Why are GST advisory services known to be a life-altering decision?

GST advisory services have not just altered the lives of CA's and Taxpayers, but it's an extended impact on every aspect of business operations within the country like pricing of products and services, supply chain optimization, IT, accounting, and tax compliance systems. it's impacted the tax structure, tax incidence, tax computation, tax payment, compliance, credit utilization, and reporting, which led to an entire overhaul of the previous tax system.

History of India's biggest Taxation reform

Goods & Service Tax (GST) is the largest revenue enhancement reform in India since its independence. GST could be a pan-India single unified tax on Goods and Services, levied only on ‘value added to goods and services at each stage within the economic supply chain.

Why Choose OnlineXBRL for GST Advisory Services

Our GST Advisory Services include:

Evaluation of the impact of GST on business and merchandise pricing, through assessment of key parameters including:

• The shift in tax rates
• A shift in time and place of supply rules for goods or services or both
• Estimating the impact on outward supplies
• Examining the impact on procurement of inputs/input services
• Evaluation mechanism under GST, including incidence on free costs supplies, stock transfers, discounts, incidental supplies, and supplies to related parties
• Inspecting position on the supply of input tax credits – credit restrictions or additional tax credits on procurements of products and services
• Based on the above parameters, examining the impact of GST on a company’s operations, select products, and dealing with working capital

Advice on readjusting the operations to make sure tax efficiency:

• Identifying alternate business models to substantiate tax efficiencies and credit-optimization
• 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 may be preoccupied with 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 visible 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 like establishing processes for billings, system to be followed for receiving advances/payments
• Guidance on the eligibility of specific credits which may be available under the GST regime
• Evaluating and updating eligibility and transferability of existing Input Tax Credits
• Assistance in preparation and uploading of statutory Forms for Transition of credits
• Guidance in relevancy the way of recovering tax from the consumers
• Reviewing of contracts and highlighting key areas for negotiation, with vendors/customers

Assistance in Obtaining GST Registrations

Preparation and updating of compliance manuals / SOPs

IT Functional Advisory

• Studying the prevailing IT System to provide the tax triggers and mapping for each business transactions
• Evolve the logics basis of the changes introduced in law including those for the transition of credits
• Configuring tax rates and updating most files 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

Customized GST Training

Customized internal training for organizational requirements for Finance, Taxation, Legal, Commercial, Sales, and Marketing departments; and,Training for vendors, suppliers, and customers.

Characteristics of GST Advisory Services

The main objective to introduce GST was to unify the state economies and enhance the country’s overall process.

The following are some of GST Advisory most prominent characteristics:

Financial Security From Paying Taxes

The GST includes a large number of state and federal indirect taxes. At the centre are three of the most significant indirect levies. They include tariffs, service taxes, and union excise fees. GST Advisory Services includes both central excise and service tax levies. GST does not include customs duties or a trade tax form. States, however, have combined their sales tax and GST into a single system.

The Pricing Scheme Consists Of Four Tiers.

The Goods & Service Tax (GST) model proposed a tax rate structure with four brackets. Besides the zero percent tax rate on necessities, the government has established tax brackets of five percent, twelve percent, eighteen percent, and twelve percent. According to the GST Advisory Services, food and other necessities are tax-free. The 5 percent tax rate applies to most other commonly used products.

Payment Of GST On Services

GST includes a separate tax structure. All necessary services are subject to a 5% tax rate. The standard tax rate is 12.5%, whereas the commercial rate is 18%. The services provided by educational institutions are not subject to sales tax.

GST Annual Revenue Capacity

If your firm has an annual revenue of more than Rs. 20 lakhs, you must register for GST Advisory Services. Even if a business has fewer than 20 lakhs in annual sales, they are still required to register for GST if they export goods to a country other than the United States. In addition, taxpayers with annual revenue between Rs. 75 lakhs are eligible for the government's composition scheme.

Distribution of Tax Proceeds Between the Federal Government and the Individual States

Except for the IGST, tax revenues are split evenly between the federal government and the individual states. Under GST Advisory Services, indirect tax rates collected by the federal government and the individual states have been harmonized. Everybody chips in. For this reason, the GST council has voted to implement the Central GST and the State GST. Include GST (Sales and Use Tax) from your state.

History of India's Biggest Taxation Reform

Goods & Service Tax (GST) is the largest revenue enhancement reform in India since its independence. GST could be a Pan-India single unified tax on Goods and Services, levied only on ‘value added to goods and services at each stage within the economic supply chain.

Online XBRL is the prominent in offering GST Advisory Services in India. You can make the one step ahead with us.