GST Advisory Services
The focus of consulting services for goods and services tax is on the client’s total tax performance, creating additional chances to assess and boost productivity and create a more strategic approach to dealing with tax provisions.
Essentials of GST Advisory Services:
- Broad Impact Assessment:
- Based on information in the public domain and comparative GST systems in related areas, advance specific concept level effect areas.
- Sort impact zones into threat and opportunity zones.
- Help in advocating before GST policymakers to minimise impact areas.
- Determine the ways in which opportunities could be improved.
- Short-list realistic analysis
- Use Grant to simulate the impact of a possible GST on a firm.
- Determine potential circumstances in which the aforementioned opportunities/issues could be increased or decreased, as appropriate.
- Make a short list of conceivable, plausible GST ready scenarios.
- Execution Assistance
- Customized modifications to the accounting, internal controls, and ERP systems.
- Support in implementing necessary Supply Chain changes
- To comply with GST regulations, evaluate existing paperwork, processes, and policies and make any necessary changes.
- presenting methods for automatically selecting the GST responsibilities and credits for compliance and tax payments
- Evolution Management
- assist with achieving GST compliance for the first cycle.
- assistance with transferring tax responsibilities and credits from legacy
- Using Transition Rules, convert IDT systems to GST systems.
- Consider specific requirements, such as ideas for government incentives.
Key Areas of GST Advisory Services
- Assessing important factors such the change in tax rate or the timing and location of the supply of goods and services in order to determine the fiscal impact of GST on the business and the cost of the product.
- Analyzing the effects of outside supply and examining the effects on the purchase of goods and services.
- A registered firm can obtain the detail and thorough understanding of each need of the complicated framework of the act through the professional assistance provided by the specialists.
- Advisory services that are primarily concerned with assisting clients with questions they have regarding the intricate and fast evolving GST Law.
- Focus on providing advice regarding the effects of the anti-profiteering GST laws.
- Determining how the GST would affect goods and service prices in light of higher tax liabilities and credits.
- Recommending the best pricing structure based on the additional savings/burden and the regulatory requirements.
- Suggesting the adoption of the proper safeguards.
- Representing clients before the anti-profiteering regulatory agencies.
How SalahKaro Helps?
- Assist in determining the tax repercussions of pending or future company transactions.
- Examine contracts and agreements to determine the impact of the GST from various angles.
- Assess the ongoing updates and modifications made by the government or department and recommend any necessary changes to the clients.
- Provide assistance to adhere to the anti-profiteering regulations of the GST
- Recommendations for calculating the monthly GST due.
- Advising on the upkeep of the statutory books of accounts and records required under GST law.
FREQUENTLY ASKED QUESTIONS
- GST has become an important consideration in the case of business decisions. Whenever you enter into any important contract or arrangement, it is important to consider the implications of GST. Considerations like whether you are eligible to claim ITC or will it get added to cost; the tax rate applicable on your offerings; the impact of GST on international transactions; implications of notifications, circulars, and amendments, etc. need to be taken into account while making important business decisions. That’s where GST advisoryservices rescue you. It helps you understand the correct implications of GST on your contracts and arrangements. GST advisory services help you favorably plan the GST in your business dealings.
- One of the major causes of GST litigations is when the GST department holds a different opinion from the taxpayer. If you plan for GST in advance before undertaking any major transactions and consult the GST Advisoryexperts, then you can avoid litigations. GST professionals can help you understand the actual implication of GST as well as the possible opinions that the GST department and concerned officers can hold for the concerned transactions.
- Following are some of the key benefits of availing of GST advisory services in India:
- Informed business decisions and safeguards to be adopted
- Timely and accurate compliance with GST law
- Avoid future disputes and litigations
- Avoidance of penalties, interest, and other penal actions
- Savings in costs
- Up-to-date information and understanding of the implications of the rapidly changing GST law
