Goods & Service Tax (GST) is the largest indirect tax reform in India since independence. GST is a pan-India single unified tax on both Goods and Services, levied only on ‘value added’ to goods and services at each stage in the economic supply chain.
We play a key role in fostering awareness of the GST and provide guidance on what steps our clients should take pre and post introduction of GST.
Our Service offerings
We have been closely involved in monitoring the developments on GST. We help businesses in anticipating policy changes and assessing impact on their operations. We offer a host of specialised GST advisory services which includes analysing its impact on business of our clients, scenario analysis including alternative business models, legislative business level implementation assistance, transition management and undertaking key compliances.
Our fundamental strength and skills are:
-Develop specific “concept level” impact areas, based on the information available in public domain and comparative GST structures in similar jurisdictions
-Sift impact areas into areas of opportunity and threats
-Help with representation to GST policymakers to minimise impact areas
-Identify the manner in which opportunities could be improved
-Perform simulated calculations of potential GST impact on business (on “as-is” basis) by using Grant Thornton Technology Tool and draft GST Law (Act & Rules)
-Identify possible scenarios under which above identified opportunities/ issues could be maximised or minimised, as the case may be
-Short-list realistic scenarios that could be implemented for GST preparedness
-Custom-design changes in ERP, Internal Controls and Accounting
-Assist in making relevant changes in Supply Chain
-Review and suggest changes in documentation, processes and policies to meet GST requirements
-Plot manner in which the GST credits and liabilities can be auto-picked for compliances and tax pay-outs
-GST registrations in all jurisdictions where required
-Assistance in meeting first cycle of GST compliances (invoice formats, returns, etc.)
-Assistance in transitioning tax credits and liabilities from legacy IDT systems to GST systems using Transition Rules
-Address special needs such as suggestions on State incentives.
How can we help you?
Submit a business inquiry online for more information.
“The results were clear, professional, and persuasive, and the investors and advisors who have seen the materials loved them. They know what investors want!”
