GST Compliance Review/Compliance Health Check

GST Compliance Review/GST 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 compliances or 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 (SOPs)?

The solution to the above questions lies in a comprehensive set of GST compliance services.

At MBG, we call it “GST Compliance Health Check” (a part of our suite of GST Advisory Services). 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.;

Setting our sights on refund sanctioning in time for the clients, our team performs the below tasks and all our client need to do is, provide us the required data, sit back and just await receipt of the refund orders:-

  • 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 compliances or laws in order to check areas of non-compliances, areas of possible tax exposures and areas of possible savings.

Our GST compliance services help the 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

To know more about our other Indirect Taxation Advisory Services or GST Advisory Services, browse the below section-

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Explore more Indirect Tax services:

Custom Valuation And Assistance in SVB Investigation

Authorised Economic Operator Programme (AEO Programme)

Representation on DGFT matters (Foreign Trade Policy Procedures and Incentives)

Indirect Tax Litigation

Assistance in GST Departmental Audit

GST Advisory and Compliance

Trade Remedies Under Anti-dumping and Countervailing Duties

GST Refunds