develop GST-compliant system
Post Implementation Support
- Checking eligibility and effective utilization of credit
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Periodical review of monthly I/O data & returns
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On call routine advisory
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Suggesting changes to bring efficiency
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Updating the organization with relevant legal changes
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Support with ASP/GSP
GST Audit
GST Representation Services
GST Training/ Workshops
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Tailormade trainings and workshops for employees and vendors
- Sector specific training sessions from industry experts
