GST Advisory

Whether you’re ready to form a GST Advisory on your own—or need an attorney’s help every step of the way—we've got your back.

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    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.

    Documents required for GST registration:

    1. PAN card of the business and its promoters.
    2. Aadhaar card of the business owner and its promoters.
    3. Address proof of the business.
    4. Bank account details.

    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 organized and master files are updated as per customer requirements.

    Specialized GST Instruction

    Specialized 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 analyzed, 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.

    Core Focus of GST Advisory Services

    The core focus areas of GST Advisory Services include:

    • Assessing the fiscal impact of GST on businesses.
    • Reviewing product pricing using key factors such as tax rate changes and timing.
    • Analyzing the influence on outward supplies and the procurement of inputs and services.
    • Ensuring comprehensive understanding of all aspects related to registered businesses through expert advice.
    • Providing advisory services in response to the evolving GST legislation.
    • Addressing anti-profiteering measures as stipulated by GST laws.
    • Offering guidance on optimal pricing strategies.
    • Recommending safeguards for businesses to implement.
    • Facilitating representation before dedicated anti-profiteering regulatory authorities.

    Benefits of our GST Advisory services:

    1. Efficient management of GST compliance requirements.
    2. Minimization of errors and penalties related to GST compliance.
    3. Reduction of compliance-related costs.
    4. Increased accuracy and timeliness in filing GST returns.

    • Businesses with an annual turnover exceeding Rs 20 Lakhs must register for GST. Those with turnovers up to Rs 20 Lakhs may opt for registration voluntarily, while businesses with turnovers above Rs 40 Lakhs are required to register mandatorily.

    • GST Registration helps in determining the prices of goods and services, guides clients through GST compliance, clarifies legal uncertainties, promotes business growth, ensures compliance with regulations, and facilitates proper auditing. It also protects companies from hidden tax consequences and smoothens the transition towards GST.

    • GST Advisory Services assist businesses in understanding and implementing GST. They provide guidance on tax collection, evaluate eligibility for GST, help in the preparation of compliance manuals, and offer training for various departments. They also advise on tax efficiency and assess the impact of GST on business operations.

    • GST affects the pricing of goods and services, accounting practices, and business operations. Advisory services can help businesses navigate these changes, ensuring they adopt appropriate pricing mechanisms and safeguards to comply with GST laws.

    • The key areas include assessing the fiscal impact of GST on businesses, reviewing product pricing, analyzing the influence on outward supplies and procurement, understanding registered business requirements, and addressing anti-profiteering measures under GST laws.

    • For smooth GST implementation, businesses should seek assistance in obtaining GST Registration, understanding tax recovery from customers, updating eligibility for GST, preparing compliance manuals, and ensuring credit availability. Customized training and functionary advisory are also crucial for adapting to GST.

    • The documents required for GST registration include PAN card of the business and its promoters, Aadhaar card of the business owner and its promoters, address proof of the business, and bank account details.