Advisory Support

Advisory Support

Our advisory services under GST include:

Assessing the 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
- 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
- Basis the above parameters, assessing the impact of GST on a company’s operations, select products and working capital
Advise on realigning the operations to ensure tax efficiency:
- Identifying alternate business models to ensure tax efficiencies and credit-optimisation
- Evaluation of alternate business models basis the tax costs involved
- Identifying potential risks and suggesting suitable mitigating strategies, associated with the identified models
- Defining the business model/contract scenarios after discussions with the management that could be taken up for implementation
Advise on implications under the anti-profiteering provisions under the GST laws:
- Evaluating the impact of GST on the prices of products and services in view of additional tax costs/credits
- Advising appropriate pricing mechanism to be adopted considering the additional savings/burden
- Advising on appropriate safeguards to be adopted
- Representations before the Regulatory authorities constituted for anti-profiteering.
Ensuring steps for smooth GST Implementation:
- Implementation of changes in business processes such as establishing processes for billings, system to be followed for receiving advances / payments
- Guidance on eligibility of specific credits that could be available under GST regime
- Evaluating and update 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 the customers
- Reviewing of contracts and highlighting key areas for negotiation, with vendors/customers
- Assistance in obtaining GST registrations
- Preparation and updation of compliance manuals / SOPs
IT Functional Advisory
- Studying the existing IT System 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 tax schedules
- Advising on the reports to be generated from the system for GST purposes
- Advising on the template of invoices, credit notes, debit notes and other related documents
- Conducting a UAT Test of the GST module of the IT systems
- Final testing of the IT systems and providing a compliance report
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.