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GST service offerings

GST Service offerings

Scheduled to be launched on July 1, 2017, the Goods and Services Tax (GST) will revolutionise the way we do our taxes. It will reform the current tax situation and will bring major changes in the tax section to boost the economy. In simple terms, GST is a comprehensive destination-based tax that will levy on Centre and state levels at every value addition. While the implementation of GST might bring in some benefits and challenges for the businesses it is important that you gear up your business and adapt to the changes.

With more than a decade of experience in indirect tax consulting and compliance, we offer a perfect partnership to help you transition smoothly to the new GST regime. Here are the details of the services we offer:

Pre Transition

  1. GST Impact Assessment: GST is going to change the way business is done. There is need for every business to analyse the impact of GST on various spheres of their business.  At N.J. Jain & Associates, we have a professional team that has the expertise and experience to provide you with information on how GST will impact your business. Services offered under this category are as follows:
    • Assessing Tax Impact on Various Business Functions: Our team of professionals will provide an in-depth analysis of GST impact on key business functions like production, warehousing, distribution, information technology, supply chain management, and other functions of your business. The team will also provide practical and vital suggestions to make necessary changes critical to reaping optimum benefits under the new GST regime.
    • Review and Modify Existing ERP System: GST is a technology-based law and therefore it is vital to have an ERP system that works flawlessly to integrate and submit financial and non-financial data and information required by the regulators. Our team can review your current ERP system and make a suggestion to modify it to make it GST compliant.
    • Design and Review Standard Operating Procedures: Every organisation has its own SOPs that enable them to handle various key business functions. However, with the introduction of GST things are going to change. We have a team of professionals who can help you design and review your current SOPs and modify it to meet GST requirements.
  2. Review under existing IDT- smooth transition to GST: While GST is going to be a game changer for businesses in the long term it will have some challenges in the short term. This is mainly because of the new systems and processes that are going to take over in the near future. Our team of professionals can review your indirect tax system so that all eligible benefits can be passed on into the GST regime. The team will help you create new processes, procedures and systems to make your business compliant with the law.
  3. IDT reengineering and preparation of SOP: Most of the business processes today revolve around current indirect tax laws. With the introduction of GST, this is going to change drastically. This demands immediate changes brought into the key business functions and standard operating procedures to make your business GST compliant and to reap its benefits. Our team of professionals can help you realign your business functions and SOPs keeping in mind the GST regulations.

During Transition

  1. Transitional Provisions Review: Every business has certain transitional provisions like unpaid liabilities, ongoing contracts and refunds which need to be taken into account. With our transitional provisions review, you can ensure that your business meets all the compliance requirements to get the benefits of the new GST regime.
  2. Transition Suggestions: The new technology-based GST regime will require businesses to be more compliant than ever before. Hence, it will require a better system for processes, procedures and documentation in the near future. Our team can help you with suggestions on how you can align your current business processes and procedures to ensure the full compliance of GST.
  3. Agreements Review: Reviewing all the current and ongoing business agreements to make them GST compliant.
  4. Tax and Credit Optimisation: Suggestions and review to optimise indirect tax and credit incidence under GST.
  5. Review of Disputed and Refund Cases: Indirect taxes might get reversed or cancel under the GST and therefore it is important to review disputed and refund cases to mitigate the adverse impact.
  6. Client and Industry Specific Representation: Our team can represent before the government and concerned authorities to address your business issues under the new GST regime for smooth functioning in the future.

Post Transition

  1. Hand hold support:Get complete guidance, assistance and support to get rid of all your tax related worries in the post-transition phase.
  2. Consulting retainership:To help you resolve all your GST related issues we will be acting as consulting retainer and help you with queries on email, phone or any other mode of communication.
  3. Review (periodical) retainership:To help you transition smoothly to the GST regime we will periodically review your business to ensure it is GST compliant. We will identify the areas where you need to make changes and suggest you the right way to make things better for your business.
  4. Compliance support/outsourcing:We undertake all compliance functions for your business under GST either on support basis or complete outsourcing.
  5. Industry/client specific representation:To represent your business and address various compliance and implementation issues faced by your business with the government and concerned authorities.
  6. Pre-audit under GST: We also undertake a pre-GST audit before the GST statutory audit to ensure timely corrections and modifications.
  7. Audit under GST:We also do statutory audit under GST as required by the law.
  8. Refund/rebate claim:We also provide you with suggestions and assistance in preparing to claim refund and rebate benefits and do the necessary documentation for it along with the follow up with the concerned departments.

GST Training

With the introduction of the new GST regime, it is important for the Human Resources team to understand and have knowledge of all or specific aspects of the GST. To master the GST the training program must be comprehensive and easy-to-understand starting from the basics to the most advanced concepts. We provide training programs in the form of corporate training, workshops and business specific training based on our client’s business requirements. We also provide GST training on demand to departmental executives.

Other GST Services

  • GST Advisory and Consultancy
  • Transaction Structuring to Optimise Tax Incidence
  • Legal Support and Representation to Resolve Issues under GST