Tax Advisory Services: A Look into Indirect Tax Assessment

Indirect taxes have an extensive contribution to the revenue of the government. In recent times, indirect tax collection has overtaken the direct tax collections. As different indirect taxes integrate into GST, the accumulation  is likely to be higher.

India is a federal country. Tax advisory services have adopted dual Goods and Service Tax (GST) with a four-rate structure to protect the interest of this country. It is an endeavour to meet the requirements of every Indian state.

As the Government of India is proactively addressing the transitional challenges, several concessions and exemptions are adapted as a part of the GST system.

GST Amendments

There have been consistent clarifications and amendments in the law of GST. It requires regular monitoring of the changes affecting businesses, which may also call for changes in the processes and systems. Financial advisory services are equipped with the knowledge and expertise to address such changes.

Businesses should be aware of the latest GST implications affecting the dynamic models of operations. They must also comply with the statutory compliance requirements. Different treatments of goods and services supply and interpretations of customs, as well as GST provisions, pose to be a challenge for industry and trade to adhere to the law and explore the avenues of optimising tax impact on business models.



Indirect tax advisory services are necessary to ensure businesses do not suffer. Professionals with vast knowledge and experience on this subject can help their clients in all the aspects of indirect taxation, such as compliance and advisory related services concerning Customs Duty, Foreign Trade, and GST. They can also take charge of pending litigation matters and taxation matters.

Common indirect tax services include:

·         GST/Customs Advisory & Representation

·         GST Digital Compliance Assistance (ASP)

·         GSP Services

·         Indirect tax health check

·         Investigations/tax dispute assistance

Conclusion

GST is one of the key areas of focus in the category of indirect taxes. Tax advisory services aim to deliver specialised GST advisory services that include analysing the impact of GST on business, scenario analysis like business models, transition management, assistance in legislative business level implementation, and key compliance.


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