Indirect Tax Services - InCorp Advisory

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Overview

Indirect taxes pervade every area of a company’s business. Their impact on material and product costs, cash flow, profitability, and, ultimately, on shareholder value is an important element to stay ahead in the competition. Given the federal structure of India, indirect taxes are levied by both the central and state governments. We have with us, professionals having in-depth knowledge and wide-ranging experience to help you in the effective planning and structuring of your business to achieve financial efficiency and ensure compliance with the regulations. We provide comprehensive advice and assistance on various indirect tax levies including Goods and Services Tax (GST) and Customs Duty.

Service Areas Within Indirect Tax Services

GST Compliances

Review of tax returns and tax computations and submission to tax authorities in each state for each registered presence (including review of mismatches between vendors and/or customers and the client’s records based on reconciliation prepared by the client).

GST Operational Assistance

Addressing operational issues arising out of GST implementation, vendors and customers ecosystem support and advisory services as well as obtaining advance rulings.

GST Audit Services

Assisting the client in getting an annual GST audit done in respect of each registered presence where the client is situated.

GST Representation And Litigation Support

Representation before GST assessing and appellate authorities in the various states across India.

Other Indirect Taxes Advisory And Litigation

Apart from GST, some other significant indirect taxes are Custom Duty, Central Excise Duty, Central Sales Tax, Service Tax, Professional Tax, Stamp Duty (at the Federal level), and VAT, Stamp Duty and Entry Taxes (at the State level). We provide opinions and representation before assessing and appellate authorities for the other indirect taxes.

Frequently Asked Questions

Why is GST audit service required?

The GST law requires an audit of GST returns filed by registered persons. GST audit involves the examination of records, returns and other documents maintained by a registered person to verify the correctness of turnover declared, taxes paid, refund claimed and input tax credit availed, and to assess his compliance with the provisions of GST Law.

Who is eligible for GST audit?

Taxpayers whose total turnover on all India basis exceeds Rs 2 Crores in a particular financial year are eligible for the GST audit. However, the turnover limit for FY 18-19 is increased to 5 Crores.

Is rectification allowed in GST returns?

GST Returns, once filed, cannot be amended however rectification to earlier filed return can be done before the due date of filing return of September next year or filing of annual return, whichever is earlier.

Which are the advisory services under GST?

Advisory is required on -

» Assessing the fiscal impact of GST on business
» Realigning the operations to ensure tax efficiency
» GST rate applicable on products and services
» Correct availment of GST credits and utilisation thereof
» Assessment refund and appeal matters
» Implications under the anti-profiteering provisions under the GST laws.

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Contact Our Expert Team

Samir Lakhani

Lead

Indirect Taxation

Other Services

Overview

Service Areas Within Indirect Tax Services

Frequently Asked Questions

Calculate your GST Here

Calculate HSN & SAC Here

Contact Our Expert Team

Samir Lakhani

Lead

Indirect Taxation

Milan Shah

Lead

Indirect Taxation

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