GST Advisory Services
GST Advisory services comprises of analyzing various provisions of GST Act, GST Rules and various other GST Notifications and Circulars. GST Advisory services is required to ensure proper and seamless compliance of GST.
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GST in India has come into effect from 01st July 2017, since then almost every day new circulars / new notification came up to align the GST Act with the market scenario. Almost all the entities are facing the hurdles of GST in the form of understanding proper provisions applicable to them. The employees engaged in account functions are not well conversant with the GST Act and regulations this might result in Cash fund Blockage or non adherence to GST provision which might result in interest or penalty.
We at ReturnFilings.Com keep a track on regular updates and advise to the tax payer so that GST compliance can be met economically and efficiently. Our GST advisory services comprises:
- Advise on correct identification and classification of goods or services right from procurement stage to sale stage.
- Accurate and correct identification of HSN / SAC code in order to arrive at right tax applicability.
- Understand and provide advisory on time and place of supply rules for correct classification of tax such as Central Tax, State Tax or Integrated Tax.
- Advisory on structuring of invoices, credit notes, debit notes and other related documents.
- Analysing the tax impact and its input admissibility, credit restrictions or additional tax credits on procurement of input / input services.
- Analysing and providing advisory to segregate the input tax as per Central Tax, State Tax and integrated Tax, further to provide advisory on in-admissible input tax credit and its treatment.
- Providing advisory under GST on incidence on free of costs supplies, stock transfers, discounts, incidental supplies and supplies to related parties
- Providing advisory on the overall accounting function or to overhaul business operation to keep the GST tax efficiency and credit optimisation
- Providing advisory and Implementation on changes in business processes such as establishing processes for billings, devising a system for receiving advances / payment, GST treatment on advances.
- Guidance on eligibility of specific credits that could be available under GST regime along-with treatment and disclosure as per various acts and rules.
- Advisory in preparation, documentation, recording and uploading of statutory Forms or returns
- Advisory in relation to the manner of recovering tax from customers
- Highlighting key areas for negotiation, with vendors / customers, pertaining to the contractual arrangements
- Providing and imparting to establish Standard Operating Procedures (SOPs) and various other accounting and compliance manuals.
- Preparation and assistance in documentation and preparing various returns
- Conducting GST Compliance Audit, GST annual Audit
- Advisory in preparing and providing reply to the notices or query received from GST Department
- Advisory in GST Assessment and representation before GST Authorities.
- Providing customised Training for the finance / account / taxation / legal department of your organisation on the SOPs and compliance of GST
- Advise on the existing IT system and adaption of same to generate various reports and returns to ensure proper GST compliance
- Advisory and authenticating the data validity as generated from IT system in commensurate with GST Act and provisions.
With the ever changing Law and regulatory requirements, we keep on track and advise the same on timely manner in order to ensure proper compliance. We at ReturnFilings.Com will understand the purpose of your GST Advisory services and thereafter will provide you detailed analysis mentioning the law requirement and compliances need to fulfil in order to carry out GST advisory services economically and efficiently. We at ReturnFilings.Com will provide you details of regulatory filings in order to ensure proper smooth and timely compliances. We at ReturnFilings.Com are determinate to provide end to end solution; our motto is you concentrate on your business while we at ReturnFilings.Com will take care of all your compliances need for GST Advisory services.