Indirect Tax Services:
1. Goods and Service Tax Advisory and Compliance:
The GST law has wide application across all businesses. The kind of tax to be levied under the GST law depends upon place of supply. The other key concepts in GST law are time of supply, valuation of goods or services and input credit mechanism. GST is one of the highest sources of revenue for the Government. A businessman can have varied issues regarding GST implications for various transactions, which require an expert advice.
Our dedicated GST team consists of skilled and vibrant professional. We focus your overall tax law understanding and performance, creating greater opportunities to measure and improve efficiency, develop a more strategic approach to tax, and deliver outstanding shareholder value. We focus on providing timely and accurate statutory compliance which helps our clients to be tax complaint and tax effective. Our large based team also specializes on advisory over GST transactions and structures.
- a. Structuring Advisory:
We are known for suggesting workable solutions and ability to solve complex issues and deliver strategy and implementation from a business and technical view within the framework of law. The coverage ranges from the present GST Law, Customs Law, Foreign Trade Policy and the erstwhile Central Excise, VAT and Service Tax Laws.
We assist in improving the performance and effectiveness of clients business of examining all the Indirect tax aspects of core management and business process for further growth of the business.
Our GST advisory services include:
- Formulating tax efficient business models.
- Recommending transactions structures and contracts to optimize indirect tax costs / incidence.
- Conducting tax impact assessment studies.
- Undertaking comprehensive reviews of business operations.
- Identifying risk related to complex supply and advising on the same.
- Advising on classification, valuation, applicability of taxes on transactions and admissibility to tax benefits / exemptions.
- Ascertaining the taxability under reverse charge mechanism of GST, place of provision Rules and Point of Taxation Rules so as to determine liability and exemption under GST.
- Advising business restructurings and Implications from GST perspective.
- Identification of fiscal optimizing opportunities.
- Installing Internal Control steps from GST point of view.
- Comprehensive Heath check for GST.
- Comprehensive support for resolving tax issues related to cross border transactions.
- Review of IT Systems design for GST.
- Advising on pricing of various goods and services from the tax point of view.
- Supply chain optimization from Tax point of view.
- Assisting in contract negotiations with suppliers and customers.
- Assistance in implementation of newer taxes and related processes.
- b. Legal Assistance and Opinions:
We believe in providing independent and competent opinion to our clients. We strive to provide first hand understanding to our clients of legal implications associated with any transactions they intend to entered. Our team possess experience in providing legal assistance with regards to any given transaction. We provide following assistance to our clients:
- Vetting of contracts and other supporting documents relating to the matter for opinion.
- Providing written opinion on any given transactions.
- Opinions on routine as well as transaction specific issues.
- c. Due Diligence including vendor diligence:
Strategic business decisions often require due diligence of parties involved, in order to assess the financial viability of the decision. In business deals, tax due diligence of seller is one of the crucial and important check for making any deal feasible. Such due diligence is either voluntary by seller or is based on specific requirement of the buyer to review the tax exposure. This becomes more critical where entity is exposed to multiple indirect tax laws.
Tax Professionals at BSC possess in-depth knowledge and experience for due diligence review. The team identifies areas of non-compliance, potential threats thereof and suggest remedial measures to make the deal work. Alternative structuring strategies to optimize tax incidence are also considered and suggested will conducting the due diligence. Our GST due diligence services include the following:
- Advise over viability of a transaction/deal after conducting deep study of the transaction/ structure/ vendor concerned.
- Comprehensive Due Diligence Report with comment on important areas.
- Suggestion on way forward and available solutions.
- d. GST Compliances:
Every registered taxpayer whose turnover is more than a specified criteria( as per section 35(5) of CGST Act) in a particular financial year needs to get their books of accounts audited from a practicing Chartered Accountant or a cost Accountant.
We at BSC provide comprehensive reviews of all your GST records by analyzing your turnover, tax payment, refund claiming and availing of input tax credit. Not only this, we also suggest our clients various measures to strengthen your internal controls by providing appropriate way of recording, entering and analyzing data.
Every GST registered entity is required to submit GST returns within time limit prescribed by the law. It is imperative to understand that compliance is very important in GST due to automation of all returns including payment process. Managing such multiple tasks could be technically complex, time consuming and can involve unpredictable costs for a business.
Tax needs to be paid to government at the end of each tax period which requires identification of appropriate calculation of tax liability after adjusting eligible credits. There could be other multiple adjustments also on account of non-monetary consideration, time of supply, related party implications, reverse charge liability etc.
Our firm offers support in GST return filing services which are as follows:
- Review of procedural compliances including GST registrations obtained, payment of taxes, filing of returns, disclosure of ITC & outward supplies in returns, movement of goods for job work, carry forward of credits etc.
- Providing assistance to calculate tax liability for each tax period cycle after considering all eligible input eligible credits and liability as per reverse charge mechanism.
- Preparing and submitting GST returns and providing guidance with regards to payment of taxes.
- Review GST returns prepared by clients to ensure appropriate disclosure of sales turnover and claiming of eligible ITC and matching the same with regular books of accounts to avoid any discrepancies.
- Vouching of sample sale and purchase invoices to ascertain correctness of billing and accounting system.
- Review interest computation due to delayed GST payment, non-payment to vendors etc.
- Review of fulfillment of conditions for exemption / concessional rate of taxes.
- Support in designing efficient accounting and support system so that information necessary for filing of return are available instantaneously.
- Assistance in making payment after adjusting eligible credits in the most suitable manner which optimizes cash payment of taxes.
- Review of GST outward supplies, tax rates applied, concessions, exemptions claimed, fulfillment of related conditions, export benefits claimed etc.
- Review of GST input tax credits claimed to assess eligibility, ineligibility, completeness, documentation for credits etc.
- e. GST Audit:
As per the provision of CGST Act 2017, a registered taxable person whose turnover is more than Rs. 2 crores in a year is required to get his books of account audited by a chartered accountant or cost accountant. The due date for submission of audited financial accounts including reconciliation statement for a financial year would be 31st December of subsequent year. We conduct audit of books of accounts under GST which would cover following aspects:
- Review of outward supplies declared in return to ensure that it includes all outward supplies made during the financial year
- Review of inward supplies declared in return to ensure that it includes all inward supplies received during the year
- Review of all Tax deductions claimed including sales returns, abatements, exemptions
- Review of Tax classification, rate of goods which should be according to provisions of GST further we also review the classification HSN wise
- Assessment of registrations obtained and whether any amendments is required to comply with the provisions of GST Law
- Review of input tax credits claimed on inputs, input services and capital goods, as also claim of credit in accordance with all eligibility criteria
- Review of reconciliation statements are to be filed along with certified audit report
- Support in preparation of the reconciliation statement and filing of Annual return
- Conducting audit in accordance with all other requirements as per GST Act
- II. GST Representation Services and Litigation Support:
With the rapid increase in dispute, litigation or investigation. it is necessary to get credible and reliable advice to manage risk and create value. Our team of experienced professionals combines the highest standards of technical skills and knowledge to gather analyses and evaluate evidence. We review pending litigations issue wise and thereafter provide guidance over the possible outcome basis the judicial precedent and legal provision in respect of each litigation, along with the risks involved. We assist clients in drafting responses, while making submissions and presentations on their behalf. Furthermore, we help them in maintaining a database, wherein litigations are segregated based on issue, forum, etc.
- a. Representation before various forums for assessments:
Assessments are considered to be the first stage of finding any discrepancies in the returns filed by the tax payers. After the assessments have been done appeals are filed before various appellate forums. These could be commissioner (appeals), Tribunal, Revisionary Authority, or similar other authorities. Our legal team understands the matter; prepares and files appeals wherever required considering the legal, factual aspects and appears before the designated authorities.
We provide following services to our clients to enable them to have effective representation:
- Submission of details/ documents before respective authorities
- Representation before various authorities
- Follow up with respective authority for speedy conclusion of proceedings
- Submission of Advance Ruling applications with respective authorities after screening the matter for which advance ruling is sought
- b. Representations and follow up for speedy disposal of Refund Claims:
The Indirect Tax team at BSC, have in-depth knowledge of interconnections among various indirect tax laws, understand the intricacies in different refund options, undertake the cost-benefit analysis and suggest our clients with the best workable options
We assist our clients in the following way:
- Assisting client about refund to be claimed in time
- Filing refund applications, compilation of details/documents for submission to the respective authority.
- Assisting client on difficulties/issues related to refund claim.
- Follow up with the respective authority for rapid processing of refund
- c. Litigations Support:
We are strong followers and propagators of ethics in our professional practice. We provide independent and unbiased guidance to our client on legal matters. BSC has a wide experience in providing most effective and beneficial litigative solutions by:
- Litigation review exercise to formulate strategy for swift resolution of matters
- Reviewing existing litigation and uncertain tax positions; comment on the grounds taken for defense in existing litigations and probability of success and mitigation steps for future litigation.
- Identifying potential risks regarding various tax positions and comment from long-term view
- Offering expert advice on corporate governance practices to ensure compliance and promote ethical business conduct.
- Proactively explore alternative tax dispute resolution avenues for complex tax disputes
- Reviewing litigations for disclosure as contingent liability in financial statements
- Providing comprehensive guidance on personal income tax matters to optimize tax positions and ensure compliance with regulations.
- Drafting replies to notices, submissions to authorities, appeals to authorities and Tribunal, applications before advance ruling authorities
- Presenting personal appearances and arguments before adjudicating authorities, appellate authorities and Tribunal
- Representing arguments before advance ruling authorities
- Preparing briefs for legal counsel, briefing legal counsel and assisting legal counsels for appeals, writ petition and special leave petition before Apex Court and High Court
III. Service Tax Representation Service and Litigations:
BSC is known for its practice in the Service Tax Law. Though post introduction of the Goods and Services (GST) Law, the Service Tax Law is abolished, however cases related to the service tax regime are still pending at the various forums before the authorities, and also there are instances where the defaults under the erstwhile Service Tax era can still emerge in the near future.
In order to facilitate our clients with any litigations that may emerge pertaining to the erstwhile Service Tax era, we at BSC with our decades of knowledge and experience in this particular field are able to serve our clients for the earlier Indirect Tax regime also, along with the present Indirect Tax i.e. GST regime, under a one single roof.
a. Representation & Litigation assistance:
Show cause notice is foundation of any litigation process. Replying the notice addressing all aspects is very critical to get ultimate outcome of litigation process. We have team of experienced legal team having in-depth experience in drafting reply to various notices issued under the GST law. We also attend personal hearing on behalf of client. Further we assist in preparation of various submission as required at various stages of the litigation. We also assist clients in representation before the authority also further we help in handling matters regarding the departmental audit.
b. Follow up for Refund claims:
We believe in offering qualitative value-added services to our clientele. Our refund application process has its foundation built on comprehensive process checklists, document verification and categorization, reconciliation with records and periodical follow ups and pursuing the refund application with the authorities. With such comprehensive process in place, the process of refund becomes quite easy and the clients gets the best possible outcomes.
c. Litigations Support:
We are strong followers and propagators of ethics in our professional practice. We provide independent and unbiased guidance to our client on legal matters. BSC has a wide experience in providing most effective and beneficial litigative solutions by:
- Litigation review exercise to formulate strategy for swift resolution of matters
- Reviewing existing litigation and uncertain tax positions; comment on the grounds taken for defense in existing litigations and probability of success and mitigation steps for future litigation.
- Identifying potential risks regarding various tax positions and comment from long-term view
- Proactively explore alternative tax dispute resolution avenues for complex tax disputes
- Reviewing litigations for disclosure as contingent liability in financial statements
- Drafting replies to notices, submissions to authorities, appeals to authorities and Tribunal, applications before advance ruling authorities
- Presenting personal appearances and arguments before adjudicating authorities, appellate authorities and Tribunal
- Representing arguments before advance ruling authorities
- Preparing briefs for legal counsel, briefing legal counsel and assisting legal counsels for appeals, writ petition and special leave petition before Apex Court and High Court