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GST Consultancy Services

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GST Consultancy Services

Our strategic Goods and Services Tax (GST) Advisory services focus on our client's overall tax performance, creating more significant opportunities to measure and gain efficiency, develop a more strategic approach to tax, and deliver prominent shareholder value. Through benchmarking regular performance, knowing best practices about companion and historical performance, and measuring the delta between substance and the potential of our client's tax department, MAG gives a clear plan for transforming the tax operations into a Tax Competency Centre. We provide best GST consulting services in India to our clients.

Being the best GST expert in Delhi, we help our clients to design and execute processes and technologies which improve the efficiency and effectiveness of their tax operations. We assess tax situations and develop strategic plans that include transaction structuring, business restructuring, and alternative filing positions. And, we ensure whatever the efforts our clients take will have a positive impact on the overall strategic objectives of their respective organisations.

To satisfy the differing and day to day requirements of our clients, we offer GST Advisory services. We have a team of highly experienced GST tax consultants who undertake GST tax advisory services in a very efficient manner and ensure that your company's overall GST related tax filing and advisory needs are met promptly. We assist you with identification of changes to any long-term contracts, conducting tax-code mapping for all transactions and a review of the existing levels of GST tax compliance.

Goods and Services Tax, comes into existence effective from 01.07.2017 subsumed plenty of indirect taxes such as VAT, central sales tax, service tax, excise duty, countervailing duty (CVD) and octroi duty. GST will have repercussions for every business in terms of tax rates, the overall incidence of tax, input tax credits, distribution of tax, evaluating costs and fixing prices of goods and services.

Businesses must ensure the following:

  • Correct classification of HSN and SAC codes and selection of applicable rates of tax (commonly from exempt to maximum of 28%)

  • Determine the place of supply to ascertain the relevant state for GST compliances that helps in charging GST under correct heads

  • Claim eligible input tax credits and exclude or defer ineligible input tax credits, as well as refunds or tax credits for exports

  • Compliance on inward supplies where taxability is under reverse charge mechanism

  • Ensure filing of periodic and annual returns in each state (or for each registered person) based on applicability

  • Different rules for valuation of supply in case of related persons, deemed distinct persons, agent and principals, and other various circumstances.

Our GST Advisory Services

  • Blueprint of GST applicability: Providing a complete blueprint of the GST framework and related compliances applicable to a particular client.

  • GST compliances: Periodic review of GST returns and tax computations along with the filing of returns to GST authorities each registered person (including consideration of mismatches between vendors and customers and the client's records based on reconciliation statements prepared by the client)

  • GST operational assistance and retainer services: Addressing operational matters flowing out of GST implementation, vendors and consumers ecosystem care and advisory services for obtaining advance rulings

  • GST Audit Services: Helping the clients in the annual GST audit in respect of each establishment of a registered person.

  • Internal review of all GST perspectives: Review of all processes from a GST perspective, including examination, validation and acceptance by users of ERP-related GST controls

  • GST supply chain effectiveness review: We provide clients with insights on improving the supply chain, network optimisation, warehousing and logistics

Why choose MAG for your GST Advisory Services?

  • We boast a highly qualified and dedicated team of professionals for delivering best GST advisory services.

  • Our GST team is well versed with IT-related software and tools beneficial for clients.

  • We operate with a large client base across different sectors including engineering, trading and manufacturing, hospitality, travel, tourism & entertainment, pharmaceutical & healthcare, e-commerce operators, import and export, infrastructure & real estate, IT & ITES, FMCG, automobiles and Gems & Jewellery etc.

Manish Anil Gupta & Co is one of the best GST Consultants in Delhi. Our team of experts delivers comprehensive services in the area of GST.

So, if you are seeking GST Consultancy related services in Delhi, kindly get in touch with us at info@manishanilgupta.com and experience the finest services in the field of GST from our team of experienced professionals.
 

Rahul Garg

Director-Taxation & Compliances

“Don’t Be Intimidated By What You Don’t Know. That Can Be Your Greatest Strength And Ensure That You Do Things Differently From Everyone Else.” .

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Frequently Asked Questions


* Registration Compliance

GST Registration of an entity with the tax authorities implies obtaining a unique, 15-digit Goods and Service Tax Identification Number (GSTIN) from the GST authorities so that all the operations and the data relating to the business can be collected and correlated.

* Tax Invoice Compliance

Businesses registered under GST must adhere to invoicing compliance to pass on the input tax credit. This means that tax invoices must meet compliances rules by including the mandatory items like Invoice number and date, place of supply, HSN Code, Customer and Taxpayer's GSTIN, etc., in such invoices.

* Return Filing Compliance

A GST Return is a document containing detailed information of tax collected and paid on all the inward and outward supplies of goods and services made by a taxpayer. There are various kinds of GST Returns like GSTR-1, GSTR-3B, GSTR-9, etc., which constitute material information about a firm's GST practices.

* Other Compliance

E way Bill generation and Payment of Tax can be considered part of other compliances that need to be taken into consideration under Goods and Service Tax.
 
Reverse charge mechanism refers to when the recipient of the goods or services becomes liable to pay GST instead of the supplier. Unlike Forward ChargeMechanism, where thesupplier of goods or services pays the tax, here the chargeability gets reversed, and the receiver becomes liable to pay the tax. Tax paid on reverse charge becomes available for ITC if such goods or services are used only for business purposes. But the ITC available cannot be used to pay the output liability of RCM tax and should be paid in cash only.
 
Yes, it is necessary for all taxpayers registered under GST to file a return even if there are no Outward or Inward supplies in any tax period. Subsequent returns cannot be filed as a direct consequence of not filing any previous return.Penalties in the form of Interest and Late Fees are levied in the case of default in GST Return filing. GSTIN can also be suspended in case of default in GST returns filing.
 
GST audit refers to examining records, returns, statements, and related documents furnished by the registered persons. It is conducted to verify whether the sales, output tax paid, input tax refund claimed, and ITC availed stated in his annual report are true and fair or not. Section 35(5) of CGST Act,2017 provides that every registered person whose turnover in a financial year exceeds the amount of Rs. 2 crores is required to get his accounts audited by a CA or CMA.
 
Every Taxpayer aims to be compliant with the prevalent GST norms and compliances. Filing GST returns, registration of new GSTIN, payment of taxes, preparation of tax invoices, etc., are some examples of how daunting the whole process can be. Hence, the service of a professional like Chartered Accountant can come in handy for carrying out such a task. In the cases of GST Appeals,GST revocations, GST cancellations, etc., the expertise of the field possessed by a Tax professional often eases taxpayers' burden.
 

Eligible input tax credits are the credits a business can claim for the GST paid on purchases that are used to make taxable supplies, while ineligible input tax credits are the credits that cannot be claimed, such as those related to personal use or non-business expenses.

GST subsumes various indirect taxes such as VAT, central sales tax, service tax, excise duty, countervailing duty (CVD), and octroi duty.

HSN and SAC codes are classification systems used to categorize goods and services for tax purposes.
 
Factors such as recipient's location,supplier location, nature of goods/services are considered when determining the place of supply.
Input tax credits (ITC) are credits that businesses can claim for the tax paid on their purchases, and they can be claimed by offsetting them against their output tax liability.
Businesses need to file periodic returns, such as GSTR-1 (outward supplies) and GSTR-3B (summary return), in each state or for each registered person based on their applicability. Annual returns, such as GSTR-9, are also mandatory. Timely and accurate filing of returns is crucial to maintain GST compliance.
Under RCM, the recipient of goods or services is liable to pay the GST instead of the supplier. Businesses must ensure compliance on inward supplies where taxability falls under the reverse charge mechanism. Proper record-keeping and accurate calculations are necessary to meet RCM obligations.
Input tax credit allows businesses to claim a deduction on the GST paid on inputs (purchases) against the GST liability on outputs (sales). It is essential to identify and claim eligible input tax credits while excluding or deferring ineligible credits. Engaging a GST consultant can help you navigate this process effectively.
HSN (Harmonized System of Nomenclature) and SAC (Services Accounting Code) are coding systems used to classify goods and services for taxation purposes. Correct classification of HSN and SAC codes is crucial as it helps determine the applicable rates of tax, ranging from exempt to a maximum of 28%, ensuring accurate GST compliance.
A: Non-compliance with GST regulations can attract penalties such as late filing fees, interest on late payment, and in severe cases, cancellation of GST registration. It is advisable to comply with GST regulations to avoid penalties and legal consequences.

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