Our advisory services on GST include;
1. Assessing the fiscal impact of GST on business and product pricing, through evaluation of key parameters including:
- Change in tax rates;
- Change in Time and Place of supply rules for goods or services or both;
- Evaluating impact on outward supplies including goods and services;
- Analysing impact on procurement of inputs / input services;
- Valuation mechanism under GST, including incidence on free of costs supplies, stock transfers, discounts, incidental supplies and supplies to related parties;
- Analysing position on availability of input tax credits – credit restrictions or additional tax credits on procurements of goods and services; and,
- Basis the above parameters, assessing the Impact of GST on Company’s operations, select products and working capital.
2. Advise on realigning the operations to ensure tax efficiency:
- Identifying alternate business models to ensure tax efficiencies and credit-optimisation;
- Evaluation of the alternate business models identified basis the tax costs involved;
- Identify potential risks and suggest suitable mitigating strategies, associated with the identified models; and,
- Define the business model / contractual scenarios after discussions with the Management that could be taken up for implementation.
3. Advise on implications under the anti-profiteering provisions under the GST laws:
- Ascertaining the impact of GST on the prices of products and services in view of additional tax costs / credits;
- Advising on the appropriate pricing mechanism to be adopted considering the additional savings / burden and the legal provisions;
- Advising the appropriate safeguards to be adopted; and,
- Representing before the Regulatory authorities constituted for Anti-profiteering.
4. Ensuring steps for smooth GST Transition:
- Implementation of changes in business processes such as establishing processes for billings, devising a system for receiving advances / payments;
- Guidance on eligibility of specific credits that could be available under GST regime;
- Evaluating and updating the eligibility and transferability of existing Input tax credits;
- Assistance in preparation and uploading of statutory Forms for Transition of credits;
- Guidance in relation to the manner of recovering tax from customers;
- Highlighting key areas for negotiation, with vendors / customers, pertaining to the contractual arrangements;
- Assistance in obtaining GST registrations or migrating existing registrations; and,
- Preparation and updation of compliance Manuals / SOPs.
5. IT Functional Advisory
- Studying the existing IT System, basis blueprints and flowcharts shared with us, to provide the tax triggers and mapping for each of the business transactions;
- Evolve logics basis the changes introduced in law including those for transition of credits;
- Configuring tax rates and updating master file basis the scheduled rates;
- Advise on the reports to be generated from the system for GST purposes;
- Advise on the structuring of invoices, credit notes, debit notes and other related documents;
- Conducting UAT Testing of the GST version of the IT systems and Reporting the observations; and,
- Final testing of the IT systems and provide a compliance report.
6. Customised GST Trainings;
- Customised internal trainings for organisational requirements for Finance, Taxation, Legal, Commercial,
Sales and Marketing departments; and,
- Trainings for vendors, suppliers and customers.