GST Health Check | GST Compliance Review

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 Health Check” (a part of our suite of GST Advisory Services). Some of the core areas in relation to GST 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 GST health check of business as per compliances or laws in order to check areas of non-compliances, areas of possible tax exposures and areas of possible savings.

Our GST Health Check 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-