Launched on July 1, 2017, GST is one of India’s largest tax reforms, which has subsumed various indirect taxes within itself. It is a single tax on the supply of goods and services, right from the manufacturer to the consumer. A robust and comprehensive IT system is at the core of successful implementation of GST regime in India. To cater to the complexities of Indirect Taxation our firm has created a talent pool which can provide seamless services.
The scope of services covers structuring of critical transactions, reviewing of contracts & agreements, advising on the applicability of GST, the filing of GST Returns, registration for GST. We provide specialized services of consultancy for maintenance of records as per GST requirements, advising on the utilization of Input Tax Credit. Our specialization is also in representing for assessments & appeals before various Government Authorities, Due Diligence on Indirect Tax aspects in the proposed takeover of business/companies.
Over the last decade, Transfer Pricing has evolved into one of the most challenging task faced by tax professionals. With its potential to have a significant impact on the effective tax rate, businesses must pay close attention to their transfer pricing policies, documentation, and reporting. With the onset of domestic transfer pricing, these issues are not limited to multinational enterprises alone, but impact businesses in the domestic space as well. The developments on the policy front, including the prescription of safe harbour norms and the introduction of the Advance Pricing Regime, have the potential to help businesses bring more certainty to their transfer pricing matters.
ASAP Advisors Transfer Pricing Practice, consisting of Partners & Managers who specialize in the subject, handle complex advisory and structuring assignments that mandate coverage of multiple Tax Jurisdictions across the world. We provide a range of planning, compliance and benchmarking services. We work with our clients to develop transfer pricing policies that are defensible, flexible and in line with their overall tax planning strategies.
Evaluation of Business Structure and Key Financial Transactions
Studying the current system of documentation followed for Inward and Outward Supply relating to the business of the entity.
Review of GST adoption by the entity along with Macro Analysis of the events falling within the ambit of GST
Validating transition of Tax Credits.
Review of documentation at various stages to assess proper capturing of levy of GST and the ITC available as per GST.
Review on sample basis contractual arrangements with suppliers/customers/sub-agents, with emphasis on their impact on GST compliance.
Reviewing reports generated through the IT system and ensuring its correctness from GST perspective.
Review of GST Calculations, GST Returns and Tax adjustments including reversals and RCM