Desktop review

Desktop Review (a bird’s eye review of compliances with GST rules & regulations)

GST in India has been implemented from 1st July, 2017. With introduction of GST, way of doing business has changed throwing ample opportunities for structured businesses to optimise tax and costs. It has thrown up challenges as well for the business as the law is comparatively new with regular amendments presently at a rapid pace.

Our experience over last 3 decades in indirect taxation and experience in handling GST implementation support including extensive research in GST domain makes us your ideal partner in ensure compliance with GST law and other value added support services. The services offered are as follows:

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.2 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 et. 
Review could be conducted for specified areas as discussed below:

Specific areas review:

Area specific reviews could also be a need of few organisations such as sales, procurements, exports, GST credits, refunds etc. We carry out area specific review to meet the purpose.

Review of systems:

Compliance burden in GST is high as many of the processes are being automated. There is need for having proper system in place as to process, procedures, documentations and other aspects for easy compliance. We could assist in designing the systems by reviewing the systems to suit the business requirement and at the same time, ensure the full compliance of GST.

Agreement review:

Review of existing agreements and suggestion could be provided for compliance with GST and optimizing the benefits.

GST due diligence review:

In business restructuring deals, tax due diligence of buyer side is required. This may required to be done voluntarily by buyer or based on specific direction by seller. The review is intended to highlight the tax exposure which may carry to new entity. This becomes more critical in cases where entity is exposed to multiple indirect tax laws. We have tax experts having in-depth knowledge in due diligence review to support the parties to deal or other professional advisors. The team identifies areas of non compliance, potential threats thereof and suggest remedial measures. Based on review, we are able to suggest alternative structuring strategy to optimise tax incidence.