Goods and Service Tax

Goods and Service tax Act (‘GST/ or ‘the Act’)is the most significant fiscal reform to be introduced in the country post-independence. The GST Act aims to provide a simplified and integrated system of indirect taxation under a dual tax model where taxes are imposed at both federal and state level. With a clear road map laid down by the Finance Ministry, the nation seems to be on the cusp of implementing the long-awaited tax reform in coming months.

GLS adopts a comprehensive approach for implementation and compliances related to the GST, wherein a team of professionals from tax and business advisory closely work together to offer seamless services to our clients/business partners inter-alia including

Impact Assessment of GST

This includes assessing the potential impact of GST on existing business functions and operations of the Company. Based on the said assessment, a detailed report on transition, including quantification of impact on pricing, incentives, profitability, top-line and cash flows are presented to the management of the Company. The exercise includes reviewing the impact of GST on the procurement, manufacturing and distribution channels with an objective to proposing options for the realignment of the business model to help better capture the additional value that may be available on account of GST.

Representation Assistance

This includes identifying specific problems faced by the Company under the existing regime and vis-à-vis corrective actions to be taken in respect of the same under impending GST regime. Our professional specialization would be handy in framing the strategy in navigating the identified problems in the GST Regime and preparing a representation, if required, before the ministry to obtain the appropriate relief for the Company.

Implementation Assistance

This envisages realigning the operating models and business processes of the Company to effectively incorporate the observations/changes identified in the Impact Assessment stage. Further, the scope would include providing assistance on transition-related provisions, reviewing vendor/customer communication, assisting in preparing of GST manuals for easy reference etc.

Post Implementation Assistance

This includes preparation of instruction manuals, providing assistance in framing systems and procedures to help ensure compliances and helping in dealing with transitional issues such as assistance in understanding the transitional provisions, helping to devise the approach for transition of existing contracts under the new regime and helping in identifying the requisite changes, computation of taxes and filing of returns under the GST regime, etc.

Compliance Reviews

This includes providing assistance to the tax team of the Company in preparation and review of the documents to be filed with the tax authorities such as registration applications, transition stock statements, credit transition documents, etc.

Further, the scope would extend to advising on the basis upon which, goods and services can be valued for payment of GST. Reviewing sample invoices and credit/debit note formats to be maintained under the new tax regime as prepared by the Company and providing comments thereon from a GST perspective. Reviewing the records and returns maintained/filed by the Company under the GST regime. Assisting in respect of GST compliance would be on an ongoing basis.

Deputation of Skilled Resources

This would include seconding the skilled/trained staff on GST on contractual basis for ensuring timely and smooth compliances of GST. This would extend to providing periodic review by the Tax Manager/Associate Partner of GLS on the compliances maintained by the Company.

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