GST Opinion Services

    Khandhar Mehta and Shah | GST Opinion Services 

    Introduction

    Goods and service tax is a very significant taxation scheme, which has absorbed most of the indirect tax like service tax, vat, excise, etc.

    It brought changes in the tax structure, tax computation, compliance, tax payment, tax incidence, and reporting. Moreover, it affected the operations of businesses, business models, implementation of policies, and key compliances. We provide you the GST opinion services and advisory services where you get the definite solution for your GST related concerns.

    It has been very difficult for businesses to adopt the new indirect tax and get all the compliances and tax liability payments done effectively and efficiently. We, at KMS, express our expert opinion on matters related to GST to ensure that you comply with all the GST related statutory requirements.

    We provide:

    Opinion on the impact of GST on cost, availability of credit, pricing and working capital, and revenue and procurement stream;

    Advisory services on anti-profiteering provisions of GST, appropriate precautions to be taken, and pricing mechanism considering the legalities involved and additional savings;

    Consultative services on alternative business models for credit optimization and tax efficiency, potential risks, and mitigating strategies, and contractual scenarios that can work for companies;

    Review services for reconciliations, records, and formats, audit reports, filing of annual audited accounts, notices or communication from the tax department, and specific, incidental, and ancillary records as required by GST law

    Khandhar Mehta and Shah
    for a journey beyond excellence.
    knowledge. Experience.  Teamwork.

    Being one of the well established CA firms in Ahmedabad, we always focus on giving our clients the best in class services that reflect our values and vision of transparency, flawless, and professional work. Visit our CA website to understand and know more about our services and our company. Choose us for your business as the best deserves the best.

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    GST Opinion Services

    KMS’s GST opinion services include the following:

    Analysis and opinion on business functions

    The key business functions wherein the impact are seen include procurement, warehousing, supply chain management, working capital, production, distribution, information technology, and other functional areas. Our GST experts provide the required opinion on the classification of products and services of the company into HSN and SAC codes, applicable GST rates, and identification of products and services that are exempt from GST or given concessional rates.

    Opinion on the pricing of the products

    We help the client companies in understanding the changes that GST has brought on the key business functions and the resulting impact on the cost control strategies, pricing strategies, and productivity of the company. We understand the facts of the case and provide our expert opinion on GST rules on MRP priced products. We also deal with circumstances where products were distributed as free samples, we guide companies on applicability of GST on free samples and supplies.

    GST opinion on industry-specific matters

    Our GST experts provide their expert opinion on industry-specific issues including:
    • GST on real estate
    • GST on advertising sector, GST on media and entertainment industry
    • GST on educational institutions and GST on NGO and charitable trusts,
    • GST on gold and jewelry sector
    • GST on transport agency and GST on cab services, GST on shipping industry, GST on logistics, GST on Automobiles industry
    • GST on IT industry, GST on eCommerce websites, and GST on eCommerce marketplaces
    • GST on hospitality industry, GST on food services, GST on restaurants
    • GST on insurance and banking, GST on Banks and NBFC
    • GST on coal, GST on Iron and Steel, GST on tobacco industry, GST on agriculture
    • GST on pharma and life-saving drugs, GST on healthcare
    • GST on fruits and vegetables, GST on Textiles
    • GST on Wholesalers and Retailers, GST on small and medium enterprises, GST on freelancers
    • GST on importers, GST on exporters, GST on special economic zone

    GST opinion on miscellaneous matters

    We provide GST Opinion on various matters such as GST on supplies made under CSR, GST on Director’s Remuneration, GST on Contract Employee Remuneration, GST on Notice Pay recovery, GST on commission and brokerage, GST on flat maintenance charges, GST on distribution of lottery tickets, Exempt services in under GST, GST on Rent, GST on shipping charges, GST on export of goods and services, Exempted goods under GST, GST on airfares, GST on rail transport, GST on job work, GST on works contract, and GST on stock transfer.

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    Our Approach:

    We understand the client's business, underlying circumstances, unique business challenges, GST provisions affecting the transaction, and document our findings.

    We go through documents related to GST registration, payment of GST tax liability, monthly, quarterly, and annual GST returns, carry forward of credits, disclosure of outward supplies in returns, etc.

    We understand the classification of supplies, GST rates, exemptions supplies, concessions applied, realization of related conditions for GST compliance, claiming of export benefits, etc.

    We check compliance with reverse charge provisions, related payments made, availing the re-credit after payment, eligibility to obtain such credits, and any related documentation.

    We verify GST input tax credits, eligibility to avail those, ineligibility, relevant documentation required for input tax credits, etc.

    Based on the facts gathered, our GST consultants make the draft opinion ready. Our partners vet the same and finalize, and then the GST Opinion is issued to the client.

    key features

    KMS is selected as the one-stop solution for anything and everything related to GST because of the following reasons:

    KMS believe in providing competent and independent GST guidance to our clients. We follow strict internal policies to keep our skill set updated to the highest standards for rendering high-quality GST opinion services.

    Our team provides legal and expert opinion on day-to-day issues relating to GST for all activities, including matters for which the client seeks opinion and advice from time to time. We ensure efficient tax management by having regular periodic meetings with company officials.
    The team provides practical and vital suggestions to make necessary changes critical to reaping optimum benefits under the new GST regime. We verify legal possibilities about the proposed project/new product line to minimize future tax disputes and litigations.
    Our advisory services are aligned in the way, which can be used for your way of doing business. Hence, we can extract the maximum potential success for your company in GST compliance, thus creating long-term relationships with the clients.

    OUR CLIENTS SAY

    trust.  transparency.  professional expertise.

    KMS has been involved with us since the incorporation of the GST in India. They have provided us with assistance on all our concerns and queries related to GST. Their expert opinion on GST on real estate not only helped us save taxes but also comply with the legal requirements.We are very thankful to them for supporting us in every step of our dealings with GST and providing us GST opinion services.
    CEO, Real Estate Company
    The GST professionals at KMS are extremely proficient and experienced and turn the complicated processes and procedures to the smooth ones. Their GST Opinion service is one of its kind as it not only solved our queries related to GST on notice pay recovery and GST on contract employee remuneration but also helped us improve employee relationships. Their response is always prompt, professional, and practical for our question asked. We would surely recommend KMS as GST opinion services providers in India.
    CFO, Manufacturing company
    KMS approaches every GST compliance problem and issue in our company as if those were their own. They put their knowledgeable, professional, and experienced team members to handle all the reviews related to GST. They conducted a review of our business processes, appraisal of GST compliance, and assessment of our SOPs in accordance with GST. They also provided us GST Opinion on several matters unique to our industry. Their work is always high quality, and that is why we keep our engagement with them intact.
    Finance Head, IT company

    frequently asked questions(faqs)

    An Integrated GST (IGST) is the rate levied and collected by the Centre on inter-state supply of goods and services under the GST regime. In the course of inter-state trade and commerce, the government of India levies and collects the tax. It is apportioned between the Union and the states in the manner determined by the Parliament by law on the recommendations of the Goods and Services Tax Council.

    Goods and Services Tax Network (GSTN) is a special purpose vehicle, which has been established to cater to the needs of GST. It enables access to a shared IT infrastructure and services to Central and State governments, taxpayers, and other stakeholders for the execution of GST.

    Composition levy is an alternative method of levy of tax designed for small taxpayers whose turnover is up to a prescribed limit. It is optional. It provides small taxpayers to avail of the turnover tax regime with the facility for filing of returns on a quarterly basis. This scheme aims to bring simplicity, ease the compliance burden, and reduce the cost of compliance for small taxpayers.