India had a significant shift in its taxation policy in the form of the Goods and Services Tax (‘GST’) from 1st July 2017. GST is the most impactful and complex tax reform ever undertaken in the history of independent India. 

With GST came a uniform way to tax goods and services across various states which is a groundbreaking achievement, but it also brings along with it a new set of complexities as it encompasses all the taxes applied on a service or product.

So, what is GST?

GST is a new way of taxing all goods and services in India. It combines existing Indirect taxes levied by the Centre and States.

What are the challenges for a Business?

• Most importantly, since this is new taxation standard for Indian Economy there are frequent amendments in the law, procedures and GST rates.
• Products & Services may be moved between different tax slabs.
• The businesses are required to be compliant with all the changes and revision in GST standards.

This act affects all industries and requires a significant realignment of operations within manufacturing, supply chain and logistics, pricing, procurement, accounting and Information Technology (IT) Systems.

We at SCK, have developed a panel of experts who are well-versed with all legislative council’s requirements of the GST Act. We have developed tools/processes, which help businesses in ensuring timely and smooth compliances with the GST law.

We advise regarding GST implications on transactional issues, cross border transactions, tax classification and transaction structuring for achieving tax efficiency. We also support you in adhering to the Regulatory Compliance & Audit Requirements. The following services are included in this vertical:-

• GST Registration
• GST Periodic Compliance Support
• GST Due Diligence Reviews
• GST Internal Audit and review before the departmental audit
• Advising on operations/transactions of clients from an Indian tax perspective of various taxes applicable, tax benefits and exemptions available 
• Conducting Health Check/Credit reviews to identify planning opportunities available and optimizing the overall Indirect Tax incidence
• Advising on the execution of Projects/Contracts, structuring of contracts, identifying tax optimization opportunities, devising the most tax-efficient models and comprehensive range of compliance services subsequent to the bidding stage
• Providing on-call advisory services 
• Drafting, filing and processing of refund claims on your behalf
• Managing your GST Credit and integrating it with your cashflow strategy