CA Lochan Kundra+91 9815433311
CA Simranjeet Singh+91 9814763238
3rd Floor, Aventura Mall, 35-B, The Mall, Amritsar
Our ServicesIndirect
Tax
Goods and Services Tax (GST) is an indirect tax (or consumption tax) used in India on the supply of goods and services. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes. Multi-staged as it is, the GST is imposed at every step in the production process, but is meant to be refunded to all parties in the various stages of production other than the final consumer and as a destination-based tax, it is collected from point of consumption and not point of origin like previous taxes.
Overview
Goods and services are divided into five different tax slabs for collection of tax: 0%, 5%, 12%, 18% and 28%. However, petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state governments, as per the previous tax system. There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold. In addition, a cess of 22% or other rates on top of 28% GST applies on few items like aerated drinks, luxury cars and tobacco products. Pre-GST, the statutory tax rate for most goods was about 26.5%, Post-GST, most goods are expected to be in the 18% tax range.
All GST filings are necessarily required to be done online. The following are some of the issues being faced by businesses in meeting GST requirements:
- The number of returns to be filed has also increased to 3 per month, which when added to the annual return takes the total number of returns to 37 in a year.
- The reduction in thresholds means that many small manufacturers previously not under excise regulations are now required to register under GST.
- Since this is a PAN-India single tax regime, therefore there are three categories of filing – central, state and interstate. The entity filing GST returns need to be clear about the category of filing required, the specific tax rate (there are three different slabs), and also the correct time for the monthly returns.
- The monthly reconciliation of ITC appearing in GSTR 2B and GSTR 3B.
- The annual reconciliation of Output Tax Liability and Input Tax Credit reflected in Books of Accounts with the GST Portal.
Lochan Kundra & Associates has successfully assisted all its clients in transitioning to the new system and is helping them on a periodic basis in meeting the legal requirements around GST. Our team is involved in every step of the process and in several cases, eliminates the need for our clients to hire more employees to keep up with the additional GST workload. We provide the following indirect tax services to our clients:
GST ADVISORY
- The scope and requirements of GST law are complex, voluminous and come with a lot of grey areas. We, at Lochan Kundra & Associates aim to make GST ‘simple and easy to implement’. We are able to break down complex things into simple language. No matter how complex the problem is, our experienced GST advisory and planning team is always ready to take your questions.
- Our GST advisory team comes with a vast experience of handling several indirect taxes in India. We have on the ground experience of the hassles faced by taxpayers. We also undertake a 360 degree review of your organisation’s business and help you structure the transactions for tax optimisation as well as GST compliance.
GST REGISTRATION
- GST Registration is an online process involving submission of several business details along with certain supporting documents. Prior to the GST registration, a critical analysis of various business and transaction aspects like – nature of business, types of supplies/ services, category of registration etc. are required to be undertaken.
- We, at Lochan Kundra & Associates are equipped to provide qualitative value added services through the entire process of GST registration. Our dedicated team is available to offer end to end services in accordance with your requirements and clarify your questions.
GST REFUND
- We, at Lochan Kundra & Associates believe in offering qualitative value-added services to our clientele. Our GST refund application process has its foundation built on comprehensive process checklists, document verification and categorisation, reconciliation with GST records and periodical follow ups and pursuing the refund application with the GST authorities.
- With such comprehensive process in place, all you need is to provide us the required data, sit back and await receipt of the refund orders. Engage us for your GST refund claims and see the difference.
GST OUTSOURCING
- The Government of India since the launch of GST has been a predominant area in the business world. It has become vital for every business organization to comply with the law right from billing to filing the returns.
- This GST era is beneficial to curb the tax evasion, yet it has increased the complexities, demand for large data, and compliances. Thus it is always a wise decision to outsource GST work
- GST outsourcing implies services by experts at Lochan Kundra & Associates with regard to all the intricacies of GST. You focus on the core business and leave all the statutory compliances on us and trust about timely compliances.
- Work done GST outsourcing includes GST Registration, GST Impact Analysis & Treatment, GST Advisory, GST Refund, GST Annual Compliances, GST Representation services.
GST IMPACT ANALYSIS AND TREATMENT
- It is critical for the businesses to evaluate the impact of GST and undertake implementation programs for a smooth transition and rollover without having any hindrances in the smooth conduct of business. Impact analysis, planning and treatment are the foundation for aiming at a smooth GST transition.
- We, at Lochan Kundra & Associates are adept at analysing the complex interplay of several laws, notifications, rules and guidance on the subject in order to provide tailor-made solutions for businesses. GST analysis is not successful under a ‘a one key fits all’ approach. A business specific solution aimed at transaction optimisation demonstrates the value addition delivered to our clientele through our approach.
GST AUDIT
- The GST law requires audit of the monthly compliances by way of an audit attached to the Annual Return. It is critical to for the taxpayers to start focusing on the audit of compliances under GST law and input and output reconciliations form a critical part of the GST audit certification. The audit of Annual return (also known as GST audit) lays the foundation for the first external verification/ assessment under the GST law.
- We, at Lochan Kundra & Associates believe in offering qualitative value added services encompassing a comprehensive review of all GST records along with our recommendations on strengthening internal controls for appropriate data entry, data recording, data analysis and data requirements for compliance.
GST REPRESENTATION SERVICES
- GST law is bound to have uncertainties and possibility of multiple interpretations and is not expected to be free from litigation, akin to other laws. These differences may ultimately give rise to legal proceedings and eventually into appeals. Handling such differences requires proficiency in domain and experience in dealing with authorities at various levels.
- Our team of experienced legal and tax professionals with in-depth experience in analysing notices, drafting submissions, strategizing the way forward and representation before the GST authorities/ appellate authorities. Our experience in GST coupled with our analysis of the potentially litigious areas could mitigate the risk of litigation for the taxpayers.
Focus on what’s Imporant
Let’s talk about improving your tax submissions
Are you worried about a possible audit from the IRS or a collective action being taken against you? Don’t wait until it’s too late. The experts at Lochan Kundra Associates are here to assist you with all of your tax needs.
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3rd Floor, Aventura Mall, 35-B, The Mall Road, Amritsar
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