The Smart Way to Tax
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:
Advisory
- 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.
Litigation assistance
- 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.
Anti-profiteering Study
- 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.
Refunds
- 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.
Audit
- 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.