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VAT and CST

Concept

Central State Tax (CST) is levied on goods and services that occur in the event of interstate trade and commerce. On the other hand, VAT also known as Value Added Tax is levied on the State level on sale and purchase of the goods. Hence, CST is basically inter-state tax while VAT is a state-based tax. CST is therefore levied by the Central Government but collected by the States. The state then collects and retains the tax from where the sale or transfer took place.

COMPLIANCE AND PROCEDURAL SUPPORT:

  • Obtaining required registration.
  • Assistance in obtaining benefits under the VAT law.
  • Processing of refunds under various rules and notifications under VAT Law.
  • Verification of accounting data and documentation before filing of Returns.
  • Filing of various Intimations with the Statutory Authorities.
  • Reconciliation of accounting data with Returns.
  • Conducting VAT Audit under statutory requirement.
  • Comprehensive adapting clients accounting database to make them department friendly.

CONSULTING AND ADVISORY:

  • Tax Structuring and Optimization strategies.
  • Transactional Support Service for existing transaction or transaction proposed to be entered.
  • Tax policy formulations.
  • Assessment and impact studies of whole business keeping in view the VAT liabilities and compliances.
  • Preparation of Compliance Manuals, Standard Operating Policy and Procedure (SOP) Manuals.
  • Advise on drafting of commercial agreements with regards to VAT impact thereon.
  • Active representation in handling Preventive Cases either in case of search, enquiry or investigation at any level or type of departmental agency.
  • Advising and guidance on various issues under the VAT law.
  • Design, implementation and review of accounting manuals so as to enable data collection for VAT purposes.
  • Training of Staff to bring them on par with the current requirement in law and data processing.
  • Advising on Maintenance of statutory records and registers.
  • Handling Liaison with VAT department.
  • Opinions on relevant VAT issues.

LEGAL SUPPORT AND REPRESENTATION & FOLLOW UP:

  • Representation with the State Finance Department on issues against the industry.
  • Handling Scrutiny/assessment/preventive cases.
  • Handling Search cases.
  • Drafting and filing replies and attending hearings to Show cause notices with statutory authorities.
  • Drafting appeals & submissions and personal appearances with Commissioner (Appeals) and VAT tribunals.