Mitigate GST risks and potential liabilities with GST Healthcheck services

Have You Assessed How Your Business is Positioned Under GST Scenario?

Since implementation of Goods and Services Tax law in July 2017 into India, it has undergone a constant & comprehensive  changes through Official Notifications / Circulars etc. on regular intervals and Advance Rulings for complex tax positions. Further, it has also impacted by Judicial pronouncements of Appellate Authorities and Courts on time to time basis.

As per the provisions under GST Laws, the GST Authorities have been empowered to conduct inquiry or issue an order within a period of 3 years or 5 years (as the case may be) from the due date of furnishing of annual return of a Financial Year under consideration.

In light of aforesaid regulations and considering the recent elevation of Scrutiny and investigation activity across all economic sectors by the GST authorities, there has never been a better time to ensure that your business is GST compliant in order to manage your GST risks and potential liabilities, which may also extend to penalties of a criminal law nature.

  About MBG’s GST Health Check Service

• Under ever-changing business circumstances, extensive experience and in-depth knowledge of accounting, tax laws as well as other business regulations are required to perform and deliver an effective tax health-check. Our GST health check practice is comprised of multi-disciplinary professionals including accountants, Indirect Tax Experts, industry specialists and former high-level government officials, who possess expertise and experience in relevant areas;
• We will provide practical guidance and recommendations on additional measures that your business can put in place to ensure your business is in the best position possible to minimize the risks of non-compliance.

MBG’s GST Health Check Offerings

• Walkthrough tests of controls of business  transactions in the ordinary course of operations;
• Discussions with key personnel to determine the existing standard operating procedures and controls;
• Reviewing GST documentation and records to ensure adequacy and compliance with legal requirements;
• Review of GST legal framework and tax positions adopted by the company
• Identifying any GST compliance gaps relevant for your business and recommending corrective actions;
• Classification of GST risks to identify those which require more extensive testing and evaluation.
• Emphasizing cost saving possibilities and other opportunities to enhance GST efficiency;
• Review report outlining our findings, potential gaps and recommendations to address shortfalls.

Talk to us:

• Our GST Review / Health check program is assembled to address business specific risks areas.
• Our fees will depend on scope & complexity of business transaction, operational capacities and number & depth of areas to be reviewed by MBG Health Check Specialist.
• Speak to us to find out more about our offerings and to see whether this may be right for your business.