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GST CONSULTING
GST Impact on business
A brief analysis of GST impact on key business functions such as procurement,production, warehousing, distribution,supply chain management, information technology, working capital and other functional areas could conducted considering the GST rates, exemptions, concessions. This could help in cost control, pricing strategies etc.
GST Compliance Review on Periodical Basis
We could expect regular developments in the new GST law as GST council would be considering the interests of various stakeholders from time to time. The level and need of compliance is also high in GST and organization may need help of professionals to ensure compliance with changing law. We may provide assistance in ensuring compliance by conducting GST compliance review on periodical basis covering all functions having impact in GST. This could include sales, procurements, inventory, finance etc. Such review would also be helpful for GST annual audit which is mandatory as per GST provisions for assesses with turnover of more than Rs.5 crore in a financial year. Periodical review could help the organization to ensure compliance, take benefits of credits, update with changes in rate of taxes etc. Broadly, this would cover the following:
- Review of GST outward supplies, tax rates applied, concessions, exemptions claimed, fulfillment of related conditions, export benefits claimed etc
- Review of GST input tax credits claimed to assess eligibility, ineligibility, completeness, documentation for credits, transitional credits carry forward etc
- Review of procedural compliances including GST registrations obtained, payment of taxes, filing of returns, disclosure of ITC & outward supplies in returns, movement of goods for job work, carry forward of credits etc
- Review of reverse charge compliance by reviewing the expense ledgers on sampling basis, payments made availment of re-credit after payment, eligibility of such credits, rate and abatements if any claimed including documentation
Transfer Pricing
Transfer pricing is a term used to describe all aspects of international pricing arrangements between related business entities including transfers of Intellectual Property, transfers of tangible goods services, loans and other financing transactions. International transactions across the border are growing rapidly and are becoming much more complex. Compliance with the differing requirements of multiple overlapping tax jurisdictions is a complicated and time consuming task. At the same time, tax authorities from different countries are imposing strict penalties. G S P U will assist you to sort out the respective phenomena through appropriate administrative solutions.
Our extensive international network provides us with significant resources to meet all your expansion goals. We strive to develop commercially focused and tailored tax strategies to minimize tax exposures and maximize business efficiency. We utilize our extensive local knowledge and proven tax-efficient strategies to maximize potential benefits and reduce risks. We use these techniques to assist you in planning your legal structure, repatriation planning and exit strategy. In summary, we focus on designing appropriate tax effective structures, to help achieve an integrated tax minimization plan. Whether to an individual or an organization, we understand that businesses regularly need to remit funds offshore. As a significant part of our international tax planning, we make withholding obligations and opportunities clear to you.
Compliance Review to Support Auditors
In recent years, reporting obligations of statutory, tax and internal auditor have increased manifold. They are required to mention the extent of non compliance under indirect taxation also. We support chartered accountants and other professionals in undertaking compliance review during the course of their statutory, tax and internal audit so that they are able to meet their statutory obligations. This sometimes, also opens up huge tax planning opportunities for the client.