Goods and Services Tax

On 1 July 2017 India saw history in making, with GST becoming reality. We witnessed one of the major reform since independence with an enormous change in entire Indirect Taxation effecting businesses across India. GST is a destination based tax.

At Taxpert Professionals, we are helping our clients in designing, formulating, monitoring and adapt to new tax regime, transition in the most beneficial manner and helping them cope with the challenges and tap the new opportunities. We have a highly-experienced team of corporate tax professionals to deal with this historic tax reform which is a game changer.

Our business-specific service offerings are as follows

  1. Advice and assistance with respect to modifications required in ERP systems such as generation of documents, reports and statutory records;
  2. Advisory services in relation to generation and maintenance of statutory records, registers, electronic credit ledger, invoices, waybills as required by the relevant provisions under GST;
  3. Assistance in preparation of standard Invoice format incorporating all the requirements as prescribed by
    the relevant provisions in GST.;
  4. Advisory services in relation to maintenance and submission of records and documents, to ensure correct and timely compliances under GST;
  1. Analysis of the Client’s business model and advisory on the GST provisions applicable to it.
  2. Review and drafting of the contracts with vendors to suitably accommodate the clauses of GST;
  3. Recommendation and suggestion for tax optimization under GST;
  4. Calculating the CENVAT Credit & VAT eligibility as per the GST Transitional provisions;
  5. Analyzing the probable impact of valuation rules, Input tax credit rules, on Client’s business;
  6. Estimating the impact of GST rate on the pricing of goods/services supplied by Client;
  7. Estimation of the effect of GST on Working Capital requirements of Client
  1. Compilation and filing of necessary forms and submission of documents for obtaining Final Certificate of Registration;
  2. Preparation & filing of required forms and returns for transfer of accumulated Input Tax Credit in present tax laws to Electronic Credit Ledger in GST;
  3. Analysis on choice of suitable registered place of business and additional places of business for registration in GST;
  4. Advisory services with respect to determination of Place of Supply so that the correct GST component is charged;
  5. Advisory services with respect to applicability and implications of Reverse Charge Mechanism on specific transactions.
  6. Advise with respect to the appropriate Tax Rates applicable on the goods/services being supplied by the client;
  7. Preparation of computations of monthly payment liability of CGST, SGST & IGST;
  8. Advisory services in relation to eligibility of Input tax credit on input goods/services availed.
  9. Review of invoices received from vendors with respect to HSN Code, Place of Supply, Tax rate charged etc.
  10. Preparation and filing of the GST returns for i.e. GSTR-1 (Outward Supply), GSTR-2 (Inward Supply) and GSTR-3 (Consolidated Return);
  11. Computation of Tax payable under reverse charge mechanism on purchases from un-registered per-sons;
  12. Advisory and support with respect to compliance requirements relating to Deduction of tax at source
  1. Review of revenue streams in order to evaluate the implications of GST
  2. Accurate classification and recording of revenue transactions in books of accounts;
  3. Review and analysis of foreign and domestic expenses to evaluate and identify GST liability arising under reverse charge mechanism;
  4. Review of the Place of Supply determined in parlance with legal provisions and discharge of appropriate GST components (CGST-SGST / IGST);
  5. Review of the value of supply determined as per the legal provisions.
  6. Review of legal positions adopted with respect to reimbursements and other complex transactions;
  7. Reviewing the time of supply in respect of various transactions entered;
  8. Review of the input tax credits availed on grounds of eligibility | amount and tax period:
  9. Reviewing the applicable abatements / exemptions availed and compliance of the conditions for availment of the same;
  10. Reviewing the computation of GST liability and GST Returns filed
  11. Review and reconciliation of Electronic Credit Ledger with Input Tax Credit ledgers in book of accounts and.
  12. Review of disclosures in GST returns with books of accounts;
  13. Review of Transitional credit availed and disclosure in GST TRAN 1, (if any) on lines of eligibility | quantum | documentation;
  14. Review of Tax Clauses in major contracts with the Customers and Vendors
  15. Review of internal responsibility matrix of BOBCAPS for GST related transactions
  16. Analysing the documentation process and internal controls with respect to GST;
  17. Checking comprehensiveness of the accounting / broking system to fulfill the requirements of varied return formats so that the reports can be generated from the ERP for GST Compliances.
  18. Review of the documentation under GST laws such as:
  19. Format and contents of documents such as Invoices, Credit Notes, Debit Notes etc.
  20. Record maintenance of Input Invoices
  21. Statutory Registers