Indirect Tax
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Indirect Taxation
Indirect Taxes are levied through a channel of consumption. Peron making payment of tax to the exchequer is not the ultimate bearer of the tax. Normally, sellers of goods and services paid the taxes and passed the same to the buyer. The person who ultimately consumes the goods or services bears the tax. Since the end person is not paying taxes directly to the exchequer, such taxes are indirect.
In India, there are tax reforms that happened in the recent past, especially in Indirect taxes. Several indirect taxes are clubbed, and a new tax named Goods and Services Tax was brought on 01.07.2017. Though several taxes are brought under one head, custom duty, electricity duty, securities transaction tax, and excise duty on certain products is kept out of the GST net.
India being a federal country, dual GST with a four rate structure has been adapted to meet the interests of various states.
Being GST is still a new law and evolving, the government issued various amendments and clarifications to simplify the same. Interpretations of customs and GST provisions pose a challenge for businesses to explore the possibilities of optimising tax impact as per their business model. At the same time, entrepreneurs struggle to cope with the new clarifications and find it challenging to keep themselves aware of the changes and making statutory complaints.
Businesses are expected to be aware of the GST implications that affect their dynamic business models and comply with statutory compliance requirements.
PRANV, with its team of Indirect tax professionals having wide-ranging experience and in-depth knowledge on the subject, can help clients in all the above aspects. We provide advisory and compliance-related services regarding all indirect tax laws, including GST, Customs Duty and Foreign Trade Policy, and the pending tax and litigation matters related to the erstwhile regime.
The indirect tax services that we offer also include the following:
- GST/Customs Advisory and Representation
- GST Digital Compliance assistance
- Indirect tax health check
- Retainer-ship
GST Advisory
Goods and Service Tax is the most significant tax reform in India since independence. Several state and central indirect taxes are merged into one tax leading to impact the business model and pricing of the products. The introduction of GST affects the supply chain, pricing of products, Tax compliance and IT systems. We at PRANV understand the client’s needs, study their business model and advise them on the various changes in GST law. Our advisory services include optimising tax impact on businesses operating in multiple locations and utilising maximum tax credit. Further, we also assist our client in getting registered under GST Act and opting for the suitable scheme offered by the government
GST Compliance
Monthly, Quarterly and Annual Compliance
GST Reconcilaition
Reconciliation of various GST forms and Income Tax