Company Role

Client to ensure that they provide information related to all open transactions, set offs available, litigation status, closing valuations, open contracts, etc. pertaining to earlier Acts that are discontinued on account of GST Tax.

Providing accurate data in the formats shared on timely basis

Accounting, compliances and reconciliations

Company to provide current and GST related flowcharts, process maps, etc in ERP

Uploading of returns, payment of GST and discussions with vendors etc

Quick turnaround time for response and desired information should be provided within timelines prescribed

GST – Advisory support

Reviewing and advising the Company in undertaking the compliance under the final GST legislation on the monthly basis on the following aspects for one legislative.

We shall capture the understanding of the business of the Company to enable us conduct a high level study of business operations by visiting the Company premises in Pune.

We shall understand procurement pattern and supply pattern of the company by following proportionate method. Further, we shall identify the major creditable and non-creditable expenses of the company and Pre-GST law applicability on the same

Assisting in identifying impact of GST on three key services contracts and identifying impact of GST (basis the previous tax implications and credits details provided by the Company)

We shall confirm our understanding of data captured with the company. However, our scope does not include re-conciliation of the data given for the purpose of GST Impact analysis with the financial of the company.

Assistance in analysing and prioritizing the impact of GST (both positive and negative) on business areas like Finance , Sales, Contracts, Human Resource etc. as per the Model GST Law and resultantly identify whether there is any need to evaluate alternative tax efficient business structures

Review and advise in calculation of liability of tax required to be paid under GST.

Review and advise in computation of input credits and retentions, if any

Review and advise in payment of net GST and filing of returns

Review of online input tax credit report and input tax credit availed as per the books provided by the Company

Review of vendor’s ledger confirmation on sample basis whether the same is matching with books of accounts of the Company.