What is GST?
• GST i.e. Goods and Services Tax
• Uniform taxation by merging of various Indirect Taxes like Central Excise, Service Tax, VAT, CST etc.
• Game changer and Overhauling of present Indirect Tax Mechanism.
• Dual GST complementing the federal structure in India.
• Enhanced cost competitiveness of goods and services
Why it is important to know GST from Business Perspective?
GST will have impact on,
• Pricing Strategies
• Purchase Policies
• Distribution Network Strategies
• Inter-unit/plant Transfer
• Transitional issues
• Change in existing IT System
• Cash Flow
• Logistic Strategies
Therefore it is important to understand the impact of GST on the business Knowing GST in advance will give advantage to be first movers to,
• Marketing Leaders
• Supply Chain / Logistic Leaders
• Business Leaders
• Finance Leaders
How Rankteck solutions can assist you?
We will be partnering you to decode the GST Law and more specifically can undertake,
• GST awareness sessions for you and your
• Impact study of GST on your business.
• Crafting business plans in the changed environment
• Suggesting best possible alternative for Working Capital Management
• Transaction Structuring by mapping existing business model.
• Developing SOPs for your business in the changed tax regime.
• Opinion and other advisory.
• Audit and Assurances Services
• Designing IT system and Controls required in the new GST regime.
• Support for ERP implementation in changed environment.
• Handholding for initial period for compliances and documentation.
• Corporate Training Modules designed for your business.
• Assistance in completion of earlier period assessments and assessments under GST.
• Field Support for handling transitional arrangement / credit.
1. Support for Input Tax Credit (ITC)
Electronic Credit & Cash Registers is a unique feature of GST mechanism. If there is gaps in the matching of an organisation’s Inputs as reported by Vendors & as reported by the organisation, the Input Credit will be disallowed. The GST provisions as on date offer a very narrow window to carry out the Input Credit Reconciliation with our Vendors. We provide Professional Services of Reconciliation of details of Outward supplies with Customers. Our team will take up the job of Coordinating with the Customers to reconcile the details of Outward supplies. We provide the service of Input Tax Credit Reconciliation. We provide expert guidance to issue the Revised Invoice, Credit Notes, Debit Notes for required adjustments.
B2. Maintenance of
Input – Output Records Register
Compiling of Invoice-wise details of Input & Output of Goods & Services is mandatory to comply with all the requirements of GST. This activity can either be automated through various Systems or can be handled using simple Excel Based Tools.
We provide Professional Service of Maintaining Input – Output Records Register based on the base documents received from the clients. We provide Excel Based Solutions to maintain Input – Output Records Register. We have our own infrastructure to support our Clients with our in-house team with full data security & confidentiality.
B3. Valuation of Supplies
Valuation is a key concept under GST. Lot of factors like Place of Supply, Time of Supply, HSN / SAC Classification, Nature of Transaction, etc. will have a bearing on the “Valuation” which will determine the Applicable Tax Rate & Tax Liability. Our team of expert will support the client to identify Place of Supply, Time of Supply & Tax Liability under GTS. In special cases where Valuation is to carried out base on “Cost”, we will provide calculation & certification of Cost of Production for GST Purpose.
B4. Filing of Various
Returns under GST
As per GST Provisions as of date, Registered Person has to file 3 Monthly Returns & 1 Annual Return. The time window for filing monthly returns is only around 10 days. Thus Filing of Returns is a very critical activity under GST. We Provide service of Filing / Uploading of Inward & Outward Supplies. We Provide service of Filing of all the Monthly & Annual Returns. We Provide service of GST Payments at the time of Filing of GST Returns.
B5. Audit &
Compilation of Monthly Returns to file Annual Return. We carry out Audits under GST mechanism. We give professional service of Representing our Clients before the competent authorities under the GST Mechanism.
Other Services under GST mechanism
C1. GST Registration
Registration of “Places of Establishment” & “Place of Supply” under GST. Registration of “Casual Taxable Person” under GST. Amendment or Cancellation of the GST Registration.
GST is one of the biggest tax reforms that India is adopting. It is imperative for everyone associated with business activities to have an understanding and knowledge of GST. Each stakeholder in the Business chain has to learn GST from different perspective to add value to the Business. GST Training is thus a key aspect for successful implementation and migration to GST. With the GST, every business is bound to aligning its operations in a specific operational way and training the new recruits in the organisation on this front is going to be a routine and continuous activity. Accounts / Tax Executives, Taxation Department Users, Accounts Department Users, etc. We also offer our own In-House Training Infrastructure to conduct trainings upto a group of 40 participants. We design the Training Modules as per the Requirements of the Clients giving specific attention to the System Used by the Client for GST (e.g. SAP, Oracle, Tally, Customised ERP, Excel, etc.). We provide Customised, Client Business Process Oriented Training Solutions as part of the Induction Training for the Businesses.