Strategic advice on transition to GST
Wisdom prevails over Knowledge
The indirect tax structure in India is overtly complex on account of overlapping taxes administered by Central, State and local jurisdictions. Moreover, this tax regime is governed by frequent notifications, circulars, trade notices etc. and many a times conflicting with well-established judicial position. It is procedural and compliance driven law. Indirect Tax poses great challenge for most of the organizations.
Indirect taxes directly impact cost of goods and service, cash flow, profitability and ultimately stakeholder value. Any lapse in recovering tax at transaction stage would result in adverse commercial implications. It is imperative for business entities to examine its tax structures, undertake in-depth analysis of the tax costs and thrive for tax optimization. Precise documentation and compliance is must to be on the right side of the law.
The Goods and Service Tax (GST) is radical tax reform and will soon become reality. It will result in to comprehensive tax base and virtually all goods and services will be taxable. While GST promises to be a game-changer, it will impact tax incidence, credit utilization, compliances and will require complete overhaul of the indirect tax system of business entities. Business entities will have to reevaluate their supply chain, renegotiate contracts with customers/vendors and reset tax practices.
Qualitative support from experienced professionals will go long way for tax optimization and healthy compliance.
With more than 100+ man years’ experience under its belt coupled with excellent technical knowledge, profound experience and philosophy to be co-custodian of clients’ tax matters, our team is able to successfully cater to scores of clients spread across diverse industries and business fields. Our team is specialized to support business entities to assess impact of GST on cash flow, profitability and overall business objectives. Out of box thinking coupled with our ability to identify and employ opportunities assists the clients in tax optimization whilst keeping litigation to minimum.
We believe that wisdom should prevail while structuring transaction so as to mitigate risk and avoid long drawn and never ending litigations. Knowledge and wisdom imparted by our senior partners are not only valued by our clients but are also valued by departmental authorities.
- Due diligence including vendor diligence
- Representation before authority
- Litigation support
- Orientation and in-house Corporate training for efficient tax compliances