Indirect Taxation
Managing indirect tax compliance by a business has been very complex in India due to multiple laws, sub ordinate legislation (rules, notifications, circulars) driven compliance and frequent amendments therein. Though the GST has subsumed multiple indirect tax laws, the compliance need is high. All periodical returns, statements, intimations, notices and reply to such notices would be automated in GST. The credit matching concept in GST is a significant task and credit not matched could result in denial of credit. Therefore, it is important for the organizations to ensure error free compliance.
Obtaining Registration with Tax Department
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Gst return filing and Payment support
Our firm offers support in GST return filing and tax payment which could following aspects:
Assistance in Internal Control and System implemented for Indirect Tax Compliance.
Indirect tax systems impact almost all financial transaction of business. This necessitates having proper control system to manage tax function at transaction levels. Also, the businesses have now become system driven where human interference is reduced to very minimal. The complex business structure coupled with system automation requires flawless tax system inbuilt in all processes. We, at Sumit Binani & associates, have system experts who can assist in establishing internal control and implementation of system addressing all compliance requirements under indirect tax statues.
Designing and Implementation of Standard Operating Procedures (SOP) for Indirect Taxes
Business should not depend on individuals for key business process especially indirect taxation which has impact on all business transactions. This necessitates developing robust SOP under indirect tax for smooth functioning of business. The need of SOP is felt in medium and large size business. We have successfully designed operating procedures for small to giant size clients be it manufacturer, trader, service provider, dealer or importer. It has been seen that wherever such procedures have been followed, it has resulted in significant decline in department actions.
GST Audit
Section 35(5) of CGST Act 2017 requires a registered taxable person with turnover of more than Rs.2 crore in a year to get his books of account audited by a chartered accountant or cost accountant. We conduct audit of books of accounts under GST which cover various aspects. Audit certification should not be considered merely as attestation function. A good auditor should be able to add great value to the auditee within the four corners of law. We strive to achieve the objective of value addition for client along with performance of statutory obligation of conducting audit as mandated under the law.
GST Representation & legal support
All tax laws are bound to have uncertainties and possibility of multiple interpretations. Even GST would not be free from such interpretations.We have been able to establish our credibility in handling litigations through ethical practice. Our experience in handling litigations in laws such as Central Excise, Service tax, Customs and VAT would help in practice in GST as well. Our services includes: