Goods and Services Tax
One of the most significant tax reforms to be implemented in the history of Indian fiscal development is the Goods and Services Tax (GST). The all-encompassing effect of GST on a company’s services, material and product costs, cash flow, profitability, and ultimately shareholder value is a crucial factor that calls for careful consideration in a cutthroat market with razor-thin margins.
At NMAH, we take a keen interest in following GST developments. Offering a variety of specialised GST-related services, such as:
- providing tax application guidance for the business’s current and future transactions.
- 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
- doing a thorough analysis of the company’s activities to find areas for tax compliance improvement and optimisation.
- carrying out thorough due diligence on indirect taxes.
- Review all corporate procedures and systems, then create thorough SOPs.
- Review the current GST infrastructure and confirm that the business’s position regarding the impact of GST on various transactions is correct.
- once-off optimization of the input tax credit.
Compliance assistance (Retainership) and Outsourcing
- managing PAN-India-wide GST compliance.
- extensive validation tests for return finalisation and extensive control checks to ensure data accuracy and completeness.
- assistance with the calculation of tax liabilities and admissible Input Tax Credits on a periodic basis.
- help with the creation and submission of periodic returns and refund claims.
- As needed, assistance in obtaining or changing indirect tax registrations.
- Help in writing responses to notices, questions, and other similar messages from tax/assessing agencies.
- Representing issues before the proper authorities, including tribunals, and, if necessary, hiring outside legal counsel.
- Submitting an application for an advance judgment to the authorities to request clarification on murky issues.
- Offering representational and technical support during departmental audits.
Reconciliation and Certification work
- Applications for GST refunds must include certification.
- Certificates issued to the Indirect Tax Authority in connection with any legal issues.
- Assistance with income reconciliation on accounts of any discrepancy occurring between the information given in GST returns (Forms GSTR-1 & GSTR-3B) and associated 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
- Examining the contract’s written materials.
- Creating business models that are indirect tax efficient.
- Optimising indirect tax incidence through the structure of contracts and transactions.
- To determine whether the anti-profiteering rules are applicable, a thorough investigation of corporate operations is required.
- Studying market trends and business practises to assess other mechanisms to ensure benefit transfer in light of GST compliance.
- Assistance with any ongoing tax department inquiries or investigations.
- Examining the documentation related to the export of products and services outside of India and SEZ.
- Assistance in creating the refund claim application and providing the necessary annexures for submission to the tax authorities.
- Up until the very end, the department coordinated to make sure the authorities received the full amount of the return.
- Review of compiled data and creation of reconciliations.
- Assistance with the creation and completion of the GST audit report and annual returns.
- Advice on gathering the information and documentation needed to submit an annual return and audit report.