Key Services We Offer
Taxation
Taxation is often a complex and intricate element. Only specialized service providers can navigate you and your business through regulatory changes, recent updates to income tax, GST, tax consolidation, international tax, tax planning reviews and technical advice on complex issues.
Income Tax
Goods & Services Tax (GST)
Goods and Services Tax (GST), one of the most significant reforms introduced in the history of the Indian fiscal evolution, is likely to come into effect in 2016. GST is expected to have a far reaching impact, much beyond taxes on business, economy and the society. Globally, GST is acknowledged as a progressive tax regime, with inbuilt efficiencies to broaden the tax base, decrease cascading effect and reduce revenue leakages. The proposed GST in India is expected to bring in uniform tax rates and provisions to simplify the compliance requirements across the country, supported by automated systems and processes. A well designed GST structure can foster common market and economic growth. India is expected to adopt a dual GST model where the central and state governments will levy GST simultaneously, on a common taxable value, on the supply of goods and services. However, in the case of imports and interstate supplies, an IGST (Integrated GST) shall be levied by central government. The proposed GST will subsume most of the existing central and state taxes on the supply of goods and services including central excise, service tax, state level Value Added Tax (VAT) and other local levies on goods. GST has the potential to impact cash flow, pricing, working capital, supply chain and IT systems and hence provides an opportunity to transform your business.
Businesses need to adopt a structured approach to prepare for the transition. Broadly, the approach should encompass the following:
- Assessment of the impact of GST on different business functions.
- Drawing up an implementation plan
- Zeroing in on the target operating model
- Implementation and transition
- Post-implementation validation refinement of the operating model selected
In this context, we at Rishabh Vaish & Associates, have put together a dedicated team of professionals who can help businesses transition to the GST regime in an integrated manner. The key differentiator we bring on board is our three-phased, unified-yet-modular approach (fiscal, supply chain and IT modules) which helps preserve value through a robust implementation methodology for the impacted functions, backed by efficient programme and change management principles, in three phases as illustrated below:
GST impact assessment (Tax/Supply chain/IT) services
- Assessing the potential GST impact on different business functions and operations, in order to be better prepared for the transition, including quantification of impact on pricing, incentives, profitability, top-line and cash flows.
- Reviewing the impact of GST on the current value chain elements (e.g. procurement, manufacturing and distribution) and proposing options for the realignment of the business model to help better capture the additional value that may be available on account of GST.
- Reviewing the existing ERP system for technical compatibility, coverage of business processes, configuration of the localisation settings and impact of GST on the current business scenarios (e.g. procurement, sales and (distribution).
Representation assistance
- Identifying obstacles being faced by the company under the existing regime.
- Highlighting the likely GST provisions which could be detrimental to the business of a company.
- Suggesting the strategy around the representation.
- Providing insight into international leading practices.
- Assisting in finalising the representation.
- Assistance in time-to-time meetings and follow up.
Revalidation and fine tuning assistance
- Revalidating the impact analysis of GST, after the draft GST legislation is available in the public domain.
- Identifying potential business approaches in order to help manage tax costs and mitigate any adverse impact.
Implementation assistance
- Realigning the ‘target operating model’ to help ensure smooth functioning of the selected operating model option.
- User Acceptance Testing (UAT) of IT systems.Reorganising business processes. Providing assistance in finalisation of the implementation plan for the company. Providing assistance on transition-related provisions.Reviewing vendor/customer communication.Assisting in preparing GST manuals for easyreference.
- Implementing the revised IT landscape by integrating testing sign off for GST changes, executing the transaction on production system (go-Live) and finalising the configuration documents of the changes undertaken.
Post-implementation assistance
- Assist in preparing instruction manuals, including providing assistance in framing systems and procedures to ensure compliances and helping in dealing with transitional issues such as assistance in understanding the transitional provisions, helping in devising the approach for transition of existing contracts under the new regime and helping in identifying the requisite changes, computation of taxes and filing of returns under the GST regime, etc.
- Assisting in the communication to be sent to key vendors/customers by the company, highlighting changes in the taxation regime and the consequent impact on transactions.
Project management services
- Undertaking detailed planning of activities in co-ordination with various work streams.
- Tracking the progress of various work streams.Identifying key milestones, dependencies and helping ensure smooth execution. Identifying issues during execution and suggesting mitigation plans. Helping ensure effectivecommunication/co-ordination amongst stakeholders.
- Support in terms of developing training materials and training the trainers.
Customised training
- Organising trainings for senior management on strategic and critical areas of GST’s impact on the company’s business model, impact on the bottom-line, and on how to reduce tax risks.
- Conducting workshops for operational staff on procedural mechanisms, documentation requirements, control checks on data/information,etc.
- Training dealers on the applicability of GST, its impact on them and measures to help ensure compliance.
Compliance reviews/outsourcing
- Providing assistance to the tax team in reviewing the documents to be filed with the tax authorities such as registration applications, transition stock statements, credit transition documents, etc.
- Advising on the base upon which goods and services can be valued for payment of GST. Reviewing sample invoices and credit/debit note formats to be maintained under the new tax regime as prepared by the company and providing comments thereon from a GST perspective.Reviewing the records that need to be maintained by the company under the new tax regime.Reviewing GST returns to be filed by the company.
- Assisting with GST compliance on an ongoing basis.
Deputation
- GST-trained staff to help handle the tax processes on a long-term or assignment basis.
- GST-trained managers to provide high-level support to the tax functions.