GOODS AND SERVICES TAX
Goods and Services Tax (GST) is one of the biggest tax reforms introduced in the history of Indian fiscal evolution. The all-pervasive impact of GST on a company’s services, material and product costs, cash flow, profitability and, ultimately, shareholder value is an important element that requires careful attention in a competitive world of fine margins.
We at NMAH are closely involved in monitoring the developments on GST. We help businesses anticipate policy changes and assess their impact on operations, offering a host of specialised GST-related services such as:
- Advising on applicability of taxes on various transactions being undertaken and envisaged by the business.
- Advising on issues related to classification, valuation, place of supply, admissibility of tax benefits and exemptions.
- Opinions on regular and technical tax issues faced by businesses.
Indirect Tax review and Health Check
- Undertaking a comprehensive review of the business operations to identify tax optimisation opportunities and compliance gaps.
- Conducting detailed indirect tax due diligence.
- Review of each business process and systems and prepare detailed SOP.
- Review of existing GST infrastructure and revalidate the correctness of stand taken by the business with respect to GST implication on various transactions.
- One-time review on Input Tax Credite optimisation.
Compliance assistance (Retainership) and Outsourcing
- Managing all GST compliances on PAN-India basis.
- Extensive control checks ensuring accuracy and completeness of data and exhaustive validatoin checks for return finalisation.
- Assistance in periodic computation of tax liabilities and eligible Input Tax credits.
- Assistance in preparing and filing periodic return(s) and refund claims.
- Assistance in obtaining/amending Indirect Tax registrations, as may be required.
- Assistance in drafting replies to notices, enquiries and other such communications received from revenue/ assessing authorities.
- Representing matters before the appropriate authorities including tribunals and engaging an external legal counsel, if required.
- Filing advance ruling application with the authorities to seek clarification on ambiguous matters.
- Providing technical assistance and representation services during departmental audits.
Reconciliation and Certification work
- Certification required for GST refund applications.
- Certificates issued to Indirect Tax Authority for any litigation matters.
- Assistance in the Income reconciliation on accounts of any mismatch arising between the data reported in GST returns (Form GSTR-1 & GSTR-3B) and corresponding financials
- Assistance in the Input Tax reconciliation on account of any mismatch arising between the data reported in GST returns (Form GSTR-2A/2B & GSTR-3B) and corresponding financials
Strategic Consulting and Structuring
- Reviewing contract documentation.
- Formulating Indirect Tax-efficient business models.
- Structuring contracts and transactions to optimise Indirect Tax incidence.
- Detailed analysis of the business functions to check the applicability of Anti-profiteering provisions.
- Studying market trends and industry practices to evaluate alternative mechanism to ensure passing on of benefits vis-a-vis compliance with GST laws.
- Assistance on any ongoing enquiry or investigation initiated by Tax Departments.
- Review of documents pertaining to the export of goods/services outside India & SEZ.
- Assistance in preparation of the application for refund claim, along with requisite annexures for submission with the tax authorities.
- Department liaising, up to last mile, to ensure the receipt of refund amount from the authorities.
- Review of data collated and reconciliations prepared.
- Assistance in preparation and filling of GST annual returns and audit report.
- Guidance in the collation of documents and information required to file an annual return and audit report.
Training and Workshops
- Vendor training to elevate GST knowledge and transform them into well-informed business partners.
- Tailor-made employee training in all areas and divisions, i.e. supply chain, procurement, finance and accounting, HR, legal, and so forth.
- Other trainings as and when required.