GST Advisory

GST Advisory Services

GST (Goods and Services Tax) is an indirect tax levied on the supply of goods and services in India. GST has been implemented to replace various indirect taxes that were previously levied by the central and state governments. The introduction of GST has brought about significant changes in the way businesses operate, and compliance with GST regulations has become mandatory for businesses.

Corporate Raasta Consulting provides GST advisory services to help businesses navigate through the complexities of GST compliance. Our team of experts provides end-to-end solutions to help businesses manage their GST compliance requirements efficiently.

Features of our GST Advisory services:

1. Expertise: Our team of experts has in-depth knowledge of GST regulations and procedures. We stay up-to-date with the latest changes in GST regulations to ensure that our clients receive the best possible advice.
2. Tailored solutions: We understand that each business has unique requirements, and our services are tailored to meet the specific needs of our clients.
3. Comprehensive services: Our GST advisory services cover all aspects of GST compliance, from registration to filing returns and managing audits.

Requirements for GST registration:

1. Business with a turnover exceeding Rs. 20 lakh (Rs. 10 lakh for northeastern states) must register for GST.
2. Businesses engaged in the supply of goods or services across state lines must register for GST, regardless of their turnover.

Advantages of GST Registration 

Organising Unorganised Sectors: GST registration incentivizes businesses operating in unorganised sectors to formalise their operations. By registering under GST, these businesses become part of the formal economy, contributing to increased transparency, accountability, and regulatory compliance.

Facilitating Seamless Cross-Border Trade: GST registration enables businesses to engage in seamless cross-border trade by eliminating the complexities associated with multiple tax regimes. With a unified tax structure, businesses can efficiently import and export goods and services, reducing compliance burdens and enhancing international competitiveness.

Ensuring Orderly E-commerce Operations: E-commerce businesses benefit from GST registration as it provides clarity and uniformity in tax compliance requirements. By registering under GST, e-commerce operators can streamline their operations, including invoicing, tax collection, and remittance, ensuring compliance with regulatory obligations.

Simplifying Compliance and Mitigating Tax Cascading Effect: GST registration simplifies tax compliance for businesses by replacing multiple indirect taxes with a single, unified tax regime. This simplification minimises the tax cascading effect, where taxes are levied on taxes, leading to increased efficiency, reduced compliance costs, and enhanced competitiveness.

Promoting an Online-Centric Approach: GST registration encourages businesses to adopt digital technologies and online platforms for tax compliance and business operations. By promoting an online-centric approach, GST facilitates electronic filing of returns, e-invoicing, and digital payment mechanisms, driving digital transformation and efficiency gains.

Minimising Obstacles in Interactions Between Authorities and Taxpayers: GST registration fosters smoother interactions between tax authorities and taxpayers by providing a centralised platform for tax administration. This minimises administrative hurdles, enhances communication, and fosters transparency and trust between stakeholders.

Enhancing Credibility and Brand Reputation: GST registration enhances the credibility and brand reputation of businesses in the eyes of customers, suppliers, and stakeholders. Registration under GST signals compliance with regulatory requirements, financial stability, and commitment to transparency and good governance practices.

Guidelines for Effective GST Implementation

GST Advisory Services aid in securing GST Registration and offer counsel on tax collection from customers. They assess and refresh GST eligibility and the portability of existing input tax credits. These services are instrumental in developing and revising compliance manuals and SOPs, ensuring credit availability under the GST framework.

Tailored GST Education

Tailored training sessions are designed to meet the managerial needs of departments like Finance, Taxation, Legal, Commercial, Sales, and Marketing, as well as for educating vendors, suppliers, and customers.

Operational Advisory 

IT Systems undergo rigorous testing and subsequent reporting. Existing IT infrastructures are reviewed to establish tax triggers and map customer transactions. Guidance is provided for managing credit and debit notes, invoices, and other documentation, adapting to legal changes, and transitioning credits. Tax rates are organised and master files are updated as per customer requirements.

Specialised GST Instruction

Specialised training is offered to various departments, including Taxation, Legal, Commercial, Sales, Finance, and Marketing, to align with GST requirements. This also extends to training for vendors, suppliers, and customers.

Consultation for Tax Optimization

The impact of GST on pricing is analysed, with advice on cost strategies for potential savings or additional expenses. Recommendations are made for necessary safeguards and representation before anti-profiteering regulatory bodies.

Evaluating GST’s Business Impact

 The effect of altered tax rates is examined, aiding in the assessment of the impact on subsequent supplies. Adjustments are suggested for the timing and location of the supply of goods and services.

Documents required for GST registration:

Core Focus of GST Advisory Services

The core focus areas of GST Advisory Services include:

Assessing the Fiscal Impact of GST on Businesses: GST Advisory Services conduct a comprehensive assessment of the fiscal impact of GST on businesses. This involves analysing the financial implications of GST implementation, including changes in tax liabilities, input tax credit availability, and overall tax compliance costs.

Reviewing Product Pricing Using Key Factors: Advisory firms review product pricing strategies by considering key factors such as changes in tax rates, timing of tax adjustments, and market dynamics. By conducting pricing analyses, businesses can ensure that their pricing strategies remain competitive while complying with GST regulations.

Analysing the Influence on Outward Supplies and Procurement: GST Advisory Services analyse the impact of GST on businesses’ outward supplies and procurement of inputs and services. This includes assessing the GST implications on sales transactions, input tax credit eligibility, and supply chain management to optimise tax efficiencies.

Ensuring Comprehensive Understanding of Registered Businesses: Advisory firms provide expert advice to businesses to ensure a comprehensive understanding of all aspects related to GST compliance. This involves clarifying GST provisions, filing requirements, invoicing rules, and other regulatory obligations to facilitate smooth compliance processes.

Providing Advisory Services on Evolving GST Legislation: GST Advisory Services stay abreast of evolving GST legislation and provide timely advice to businesses on regulatory changes and updates. By keeping clients informed about amendments to GST laws, advisory firms help businesses adapt their compliance strategies accordingly.

Addressing Anti-profiteering Measures: Advisory firms assist businesses in addressing anti-profiteering measures mandated by GST laws. This involves conducting analyses to ensure that businesses pass on the benefits of GST rate reductions or input tax credit availability to customers, thereby complying with anti-profiteering regulations.

Offering Guidance on Optimal Pricing Strategies: GST Advisory Services offer guidance on optimal pricing strategies that align with GST regulations and market dynamics. This includes recommending pricing adjustments in response to changes in tax rates, input tax credit availability, and competitive pressures.

Recommending Safeguards for Businesses to Implement: Advisory firms recommend safeguards and control mechanisms for businesses to implement to mitigate GST-related risks and compliance issues. This may include developing internal policies and procedures, conducting regular compliance audits, and training employees on GST compliance requirements.

Facilitating Representation Before Anti-profiteering Authorities: In cases where businesses face inquiries or investigations by dedicated anti-profiteering regulatory authorities, advisory firms provide representation and support. This includes preparing responses to inquiries, presenting evidence, and advocating on behalf of businesses to ensure fair and equitable resolution of anti-profiteering disputes.

Benefits of our GST Advisory services:

Setting Prices for Goods and Services: GST advisory services assist businesses in accurately determining the prices of their goods and services by factoring in GST implications. This ensures that pricing strategies are aligned with GST regulations and market dynamics, optimising competitiveness and profitability.

Guidance through GST Compliance: Businesses often face challenges in understanding and adhering to GST compliance requirements. GST advisory services provide expert guidance, helping clients navigate the intricate GST laws, filing procedures, input tax credit (ITC) claims, and other compliance obligations, thereby minimising the risk of non-compliance penalties.

Clarification of GST-related Uncertainties: GST advisory services help alleviate uncertainties and ambiguities surrounding GST regulations for clients. By providing clear explanations and interpretations of GST laws, rules, and notifications, businesses can make informed decisions and mitigate risks associated with GST-related uncertainties.

Contribution to Business Expansion: With expert GST advisory support, businesses can confidently explore expansion opportunities, including entering new markets, launching new products or services, and expanding their operations. Understanding the GST implications of expansion initiatives ensures compliance and mitigates potential tax risks.

Ensuring Regulatory Compliance: GST advisory services play a vital role in ensuring businesses remain compliant with regulatory requirements. By staying updated on changes in GST laws and regulations, advisory firms help clients implement effective compliance strategies, reducing the likelihood of regulatory violations and associated penalties.

Facilitating Thorough Auditing Processes: During GST audits or assessments, advisory services provide invaluable support by assisting businesses in preparing documentation, responding to audit queries, and resolving issues raised by tax authorities. This ensures smooth and efficient auditing processes, minimising disruptions to business operations.

Protection from Unforeseen Tax Liabilities: By proactively assessing and addressing potential GST risks, advisory services help businesses mitigate the risk of unforeseen tax liabilities. Through thorough analysis and compliance reviews, businesses can identify and rectify compliance gaps, minimising exposure to tax-related risks and disputes.

Managing Mergers and Acquisitions: GST advisory services play a crucial role in managing mergers, acquisitions, and restructuring activities to mitigate tax-related risks. By providing expert advice on GST implications, structuring transactions, and conducting due diligence, advisory firms ensure smooth transitions and optimise tax outcomes for businesses involved in such transactions.

Easing Transition into the GST Framework: For businesses transitioning into the GST framework, advisory services offer tailored support and guidance to facilitate a seamless transition. This includes assistance with GST registration, migration of existing tax registrations, training for staff, and implementation of GST-compliant systems and processes.

How Corporate Raasta Consulting can help you with the process:

GST Registration Assistance: Corporate Raasta Consulting guides businesses through the GST registration process, helping them determine whether registration is mandatory or voluntary based on their turnover and business activities. We assist with preparing and filing the necessary registration forms and documents, ensuring compliance with GST regulations.

GST Compliance Review: We conduct a thorough review of the business’s operations and transactions to assess its GST compliance status. This includes examining invoices, input tax credit (ITC) claims, tax returns, and other relevant documents to identify any potential compliance issues or areas for improvement.

GST Impact Analysis: Corporate Raasta Consulting analyses the impact of GST on the business’s operations, pricing strategies, and supply chain. We assess the implications of GST rate changes, input tax credit availability, and compliance requirements on the business’s profitability and competitiveness.

Input Tax Credit Optimization: We advise businesses on maximising their eligibility for input tax credit under GST. This includes identifying eligible input taxes, ensuring proper documentation and compliance with input tax credit rules, and optimising input tax credit utilisation to minimise GST liabilities.

GST Training and Workshops: Corporate Raasta Consulting conducts training sessions and workshops for the business’s staff to educate them on GST regulations, compliance requirements, and best practices. This helps build internal capabilities and awareness, ensuring ongoing compliance with GST laws.

GST Audit Support: In the event of a GST audit or investigation by tax authorities, we provide support and representation to the business. We assist in preparing and organising relevant documents, responding to audit queries, and resolving any issues raised during the audit process.

GST Advisory and Updates: Corporate Raasta Consulting provides ongoing advisory services to keep the business informed about changes in GST laws, regulations, and compliance requirements. We advise on GST implications for new business initiatives, mergers, acquisitions, and other strategic decisions.