Indirect Taxation

The Indirect tax system in India has undergone a major change in July 2017 with the introduction of GST, replacing the erstwhile systems of excise, VAT, Service Tax, etc. The new regime aims at greater transparency and fairness across the range of goods and service providers, however it also introduces significantly higher compliance requirements in the form of multiple returns every month, multiple tax payments every month and constant reconciliation of tax credits being claimed by each entity.
With this change, many small and large businesses in India are at a loss to understand the transition and fulfil their tax liabilities correctly. 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.
Because of these changes several businesses are opting for professional indirect tax services, instead of placing the responsibility on their own teams. A good GST services provider understands the system and challenges well and ensures that the transition to the new tax regime is seamless.
I P R S 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 registration and migration.
  • Ongoing calculation of GST liabilities and credits.
  • Filing of GST returns
  • Liaising with tax authorities in cases of tax demands, scrutiny or disputes for both GST and erstwhile indirect tax issues (service tax, VAT, excise, etc.)
  • Interpretation of GST Act and specific sections based on clients’ industry, products, exporter/importer status and other unique circumstances.

GST Consultation

  • Evaluate tax implications on existing or proposed business transactions.
  • Review contracts and agreements in order to identify the GST impact, from the perspective of Procurement, Manufacturing and Distribution.
  • Assistance in identifying optimal valuation model for related party transactions under GST, while aligning the same with the model adopted under transfer pricing provisions.
  • Evaluate the legal positions adopted and suggest changes, if any, under the GST regime.
  • Assistance to comply with the provisions of anti-profiteering rules under GST.

GST Compliance

  • Assistance in obtaining registrations under GST or other statutory legislations as required.
  • Verification of input tax credit records and identification of ineligible credits.
  • Review of periodic computation of tax liabilities.
  • Assistance in preparing and filing periodic return(s).

GST Litigation

  • Assistance in drafting responses to notices, enquiries and such other communication received from revenue/assessing authorities.
  • Assistance in preparation and filing of appeals against orders received from appellate authorities.
  • Representation before the appropriate authorities and engaging external legal counsel, if required.

Customs

  • Advice on matters pertaining to import and export of goods into/from India under the Customs Act, 1962.
  • Assistance in Customs Valuation-related matters with regards to import from related parties.
  • Advice on various incentive schemes pertaining to duty-free import/export of goods or services under the Foreign Trade Policy.
  • Assessment of Projects & Releasing of Bond.
  • Refund

VAT

VAT Audit
The Firm provides full VAT audit services to large and mid-size clients headed by a Partner a Director VAT, Managers and Staff.
VAT compliance
The VAT division of the Firm on selective basis offers compliance advisory on a regular basis.
VAT Assessments
The Firm represents the clients for presentations to Tax Authorities as required by the clients.
VAT- Advisory services
The Firm has full division for VAT Advisory services headed by a Partner and assisted by Directors and Manages and staff. Full range of advisory services backed on years of experience of handling complex cases and situation is on offer to large and mid sized clients.

All Services

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