INDIRECT TAXATION

GST an all-encompassing levy is an indirect tax that subsumes central and state tax. The regime aims at making India a unified market and opens a wide spectrum of opportunities for businesses. No doubt, it aims for simplification of the country’s indirect tax system, but it also carries various challenges to businesses in its planning, budgeting, and investment. RBA has been a GST Consultant in Kharghar, as GST replaced India’s complex Central and State indirect tax structure to create a common market with a seamless indirect tax regime. Goods and Service Tax is one indirect tax for the whole nation on the supply of goods and services, right from the manufacturer to the consumer. GST will affect every part of the business of industry from Cash Flows, Financial Reporting, Tax Accounting & reporting, profitability, pricing, supply chain, ERP, contracts redesigning, IT, marketing, etc.

Services provided under GST

• Advisory & Consultancy:
• Reviewing the accounting data of client and check for GST compliance as per the tax laws .
• Assisting clients in the Classification of the transactions under the correct HSN/ SAC code for goods/ services.
• Assessing potential impact of GST Laws on different business operations of the client. In other words, advising clients on the applicability of GST on various transactions undertaken or proposed to be undertaken.
• Recurring transaction advisory for Review & Analysis of Purchase Orders, Sales Orders, Contracts, Work Orders or any other document for determining Place of supply of goods / services w.r.t. each supply and drawing up the Tax matrix for the inward / outward supply to ensure correct taxation
• Suggesting tax models for input credit optimisation and ensuring a pass-through tax mechanism, refund mechanisms, etc.
• Suggest relevant schemes, concessions, etc. for business considering the applicable Foreign Trade Policy and GST Laws.
• We advise on applicability of GST on transactions, classifications, valuations, place of supply, admissibility of tax benefits, exemptions and on claim of GST credit and giving opinion on GST matters.
• Compliance and Review:
• We help clients in filing of their Goods and Service Tax (GST) returns as well as for all periodic returns under other tax schemes. We services also include collecting relevant data, review of annual returns, certifying reconciliation statements, and keeping clients updated on GST amendments.
• Determining the inputs, input services and capital goods on which taxes have been paid and credit of which are eligible to be taken and determining the reversals of input tax credit availed as per GST laws.
• Determining the applicability of reverse charge mechanism.
• Intimation for payment of taxes as per output liability of the clients.
• Monthly reconciliations.
• Assistance in the preparation or the review of reconciliation of GSTR 2A i.e. auto populated from supplier data and purchase data recorded by the receiver of supplies. Taking relevant actions as per Rule 36(4) of the CGST Rules for the input tax credit availment and utilization.
• Filing of Annual Return in Form GSTR-9 or in other relevant form as per the status of the taxpayer.
• Validate / vet replies to letters pertaining to GST.
• Provide timely updates on amendments in
• Regular updates to clients in relation to notifications or circulars issued under GST laws for GST compliance.
• We at RBA provide complete other Goods and Service Tax (GST) Compliance Service like registration process, reply to notice etc. and also provide Review services with respect to transactions , contracts , agreements , business events, pre-audit review etc. to comply with GST law requirement and identify and correct errors at the earlier stage to avoid its undue consequences.

GST Refund Services

There are multiple modes of claiming refund. The decision to choose particular option depends on multiple factors. We evaluate all option available and suggest best options in your case. Our services includes

• 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

GST Audit

GST Act 2017 mandates every registered person having aggregate turnover exceeding two Crores to have an Goods and Service Tax (GST) Audit by a Chartered Accountant / Cost Accountant. So we provide Statutory Audit Services to comply with law requirements.
We conduct audit of books of accounts under GST which would cover following aspects:

• Review of outward supplies declared in return to ensure that it included all outward supplies made
• Review of inward supplies declared in return to ensure that it included all inward supplies made.
• Review of  liability calculated under reverse charge mechanism.
• Review of all deductions claimed including sales returns, abatements, exemptions
• Review of classification, rate of goods which should be according to provisions of GST
• Assessment of registrations obtained
• Review of input tax credits claimed on inputs, input services and capital goods
• Review of reconciliation statements are to be filed along with certified audit report.
• Conducting audit in accordance with all other requirements as per GST Act

Representations

We at RBA provide representation services before various GST authorities to protect the interest of our esteemed clients. We also provide Advance Ruling services as a preventive measure to get clarification from department regarding Ongoing / upcoming nature of transactions about GST Law applicability.

Setting up of system for accounting of GST and training

The firm takes up the job of setting up system of accounting of GST as best suited to the organization and also conducts customized training of the personnel according to the needs of the clients. We would cover following aspects:

• Study of existing system (ERP, SAP, Tally etc.) and reports from GST Compliances point of view.
• Defining SOP for extraction of the data from the existing system.
• Data preparations for all registrations required for returns on regular basis.
• GSTR-1 Data verification including liability against advances received & unadjusted at the end of the month for all registrations
• Creation of Reverse Charge Invoice and relating to HSN Code and Service Accounting Code when supplies are received from un-registered person.
• Reconciliations with trigger points for the Corrective Action plan for the Unreconciled points.
• Monthly executive reports depicting status of compliances.