The indirect tax system in India has undergone a major reform in July 2017 with the introduction of GST with effect from 1st July, 2017. GST subsumed the erstwhile systems of Service Tax, VAT, Excise, Entertainment Tax etc. The basic idea behind introduction of GST was:
- One nation – One Tax – One market
- Reduce cascading effects (tax on tax)
- Reduce tax evasion by technology driven governance
- Transparency in tax system by all processes of registration, compliances, assessments, refunds etc. through common portal
With this reform, the businesses have transformed their business models in order to comply with new GST provisions. Due to complexity in GST law and compliances, several businesses are opting for professional indirect tax services, instead of placing the responsibility on in-house teams. We provide following services in GST:
- Review of the GST impact on the entire business based on clients’ industry, products, or other unique circumstances
- Assistance in GST Registration
- Preparation and Filing of GST Return
- Assistance in ongoing calculation of GST liabilities and credits
- Representation before revenue authorities including filing an appeal up-to the stage of Tribunal (ITAT)
- Assistance in carrying out refund processes
- Assistance in filing Letter of Undertaking to rationalize outflow of tax in export cases