The Goods and Services Tax (GST) was introduced in India on July 1, 2017, replacing multiple indirect taxes. Since its implementation, various amendments, notifications, and circulars have been issued to align the GST framework with evolving market conditions. Businesses across sectors face challenges in understanding and complying with GST regulations.
GST advisory services help businesses manage tax compliance efficiently, ensuring proper adherence to regulations, avoiding penalties, and optimizing input tax credit.
GST advisory services encompass a wide range of areas, including tax classification, compliance management, transaction structuring, and dispute resolution.
Below are the key advisory areas:
• Identification and classification of goods or services from procurement to sale.
• Accurate determination of Harmonized System of Nomenclature (HSN) and Service Accounting Code (SAC) for correct tax applicability.
• Advisory on the correct classification of tax liabilities under CGST, SGST, or IGST.
• Analysis of cross-border and inter-state transactions.
• Assistance in structuring invoices, credit notes, and debit notes.
• Advisory on documentation for proper GST compliance.
• Analysis of input tax eligibility and its segregation under CGST, SGST, and IGST.
• Advisory on blocked credits, reversals, and admissibility under GST.
• Treatment of input tax for free-of-cost supplies, stock transfers, and related-party transactions.
• Assistance in preparing and filing statutory GST returns.
• Reconciliation of ITC, outward and inward supplies with GST returns.
• Guidance on e-way bill generation and compliance.
• Advisory on restructuring business operations for tax efficiency.
• Implementation of processes for billings, payment receipts, and tax on advances.
• Setting up Standard Operating Procedures (SOPs) for accounting and tax compliance.
• Guidance on the GST impact on vendor and customer agreements.
• Risk assessment and tax implications of business contracts.
• Conducting GST compliance audits and reconciliations.
• Assisting in GST annual audit and documentation.
• Review of IT systems to ensure proper data validity and compliance.
• Representation before GST authorities in case of audits, inquiries, or assessments.
• Preparation and submission of responses to notices from the GST department.
• Assistance in appeals and litigation support before appellate authorities.
• Training for finance, accounts, taxation, and legal departments.
• Workshops on GST compliance, reporting, and system integration.
• Customized training for business-specific GST concerns.
Background:
A manufacturing company faced difficulties in claiming input tax credit due to incorrect classification of raw materials and non-compliance with GST invoicing rules.
Solution Provided:
• Reviewed procurement processes and reclassified goods under the correct HSN codes.
• Implemented SOPs for invoice verification and ITC reconciliation.
• Trained accounts personnel on proper GST return filing and documentation.
Outcome:
• The company successfully claimed ITC without disputes.
• Reduced penalties and interest charges due to improved compliance.
• Optimized tax credit utilization, leading to improved cash flow.
We at ReturnFilings.Com ensure seamless GST compliance by:
• Providing expert advisory on tax classification, ITC claims, and compliance strategies.
• Assisting in documentation, statutory filings, and GST audits.
• Representing businesses before tax authorities for assessments and dispute resolution.
• Offering tailored GST training for businesses to enhance compliance awareness.
By leveraging professional GST advisory services, businesses can navigate GST regulations effectively, reduce compliance risks, and ensure optimal tax efficiency, for professional assistance, reach out to us on email: info@returnfilings.com or on whatsapp: https://wa.me/919910123091 to ensure all statutory obligations are met on time.
