Tax Consulting

GST Consulting

GST Impact on business

A brief analysis of GST impact on key business functions such as procurement, production, warehousing, distribution, supply chain management, information technology, working capital and other functional areas could conducted considering the GST rates, exemptions, concessions. This could help in cost control, pricing strategies etc.

Standard Operating Procedures (SOPs): Design and Review

Professional organisation requires SOPs for key business functions. There could be need to review existing SOPs considering the GST law which is developing on regular basis and design new SOPs in accordance with GST. We help in meeting all the requirements around design and modification SOPs for key business functions.

GST Compliance Review on Periodical Basis

We could expect regular developments in the new GST law as GST council would be considering the interests of various stakeholders from time to time. The level and need of compliance is also high in GST and organization may need help of professionals to ensure compliance with changing law. We may provide assistance in ensuring compliance by conducting GST compliance review on periodical basis covering all functions having impact in GST. This could include sales, procurements, inventory, finance etc. Such review would also be helpful for GST annual audit which is mandatory as per GST provisions for assesses with turnover of more than Rs.5 crore in a financial year. Periodical review could help the organization to ensure compliance, take benefits of credits, update with changes in rate of taxes etc. Broadly, this would cover the following:

  • Review of GST outward supplies, tax rates applied, concessions, exemptions claimed, fulfillment of related conditions, export benefits claimed etc.
  • Review of GST input tax credits claimed to assess eligibility, ineligibility, completeness, documentation for credits, transitional credits carry forward etc.
  • Review of procedural compliances including GST registrations obtained, payment of taxes, filing of returns, disclosure of ITC & outward supplies in returns, movement of goods for job work, carry forward of credits etc.
  • Review of reverse charge compliance by reviewing the expense ledgers on sampling basis, payments made availment of re-credit after payment, eligibility of such credits, rate and abatements if any claimed including documentation.

Compliance Review to Support Auditors

In recent years, reporting obligations of statutory, tax and internal auditor have increased manifold. They are required to mention the extent of non compliance under indirect taxation also. We support chartered accountants and other professionals in undertaking compliance review during the course of their statutory, tax and internal audit so that they are able to meet their statutory obligations. This sometimes, also opens up huge tax planning opportunities for the client

VAT Consultancy Services GCC Countries

Our tax professionals are dedicated to creating distinctive and often innovative tax solutions. Our approach starts by developing an in-depth understanding of your business operations. We then focus on minimizing risk and developing effective solutions to your tax challenges.
The UAE introduced Value Added Tax (VAT) on 1st January 2018 at a rate of 5%. VAT is being introduced in the UAE in two phases. In Phase 1, companies with recorded revenue of more than AED 375,000/- are obliged to register for VAT. Also within Phase 1, companies with revenue between AED 187,500/- and AED 375,000/- will have the option to register for VAT. In Phase 2, all companies will have to register for VAT; however the date for Phase 2 is still under discussion. This may indicate the manner in which other GCC countries will phase in VAT. We are helping clients in GCC countries like UAE, BAHRAIN, Soudi Arabia, OMAN in the following services relating to VAT

  • VAT impact study in organizations
  • Providing support service for registration
  • Providing, implementing , training accounting software for VAT
  • Training for Staff
  • Maintenance of Tax records
  • Computation of tax liability and input tax credit
  • Assistance in filing VAT Return and other Compliances
  • Monthly accounting services in consonance with VAT requirements
Effective tax advice and planning can provide a business a competitive advantage. Organizations need to plan issues related to cross-border investments, expansions, relocation, business structure etc based on various tax compliances in different states. Our professional knowledge will help to tackle business needs relating to various tax issues by serving to align business structure in a more tax efficient manner.

Transfer Pricing

Transfer pricing is a term used to describe all aspects of international pricing arrangements between related business entities including transfers of Intellectual Property, transfers of tangible goods services, loans and other financing transactions. International transactions across the border are growing rapidly and are becoming much more complex. Compliance with the differing requirements of multiple overlapping tax jurisdictions is a complicated and time consuming task. At the same time, tax authorities from different countries are imposing strict penalties. G S P U will assist you to sort out the respective phenomena through appropriate administrative solutions.
Our extensive international network provides us with significant resources to meet all your expansion goals. We strive to develop commercially focused and tailored tax strategies to minimize tax exposures and maximize business efficiency. We utilize our extensive local knowledge and proven tax-efficient strategies to maximize potential benefits and reduce risks. We use these techniques to assist you in planning your legal structure, repatriation planning and exit strategy. In summary, we focus on designing appropriate tax effective structures, to help achieve an integrated tax minimization plan. Whether to an individual or an organization, we understand that businesses regularly need to remit funds offshore. As a significant part of our international tax planning, we make withholding obligations and opportunities clear to you.

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