GOODS & SERVICES TAX
Goods and Services Tax (GST), one of the major tax reforms in India, finally became a reality when it was introduced in July 2017. Given the magnitude of the change, it comes with its own set of challenges and complexities. The change is not only in the law but also an attempt to infuse technology for reporting requirements. The Government has been proactive in trying to streamline its processes and adjusting to the demands of the industry. Given the frequent clarifications / changes in the law, and interpretation issues, it is imperative for the businesses to re-visit the positions taken at the time of introduction of GST to ensure that the businesses do not get affected in the longer run.
The renumeration of CFO, a recognized management authority may turn costly for start-ups and SMEs. Virtual CFO is thus an affordable alternative for small businesses seeking guidance of an expert.
We assist our clients by providing a wide gamut of services as follows:
1) GST advisory and other services:
- Advising on various GST related queries
- Tender / pre-bid and post-bid assistance
- Identifying key issues / areas of representations
2) GST diagnostic review:
- Review as-is position of the Company as to whether the same is in consonance with the existing GST provisions
- Identify risks and opportunities viz. areas of non-compliance and potential tax exposures, areas of savings, etc. and providing suggestions on the same
- Review of various processes followed by organisations from GST perspective
3) GST litigation services:
- Replying to various show cause notices, drafting appeals, etc.
- Drafting and filing applications seeking advance rulings
- Representation services
- Litigation review exercise to formulate strategy for swift resolution of matters
4) GST compliance and audits:
- Computation of tax payments and filing of various returns
- Assist in reconciliation of input tax credits as per the GST system and as appearing in records maintained by the Company
- Preparation of compliance tracker
- Assist in queries related to e-Way bills generation
- Assistance in undertaking GST audits
5) GST Refunds:
- Preparation and filing of refund claims
- Providing end to end support including liaising with the authorities and obtaining refund orders