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Indirect Taxation

Managing indirect tax compliance by a business has been very complex in India due to multiple laws, sub ordinate legislation (rules, notifications, circulars) driven compliance and frequent amendments therein. Though the GST has subsumed multiple indirect tax laws, the compliance need is high. All periodical returns, statements, intimations, notices and reply to such notices would be automated in GST. The credit matching concept in GST is a significant task and credit not matched could result in denial of credit. Therefore, it is important for the organizations to ensure error free compliance.

Our services include following:

Obtaining Registration with Tax Department

Due care needs to be taken while applying for registration to ensure smooth flow of business. Factors like type of registration, places of business to be added and additional information to be provided needs to be considered for registration. This necessitates assistance of professionals. The services includes support in de-registration and surrendering of unwarranted registration as well.

Gst return filing and Payment support

Our firm offers support in GST return filing and tax payment which could following aspects:

Review of GSTR returns for ensuring appropriate disclosure.
Review of sample sale and purchase inoices
Review of computation of GST output liability
Review of computation of GST input tax credit and eligibility of credits on sampling basis. Review of credit reversals.
Review of computation of GST under reverse charge mechanism
Review interest computation due to delayed GST payment, non-payment to vendors
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.
Assist in making payment after adjusting eligible credits

Assistance in Internal Control and System implemented for Indirect Tax Compliance.

Indirect tax systems impact almost all financial transaction of business. This necessitates having proper control system to manage tax function at transaction levels. Also, the businesses have now become system driven where human interference is reduced to very minimal. The complex business structure coupled with system automation requires flawless tax system inbuilt in all processes. We, at Sumit Binani & associates, have system experts who can assist in establishing internal control and implementation of system addressing all compliance requirements under indirect tax statues.

Designing and Implementation of Standard Operating Procedures (SOP) for Indirect Taxes

Business should not depend on individuals for key business process especially indirect taxation which has impact on all business transactions. This necessitates developing robust SOP under indirect tax for smooth functioning of business. The need of SOP is felt in medium and large size business. We have successfully designed operating procedures for small to giant size clients be it manufacturer, trader, service provider, dealer or importer. It has been seen that wherever such procedures have been followed, it has resulted in significant decline in department actions.

GST Audit

Section 35(5) of CGST Act 2017 requires a registered taxable person with turnover of more than Rs.2 crore in a year to get his books of account audited by a chartered accountant or cost accountant. We conduct audit of books of accounts under GST which cover various aspects. Audit certification should not be considered merely as attestation function. A good auditor should be able to add great value to the auditee within the four corners of law. We strive to achieve the objective of value addition for client along with performance of statutory obligation of conducting audit as mandated under the law.

GST Representation & legal support

All tax laws are bound to have uncertainties and possibility of multiple interpretations. Even GST would not be free from such interpretations.We have been able to establish our credibility in handling litigations through ethical practice. Our experience in handling litigations in laws such as Central Excise, Service tax, Customs and VAT would help in practice in GST as well. Our services includes:

Reply to Departmental Audit Objections
Reply of Show Cause Notice
Filing of Appeal and representation upto Tribunal
Assistance in filing appeal and representation before High Court & Supreme Court.
Applying for Advance Ruling
Representation before Government / Tax Bodies/ GST Council
Handling Litigation under erstwhile Indirect Taxation Laws
Applying for settlement commission under Central Excise & Service Tax.