GST Compliance Review / Compliance Health check

Efficient tax management is the key to any business, since it helps reduce costs and stay ahead in today’s competitive era. In the race to adhere with the GST laws, as a business entity, you must assess yourself on the basis of the following key questions.
(a) Are you interpreting the provisions under GST correctly?
(b) Have you claimed Input Tax Credit efficiently or to the maximum possible?
(c) Do your tax positions will be accepted by GST Authorities during Departmental Audit?
(d) Do you feel confident about your GST Standard Operating Procedures (SOP’s)?

The solution to the above questions lies in a comprehensive GST health check service. Some of the core areas in relation to health check are:

• Review of Standard Operating procedures (SOPs); Tax codes and HSN codes.
• Review of GST Compliances/Returns along with GST Tax Positions.
• Reconciliation of sales / revenue income with outward supply & Purchases with corresponding Inward supply.
• Other reviews like applicability of provisions of “place of supply”, Reverse charge Mechanism, admissibility of GST Input tax credit, abatements, exemptions etc.
• Analysis of GST Impact for service transactions with group companies.
• Review of treatment of export transactions and refund procedures.
• Assessment of Interest and penalties discharged by the business entity.

Our vast experience in erstwhile indirect taxation and experience in handling GST compliances and advisory makes us your ideal partner in ensuring comprehensive health check of business as per GST laws in order to check areas of non-compliances, areas of possible tax exposures and areas of possible savings. We help our clients by:-

• Arranging meetings to understand the business situations and prepare customized checklist.
• Reviewing the books and returns following the checklist prepared.
• Presenting and Observation Project Report.
• Assisting in implementing the recommendations or closing the gaps.