GST is an Indirect Tax which has replaced many Indirect Taxes in India. The Act came into effect on 1st July 2017; Goods & Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition
Impact Analysis
- Mapping current business model vis-a-vis model under GST regime
- Analysing key tax impacts on transactions undertaken
- Evaluation of agreements
- Examining eligibility of tax credits into GST regime
- Simulating I/O cost structure
- Identifying issues and developing mitigation plans
Implementation Planning
- Assistance in aligning tax reports, invoices
- Advice on transitional issues
- Preparing GST-compliance calendar
- Assisting IT-team to make GST compliant IT-system
- Verification of tax calculation in system after IT implementation
- Assisting in aligning the existing RCMs
- Helping to identify internal checks for reducing errors
Post Implementation Support
- Checking eligibility and effective utilization of credit
- Periodical review of monthly I/O data & returns
- On call routine advisory
- Suggesting changes to bring efficiency
- Updating the organization with relevant legal changes
- Support with ASP/GSP