GST Impact analysis and treatment

It is critical for the businesses to evaluate the impact of GST and undertake implementation programs for a smooth transition and rollover without having any hindrances in the smooth conduct of business. Impact analysis, planning and treatment are the foundation for aiming at a smooth GST transition.

We, at VJM & Associates LLP are adept at analysing the complex interplay of several laws, notifications, rules and guidance on the subject in order to provide tailor-made solutions for businesses. GST analysis is not successful under a ‘a one key fits all’ approach. A business specific solution aimed at transaction optimisation demonstrates the value addition delivered to our clientele through our approach.

Know More about GST Impact analysis and treatment

Our service offerings under GST impact analysis and treatment include the following:

Perform initial reviews on business structure and operations.
Conduct meetings with management to create awareness of GST
Participate in discussions with management to deliberate specific transactions impacted by GST
Assist in appointing GST team(s)/ co-ordinator(s) for facilitation and co-ordination across functions
Participate in deliberations with the management regarding the nature of business operations, operating structure and various service offering model(s).
Review the accounting system to analyse the applicable key process.
Review the organizational chart/ group structure for identification of business unit(s)/ core business processes.
To assess the complexity of your group’s business transaction and advise on the GST implication.
To assess key operational issues to be addressed including strategic impact of GST on financial reporting, profitability pricing and cash flow of the group.
To review all existing contracts entered into by the company with the objective of determining the appropriate GST treatment.
To analyze the current business arrangement of the company and identify issues that are subject to transitional rules and the relevant issues that have arisen.
Assist in evaluating likely impact to cash flows, pricing strategies, business contracts and day-to-day accounting for sales and purchases.

What people say about us

By taking care of our Internal control policies and procedures, VJM Team have made sure that experience is hassle free.

sachin JainCFO, mahle filter system (i) pvt limited

Very professional approach from VJM Team, they got associated with us late in the financial year but were able to conduct an in depth audit and highlight the areas to be addressed within a short span of time. What gives us confidence is that they are available for consultation on any financial matter and are quick to find and implement the resolution

Shobit BhatnagarGradeup.co

VJM team is a thoroughly professional chartered accountants equipped with all resources and with deep understanding of GST and other contemporary arenas of corporate consultancy. Have interacted with them for various tax and corporate law related matters and found the interaction quite useful.

Pawan LadhaFreecharge

Know more about our complete portfolio of GST Services.

GST Audit

Professional GST audit needs a strong mechanism and digital environment through the examination of the records to ensure full compliance of tax rules. At VJM & Associates LLP, we offer error-free GST audit services after thoroughly checking the important audit check-points.

Refund under GST

Interested in filling for GST refunds? Contact us to identify that you are eligible for a GST refund. We will help you file your claim through online GST Refund Form RFD-01 or from customs department via IGST route. Don’t miss the timeline. Claim it through us within the relevant date.

GST Advisiory

Our GST advisory services focus on the applicability of taxes on various transactions conducted or proposed to be undertaken and the overall tax performances of our clients, creating value and greater opportunities for developing a more strategic approach to tax.

Representation under GST

Your search for expert in GST for the representation under GST comes to an end as soon as you reach VJM & Associates LLP. We have years of experience and exposure for representation to authorities at various levels. We have expertise in solving various issues related to a dispute between tax authorities and supplier under the GST.

GST Outsourcing

If you are looking for a trustworthy partner or a reliable vendor for outsourcing your GST tasks, we will be the right fit for you. We keep a world-class pool of professional GST consultants to provide you with a complete solution, covering almost all areas of GST, bookkeeping and accounting tasks, GST returns etc.

Accounting & Reporting

We are the market leaders to deliver a higher-quality accounting and reporting solution to our clients more quickly and efficiently in an environment of technological change, digital demonstration, could computing, online bookkeeping and GST filing, and increased regulatory changes and scrutinizes.

Why Choose Us

Client Centric Approach

Client is the key driver of our service offerings. Our approach to service offerings is based on a client centric and customized approach. Our specialized teams are a mix of technical and industry experience in order to serve clientele for their specific needs.

Quick Turnaround

We always endeavour for a quick turnaround time to serve our clientele. We are supported by an experienced and client focussed support teams to offer timely services to our clientele. In case of any business exigencies and time sensitive service requirements, you can always count on us.

Team Work

We have built high performing teams supported by strong work ethic. Our team is a mix of experts, professionals and support staff from technical and varied academic, cultural, social and ethnic backgrounds. We believe that this diversification plays a vital role in motivating the team into High Performing Teams.

Open Communications

We believe that open communication is the core principle in order to demonstrate trust, build long lasting and valuable relationships with clientele. We are committed to ensuring transparency in communication, service offerings and delivery.

Driving quality in delivery

Our service offerings are driven by quality and reviews at every level. We strive to provide a qualitative and value-added delivery to our clientele. At all times, we endeavour to provide exceptional client service by meeting client expectations and driving client satisfaction.

Blogs on Goods and Service tax

Proceedings can’t be initiated under Section 74 when tax liability is already discharged along with interest

The petitioner is engaged in the business of generation of electricity through solar plants. The GST returns filed by the petitioner for the period of July, 2017 to March, 2019 were subject to audit. The petitioner was informed about tax liability during audit proceedings on account of wrong availment of ITC and ITC availed with respect to exempted supply. Upon receipt of initial audit observation, the petitioner discharged the entire tax liability alongwith interest. The final audit report was issued much after payment of GST liability. Post audit, the respondent issued show cause notice to the petitioner under Section 74 of CGST Act and confirmed the demand through DRC-07. The petitioner contended that it falls under purview of Section 73(1) and 73(5) of CGST Act and therefore, SCN under section 74 is not sustainable. Whereas, the respondent contended that this is the case of fraud and willful misstatement.

CBIC issued guidelines to be followed by CGST field officers while investigating to maintain ease of business

Investigations, summon, letters from GST Authority has become common in business from last sometime and there are many practical issues which comes alongwith these communication. GST investigations are at many times hampering regular business activities as well. Further, there are many practical issues being faced by the GST Authorities as well as taxpayer such as prior approval, simultaanoues investigation by more than one GST authority, uncessary information asked etc.

Instructions regarding rectification of assessment orders under GST| Department of Trade and Taxes, Delhi

GST Assessments, u/s 73, are already closed for FY 2017-18 and the due date of issuance of order for FY 2018-19 is 30th April, 2024. In many of the Assessment orders, the taxpayers have faced genuine hardship such as as the Assessment orders passed are not the speaking one or assessment orders contain clerical mistakes causing unnecessary increase in demand amount.

Streamlining filing of appeal by Department before ITAT, High Court and Supreme Court| Circular No. 5/2024 dated 15th March, 2024

Appeal against order of any authority can be filed by the party aggrieved by the order, i.e., the Assessee or the Department. Filing of appeal involves lots of cost and effort and also takes up the time of the judicial authority. Assessee files appeal after considering various factors such as amount of pre-deposit required, amount involved in dispute, time factor etc. However, for department appeal the CBDT specifies a monetary limit, i.e., upto specified monetary limit, no appeal shall be filed by the department.

GST Check-list you need to tick as stepping in new Financial Year

As we are stepping into the new Financial year, there are various compliance requirements which a taxpayer is required to do with the changing year. Any non-compliance on part of the taxpayer can lead to major disallowances or withdrawal of benefits from the taxpayer.
This article list down check-list which a taxpayer is required to tick as they enter into new financial year:

Cross-empowerment is without jurisdiction in absence of any notification under GST Law

The Writ petition was filed to challenge the proceedings initiated against the taxpayer by the central authorities where the taxpayer is assigned to the State authorities and vice versa. The Petitioner contended that power of cross-empowerment was given under Model GST Law. However, GST Law enacted is different from the Model GST Law.