GST is a major reform that would change the tax landscape in India and the way business would be conducted in the country. With actual implementation of GST around the corner, the industry should quickly gear up and carry out GST impact analysis. In this respect we provide the following services:
A. Free Basic Impact Analysis Tools
Businesses can use our Free Basic Impact Analysis Tools for determining GST impact analysis on their profitability and revenue under the GST regime.
Basic tools are meant for business not having complex operating/ tax structures as highlighted under Advance Tools below.
B. Advanced Tools
Using our Advance Tools are meant for businesses having complex operating/ tax structure, i.e.: • Operate in more than one State • Import and/or Export Goods/Services • Do stock transfers across branches and/ or supply goods on ‘Free of Cost basis’ • Carry out in-transit sales • Undertake transactions such as High Sea Sales/ Sales in the Course of import • Pay multiple indirect taxes, such as Service Tax, VAT/ CST, Central Excise, Customs Duty, Entry Tax etc. • Undertake fix-price/fee contracts • Supply to SEZ units
You can select the Advance Tool applicable to your business and obtain a detailed GST impact analysis report covering the following aspects:
• Providing detailed GST impact analysis with respect to profits of your business, i.e. along with the in-depth analysis of reasons contributing to the increase/ decrease • Providing detailed GST impact analysis with respect to revenue of your business, i.e. along with the in-depth analysis of reasons contributing to the increase/ decrease • Highlighting transitional issues including impact on input tax credit pertaining to closing stock • Highlighting impact on ongoing contracts • Providing sample invoices to be issued in GST regime • Providing advise on the basic changes required in IT and Accounting Systems • Detailing compliances required to be undertaken under the GST regime, i.e. frequency and types of returns to be filed • Requirement of obtaining/ amending registrations, if any
We also provide the following professional services with respect to GST impact analysis to our clients: • Contracts Review: We review ongoing/ proposed contracts and suggest changes in the tax and other clauses so as to safeguard our client interests post introduction of GST • Suggest changes in accounting and IT systems: We critically review existing accounting and IT set-up and recommend necessary changes so as to enable our clients to run their business smoothly from the very moment GST is implemented • Suggest invoice/ document formats: Under GST regime invoices and other documentation would have vital importance in terms of charging tax and claiming credit. We provide updated invoice, challan and other formats to our clients to ensure that they are GST compliant • Team Trainings: We do customized trainings for finance/ tax/ accounting teams of our clients (online as well as physical) in order to build their capacity of handling day to day issues and compliances under the GST regime • Compliances: Our clients have engaged us for doing hand-holding in terms of undertaking regular compliances once GST is introduced