Our experience in indirect taxation and handling GST implementation support including extensive research in GST domain makes us your ideal partner in ensuring compliance with GST law and other value-added support services. We are here to assist in formulating workable solutions and ability to deliver strategy and be your implementation backbone from a business and technical view within the framework of law. We assist in improving the performance and effectiveness of clients’ businesses by examining all the indirect tax aspects of core management and business processes for further growth of the business.
Illustrative services under GST Advisory services are of the following nature:
- Advisory services under Goods & Services Taxes, Customs & Foreign Trade Policy
- Tax and Credit Optimisation
- Tax advisory for start-ups, e-commerce & technology-driven business models
- Project planning and transaction structuring including in the areas of real estate construction and allied areas, ITSS and ITES, e-commerce
- Cost control mechanisms and tax planning including optimisation of taxes leading to the least tax incidence within four corners of the law
- Input tax credit optimization for the entities including those that have multiple units, multi-locational companies, many business verticals, SEZ, 100% EOU, and DTA units
- Post-implementation advice on GST
- Limited compliance reviews to maximize savings in credit availment, correct tax payments, and availment of admissible exemptions
- Vetting the agreements contracts in terms of GST optimization
- Hand-holding through GST advisory on a regular basis.
GST Returns filing
Once registered, entities are required to submit periodic returns. Compliance would be key in GST due to the automation of all periodical returns including the payment process. There is a need to comply with reverse charge payments as well. Managing these multiple tasks could be technically complex, time-consuming, and can involve unpredictable costs for a business. Our firm offers support in GST return filing and tax payment and assists in designing and implementing an efficient accounting and support system for compliance filings.
GST – Due Diligence Review
In business restructuring deals, tax due diligence of buyer side is required. This may required to be done voluntarily by buyer or based on specific direction by seller. The review is intended to highlight the tax exposure which may carry to new entity. Our seasoned expert team identifies areas of non-compliance, potential threats thereof and suggest remedial measures and avenues. Based on review, we are able to suggest alternative structuring strategy to optimise tax incidence thereby avoiding future litigations.
GST – Compliance & System
The compliance burden in GST is high as many of the processes are being automated. There is a need to have a proper system in place for processes, procedures, documentation, and other aspects for easy compliance. We could assist in designing the systems by reviewing the systems to suit the business requirement and at the same time, ensure the full compliance of GST. Additionally, our solutions will streamline operations, reducing manual effort and minimizing the risk of non-compliance, that allows you to focus on core business.
GST – Compliance
- Compliance burden in GST is high as many of the processes are being automated. There is need for having proper system in place as to process, procedures, documentations and other aspects for easy compliance. We could assist in designing the systems by reviewing the systems to suit the business requirement and at the same time, ensure the full compliance of GST.
- GST impact on business functions: A brief analysis of GST impact on key business functions such as procurement, production, warehousing, distribution, supply chain management, information technology, working capital and other functional areas could conducted considering the GST rates, exemptions, concessions. This could help in cost control, pricing strategies etc.
- Standard Operating procedures (SOPs): Design and Review: Professional organisation requires SOPs for key business functions. There could be need to review existing SOPs considering the GST law which is changing on regular basis and require designing new SOPs in accordance with GST. We help in meeting all the requirements around design and modification SOPs for key business functions. Business should not depend on individuals for key business process especially indirect taxation which has impact on all business transactions The need of SOP is felt in medium and large size business for smooth functioning of business. Our experience in the diversified industries handling all indirect tax laws has put us in a niche position to serve in this area. We have successfully designed operating procedures for clients, be it manufacturer, trader, service provider, dealer or importer. We assist in designing and implementing robust SOP under indirect tax for smooth functioning of business.
GST – Refund Services
REFUND ON EXPORT OF GOODS OR SERVICES
It is stated policy of the government that only goods and services should be exported out of India not the tax associated with them. This is achieved either by allowing purchase of inputs net of taxes or by granting refund of taxes embedded in the publication of final product/services. There are multiple modes of claiming refund. The decision to choose particular option depends on multiple factors. We, at Markwart, have in-depth knowledge of interconnections among various indirect tax laws, understand the intricacies in different refund options, undertake cost-benefit analysis and suggest best workable options in your peculiar case.
It includes the following services:
- Evaluating alternative modes of refund/rebates and suggesting best option
- Designing system for generation of necessary documentation for preparing refund claim
- Assistance in retrieval of supporting documents
- Preparing refund claim as per statutory requirement
- Filing refund claim with department and making follow up
- Making representation in case refund claim rejected.
