Goods and Service Tax Advisory & Compliance Service
After independence, Goods and Service Tax has been construed as biggest tax reform in history of India and there are multiple reasons for being it so construed.
WHY GST WAS BADLY NEEDED
- One nation one tax
- Removal of cascading effect of taxes
- Subsuming of multiple indirect taxes into single tax called as Goods and Service Tax.
- Instead of destination based tax, it is consumption based tax
- In India it would be concurrent dual GST model
- Government and Industry expects an increase of approx. 1 to 2% in GDP.
However, any new law brings along with it lot of difficulties in its analysis and implementation. Goods and Service Tax will have huge impact on business models of companies be it big business or small business. Some of the business areas which will be impacted by implementation of GST are as under:
AREAS ON WHICH GST WOULD HAVE IMPACT
- Decision on types of vendors to be selected
- GST impact on Working capital of company.
- GST impact on pricing of products or services
- Transition from current tax regime
- Decisions about supply chain
HOW EZYBIZ INDIA CAN HELP YOU
ON CALL ADVISORY
- On-call advisory at a macro level on specific issues/queries raised in the course of day-to-day operations related to GST including:
- Advisory on getting registrations at various locations from where supply is to be made
- Advising on the base upon which goods and services can be valued for payment of Goods and Service Tax.
- Advising/Reviewing sample invoices and credit/debit note formats to be maintained under the new tax regime.
- Advising/Reviewing the records that need to be maintained by the company under the new tax regime.
- Review contracts and other key documents and provide comments thereon from tax perspective.
- Advisory relating to claiming input tax credit and liability under reverse charge.
- Advisory on any other matters relating to GST.
GST RETURN FILING
- Assistance in Preparation and filing/ review of monthly GST return on GSTN portal (3 in no.) on or before due dates i.e 10th, 15th and 20th of subsequent month
- Assistance in Preparation and filing/review of annual GST return on GSTN portal (1 in no.) on or before 31st December 2017.
- Conducting GST audit and uploading of relevant information/report on portal.
GST REPRESENTATION SERVICE
- Representation before GST officers as and when required.
GST REGISTRATION SERVICE
- We can assist in PAN India GST registration service.