GST is an indirect tax that has replaced many Central and State taxes like excise duty, VAT and service tax. It is a single comprehensive tax levied on all goods and services produced in India as well as those imported from other countries. The new tax regime came into effect on July 1, 2017, after years of deliberation – with the Atal Bihari Vajpayee Government first suggesting it in the year 2000.
Three years down the line GST compliance still seems complex. GST is complex because producers and service providers have to claim the input tax credit going through the maze of various slabs, rates, and classifications. The invoice-to-invoice matching system of GST essentially requires multiple monthly returns and plethora of audits to claim the input tax credit. In the present regime of self assessment any default in compliance could spiral in to tax interest, penalty, attachment of bank accounts/property and huge litigation cost.
We offer services relating to Registration; availment/restrictions of input tax credit and reversals thereof; time and value of supply; proper issue of tax invoices; debit notes, credit notes, bill of supply and proper maintenance of records; filing of GST returns and payment of taxes; filing of refund applications; conduct of internal hygiene audit; applications for Advance Ruling; review of contracts; drafting suitable replies to the notices and show cause notices issued by DGCEI and local preventive branches; appeals before appellate authorities, writs and SLP before High Courts and Supreme court of India; appearance up to the level of Supreme court; providing necessary guidance for appearing before the Authorities under summons ; legal opinion on specific issues/transactions and allied work; drafting representations in relation to policy matters at forums like Ministry of Finance, CBIC, GST council, DGFT and State Finance Ministry and tax authorities; merger and demerger of units.
