Goods & Services Tax

The Goods and Service Tax (‘GST’) introduced in July 2017 is radical tax reform. While GST has been a game-changer, it has impacted various aspect of business such as tax incidence, credit utilization, compliances and resulted in a complete overhaul of the indirect tax system of business entities.

Excellent CFO provide regular assistance to businesses and establishments in evaluating their supply chain, contracts with customers and/ or vendors, ensure timely filing of GST returns, compliance with e-invoicing, timely filing of refund application, and much more.

We have a wide experience in rendering services related to GST in a systematic manner which includes :-

Advisory Services
  • Evaluation of tax implication for proposed or existing business transactions
  • Review agreements to identify the GST impact, from the perspective of Procurement, Manufacturing, and Distribution
  • Evaluation of legal positions adopted by the organisation under GST regime and suggest changes, if required
  • Advisory on matters related to GST
  • Summarising and sharing timely updates on changes notified by the Government or local authorities
Compliance Services
  • Assistance in obtaining registrations under GST or other statutory legislation as required
  • Verification of input tax credit records and identification of ineligible credits
  • Reconciliation of input tax credit with returns filed by vendors (i.e. reconciliation of purchase register with GSTR-2A and GSTR-2B)
  • Review of periodic computation of tax liabilities
  • Assistance in preparing and filing periodic return(s)
  • File requisite statutory applications with various authorities
  • Assistance in preparing and filing of GSTR-9 and GSTR-9C
  • Filing of refund application
Litigation
  • Assistance in drafting responses to notices, inquiries, and such other communication received from GST department
  • Assistance in preparation and filing of appeals against orders received from appellate authorities
  • Representation before the appropriate authorities and engaging external legal counsel, if required
  • Filing advance ruling applications with the authorities to seek clarification on ambiguous matters
Other Indirect Tax Services
  • Conduct due diligence reviews from an indirect tax perspective
  • Conduct health-check reviews and ensure that tax compliances are adhered to
  • Provide technical assistance and representation services during departmental audits
  • Assistance in preparation and filing of representations before Advance Ruling authorities and other tax or government authorities
  • Conduct management/ personnel training for clear understanding of relevant GST provisions