GST Advisory Services: Your Partner in Tax Optimization

Our company provides various services related to India’s goods and services tax (GST). These services include performing audits to find GST compliance problems, giving advice on numerous GST topics, supporting legal action, and advocating for customers before the GST Council. In addition, we help with audits, getting GST refunds, and ensuring GST compliance.

The package includes the following services:

• Guide a range of GST-related issues.
• Provide both pre-bid and post-bid support for tendering.
• We are presenting representations on behalf of clients before the GST Council.
• We are assisting with GST lawsuits.
• Handling tax payments and tax calculation.
• I am helping to reconcile input tax credit claims.
• Creating a compliance tracker to ensure adherence to GST rules.
• She was answering questions about creating e-Way bills.
• They are helping to carry out GST audits.
• She is completing and submitting reimbursement claims.
• We are delivering thorough end-to-end assistance, including coordinating to get reimbursement orders.

In India, the introduction of Goods and Services Tax (GST) in July 2017 marked a significant shift in indirect taxes. GST is a single tax assessed on the “value-added” at each point in the industrial supply chain. It applies to both commodities and services.

GST Advisory Service

• GST has substantially influenced several company processes in India, including supply chain optimization, IT accounting, and systems for tax compliance. It has fundamentally changed how the indirect tax system functions, including tax incidence, structure, payment, computation, compliance, credit use, and reporting.
• The government has taken the initiative to improve its procedures and address industry needs. The GST law was amended and clarified during its implementation to lessen potential business disruptions.
• Our team of experts at Kanakkupillai offers various GST Advisory services. We also provide litigation assistance, advice on different GST-related issues, conducting GST diagnostic reviews, and client representation before the GST council. In addition, our GST Advisory professionals help with audits, securing GST refunds, and maintaining GST compliance.

What is GST?

• The Indian government implemented the Goods and Services Tax (GST) on March 29, 2017, to integrate state economies and promote national economic development. Since GST supplants and replaces all other prior taxes, it constitutes a fundamental revamp of the indirect tax structure. On July 1, 2017, the GST Act went into force, ushering in this new system of taxes.
• Every step of the sale of goods and services is subject to the comprehensive tax known as GST, indicating its application across the entire supply chain, not just at the time of the ultimate customer purchase.
• Additionally, to be eligible for this program, companies must be unable to claim input tax credits and have a supply turnover of less than Rs. 50 lakh. It’s crucial to remember that the composition plan offered by the GST regime allows firms to pay less tax, but it does not apply to companies involved in interstate sales or the service sector.

What are the features of GST?

The GST has the following characteristics:

• Tax coverage: The GST incorporates several state and federal indirect taxes. At its core are three significant indirect taxes. They are service tax, customs charges, and union excise duties. The GST includes central excise charges and service taxes but does not incorporate customs taxes as a trade tax. States, in turn, have merged sales tax with GST.
• ​​The four-tiered pricing scheme: GST proposed a four-tiered pricing system. 5%, 12%, 18%, and 28% are the tax rates that the government has set, in addition to the 0% tax on necessities. Under the GST, taxes exclude essential components like food, while other popular items incur a 5% tax.
• GST service tax: GST applies different tax rates to services. Standard services attract a 5% tax, while commercial services are taxed 18%. Occasionally, educational institutions may waive service tax on their goods and services.
• GST Turnover Limit: GST is applicable when a business’s yearly turnover surpasses Rs. 20 lakhs. Even if their sales are less than Rs. 20 lakhs, traders that sell items to other states must register for GST. We also offer a composition plan for taxpayers with an annual revenue of up to Rs. 75 lakhs.
• Tax Revenue Sharing: Except for the Integrated Goods and Services Tax (IGST), tax income is split equally between the federal and state governments under the GST. Both levels of government keep a portion of the money. To promote this sharing, the GST Council has established two GST components, Central GST (CGST) and State GST (SGST).

Role of GST Advisory Service

In our role as suppliers of GST Advisory Service, our primary responsibility is to evaluate how GST affects companies and the prices of their products. This assessment includes essential elements like

• Various tax rates.
• We are implementing changes to the rules and schedules that control the delivery of commodities and services.
• It is recognizing the effects on the products and services offered to customers.
• We are examining the GST valuation system, mainly how it affects things like freebies, discounts, accidental purchases, and purchases made with connections.
• We are analyzing the business’s use and eligibility for input tax credits.

We want to help businesses manage the intricacies of GST by providing them with strategic advice and insights. This support makes educated judgments easier, minimizing tax liabilities and maximizing GST compliance.

As suppliers of tax advising services, we take on several crucial obligations:

1. Tax Efficiency Analysis: We assess your present tax efficiency and identify opportunities to reduce tax obligations.
2. Realigning Operations: We offer advice on maximizing tax advantages by changing your company’s operations.
3. Investigating various Models: We evaluate different company strategies to optimize tax benefits.
4. Credit Optimization: We look for ways to improve tax credits and maximize existing advantages.
5. Tax Cost Assessment: We examine the tax costs associated with various models to provide transparent financial insights.
6. Risk Identification and Mitigation: We identify possible risks and provide mitigation plans, including those related to compliance and audit.

We design particular models or contracts to achieve tax efficiency and regulatory compliance through negotiations with your management.

Our GST advisory employment includes the following crucial responsibilities:

1. Provision assistance: To ensure compliance with the complex provisions of the GST rules, we offer professional service.
2. Price Impact Assessment: We assess the impact of the GST on goods and service pricing as a result of additional tax expenses or credits.
3. Pricing Mechanism Advice: Considering tax ramifications, cost savings, and legal requirements, we advise appropriate pricing methods.
4. Safeguard Recommendations: We advise on the required precautions to secure your company’s interests in a GST climate.
5. Representation on Anti-Profiteering: To ensure fair pricing compliance, we advocate your interests before regulatory agencies charged with enforcing anti-profiteering regulations.

We provide the following essential actions and services to guarantee a smooth transition to the GST regime:

• Process Implementation: To comply with GST regulations, we help you modify your company’s operational processes, such as billing practices and payment systems.
• Credit Eligibility Advice: We offer advice on certain credits made available under the GST to ensure you take full advantage of eligible benefits.
• Assessment of Input Tax Credits: To facilitate a seamless transition, we review and update your capacity to utilize and transfer existing Input Tax Credits.
• Preparation of Statutory Forms: To ensure compliance, we assist in preparing and uploading the relevant statutory forms to transfer credits.
• Tax Recovery Strategy: We guide clients’ tax recovery strategies while maintaining compliance with GST rules.
• Support for Negotiations: We pinpoint crucial points for negotiating with suppliers or clients while upholding contractual commitments and GST regulations.
• Support for GST Registration: To guarantee compliance, we offer assistance in getting new or transferring current registrations.
• Preparation of conformity Manuals: We create and update compliance manuals to maintain your company in conformity with GST requirements.

We provide tailored, personalized GST training services to meet the particular requirements of your business:

We provide specialized training courses for your legal, tax, commercial, sales, and marketing divisions through our Internal Training for Different Departments. These programs aim to equip your staff with the information and expertise necessary to understand and comply with GST requirements relevant to their positions.

We also provide training classes for your external stakeholders, such as suppliers, vendors, and consumers. Ensures that everyone in your company knows the GST rules, which may lead to more seamless transactions and supply chain compliance.

Conclusion

We at Kanakkupillai are steadfast in our commitment to tracking the shifting GST scenario. Our team of specialists is ready to help businesses by giving them a thorough grasp of and insight into policy changes that could affect their operations. We ensure that our clients are compliant and well-positioned to successfully negotiate the dynamic GST landscape.