Our experience in Indirect taxes would help us to understand the new requirement in GST law as well. We provide compliance support to clients of all size. Our tax compliance and reporting team provides high-quality, flexible and cost-effective solutions to tax compliance. Our approach in compliance is tailored to clients’ needs aimed at ensuring error free compliance. Involvement of senior members of the firm means we can use our experience and skills to identify opportunities to improve tax processes and deliver tax savings. Our services include following:
Registration & De-Registration services
The decision to obtain registration should be taken considering the requirements of GST law. Sometimes, decision to be made after evaluating all exemptions and benefits associated with such registration. Due care needs to be taken while applying for registration to ensure smooth flow of business. Factors like type of registration, places of business to be added and additional information to be provided needs to be considered for registration. This necessitates assistance of professionals. The services include support in de-registration and surrendering of unwarranted registration as well. We could support in obtaining the registration and resolving various associated issues, if any.
GST Return Filing
Once registered, entities are required to submit periodic returns. Compliance would be key in GST due to automation of all periodical returns including payment process. There is a need to comply with reverse charge payments as well. Managing these multiple tasks could be technically complex, time consuming and can involve unpredictable costs for a business.Tax needs to be paid to government at the end of each tax period which requires identification of appropriate tax liability after adjusting eligible credits. There could be other multiple adjustments on account of non-monetary consideration, time of supply, related party implications, reverse charge liability etc. The services under this could cover the following:
- Review of GST returns for ensuring appropriate disclosure.
- Review of computation of GST output liability
- Review of computation of GST input tax credit and eligibility of credits on sampling basis. Review of credit reversals.
- Review of computation of GST under reverse charge mechanism
- Review interest computation due to delayed GST payment, non-payment to vendors
- Review of fulfilment of conditions for exemption / concessional rate of taxes
- Filing of GST Returns on behalf of the client
- Reconciliation of GST Returns with Monthly ledgers as per books of accounts
- Reconciliation with GSTR-2A
- Support in designing efficient accounting and support system so that information necessary for filing of return are available instantaneously.
- Preparation and Filing of Various Returns like ITC-04, GSTR-6, GSTR-7