Indirect Tax - Regulations & Compliances

Indirect Taxes – Regulations & Compliances

GST is a transaction tax that subsumes most of the legacy indirect taxes levied by the Centre and States.This reform has called for a significant realignment of operations including supply chain and logistics, pricing, procurements, accounting, and Information Technology (IT) systems.

As India is a federal country, there is a dual GST with a four rate structure to meet the interests of various businesses. Given that the government is extremely proactive in addressing the transition challenges faced by trade and industry, a number of exemptions and concessions find place in the evolving GST system, but so do a number of challenges owing to the change in the initial years of its inception.

A reform of this magnitude takes time to settle down in the overall system as the compliance and legislative processes require continuous amendments to weed-out difficulties. Thus requiring businesses to continuously adapt to the additional requirements necessitated by these amendments.

How does Finsurety address your GST concerns ?

At Finsurety Advisors, we stay abreast of all the developments on tax policies, administration and key judicial pronouncements, thereby identifying threats and opportunities for providing innovative tax solutions to our clients.

We are a one stop solution for GST compliance which includes:

  • GST Registration & Return filings
  • Preparation of Replies to notices and Representation before tax authorities
  • GST Refunds
  • GST statutory audit and
  • GST review / GST internal audit.

We offer pan India GST compliances including but not limited to GST registration, obtaining GSTIN, filing of monthly and annual reports, data analysis vis-à-vis GST transactions, total tax liability calculation and monthly MIS of indirect tax compliance. We also review your GST structure by reviewing the taxability of your business transactions, documentation, ITC compliances, applicability of rates, and other compliance procedures.

Under the GST statutory audit, we review data, returns, and systems vis-à-vis tax laws. We also prepare reconciliations as required under GSTR9 and perform audits as per GSTR 9C along with the finalisation of observations and review of tax computations.