Managing indirect tax compliance by a business has been very complex in India due to multiple laws, sub ordinate legislation (rules, notifications, circulars) driven compliance and frequent amendments therein. Though the GST has subsumed multiple indirect tax laws, the compliance need is high. All periodical returns, statements, intimations, notices and reply to such notices would be automated in GST. The credit matching concept in GST is a significant task and credit not matched could result in denial of credit. Therefore, it is important for the organizations to ensure error free compliance.

Our experience in indirect taxes would help us to understand the new requirement in GST law as well. We provide compliance support to clients of all size. Our tax compliance and reporting team provides high-quality, flexible and cost-effective solutions to tax compliance. Our approach in compliance is tailored to clients’ needs aimed at ensuring error free compliance. Involvement of senior members of the firm means we can use our experience and skills to identify opportunities to improve tax processes and deliver tax savings. Our services include following:

Obtaining Registration with Tax Department

The decision to obtain registration should be taken considering the requirements of GST law. Sometimes, decision to be made after evaluating all exemptions and benefits associated with such registration. Due care needs to be taken while applying for registration to ensure smooth flow of business. Factors like type of registration, places of business to be added and additional information to be provided needs to be considered for registration. This necessitates assistance of professionals. The services includes support in de-registration and surrendering of unwarranted registration as well.

We could support in obtaining the registration and resolving various associated issues, if any.

Gst Return Filing Support

Once registered, entities are required to submit periodic returns. Compliance would be key in GST due to automation of all periodical returns including payment process. There is a need to comply with input tax credit matching between books and GST portal and reverse charge payments as well. Managing these multiple tasks could be technically complex, time consuming and can involve unpredictable costs for a business.

Tax needs to be paid to government at the end of each tax period which requires identification of appropriate tax liability after adjusting eligible credits. There could be other multiple adjustments on account of non-monetary consideration, time of supply, related party implications, reverse charge liability etc.

Our firm offers support in GST return filing and tax payment which could following aspects:

  • Review of GSTR returns for ensuring appropriate disclosure.
  • Review of sample sale and purchase invoices
  • Review of computation of GST output liability
  • Review of eligibility of credits on sampling basis. Review of credit reversals.
  • Review of computation of GST input tax credit claim and reversals under appropriate heads in GST portal
  • Review of computation of GST under reverse charge mechanism
  • Review interest computation due to delayed GST payment, non-payment to vendors
  • Review of fulfillment of conditions for exemption / concessional rate of taxes
  • Support in designing efficient accounting and support system so that information necessary for filing of return are available instantaneously.
  • Assist in making payment after adjusting optimum eligible credits

Assistance in Internal Control and System Implementation for Indirect Tax Compliances

Indirect tax systems impact almost all financial transaction of business. This necessitates having proper control system to manage tax function at transaction levels. Also, the businesses have now become system driven where human interference is reduced to very minimal. The complex business structure coupled with system automation requires flawless tax system inbuilt in all processes. We, at H N A & Co, can assist in establishing internal control and implementation of system addressing all compliance requirements under indirect tax statutes.

Designing and Implementation of Standard Operating Procedures (SOP) for Indirect Taxes

Business should not depend on individuals for key business process especially indirect taxation which has impact on all business transactions. This is further amplified but the high attrition rates that we are seeing in various industries. The ability of a complete and reliable knowledge transfer is becoming a thing of the past. This necessitates developing robust SOP under indirect tax for smooth functioning of business. The need of SOP is felt in medium and large size business. Our experience in the diversified industries handling all indirect tax laws during more than 35 years has put us in a niche position to serve in this area. We have successfully designed operating procedures for small to giant size clients be it manufacturer, trader, service provider, dealer or importer. It has been seen that wherever such procedures have been followed, it has resulted in significant decline in department actions.