Indirect tax services
List of Indirect taxes which are imposed by Central Government:
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Excise Duty on Manufactured Goods.
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Supplementary Excise Duties.
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Excise Duty imposed under the Medicinal and Toilet Preparations (Excise Duties) Act, 1955.
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Service Tax
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Supplementary Customs Duty, widely known as Countervailing Duty (CVD).
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Special Customs Additional Duty (SAD), along with various cesses and surcharges.
List of Indirect Taxes which are imposed by State Government:
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Value Added Tax (VAT)
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Entertainment Tax
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Octroi and Entry Tax
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Tax on Purchases
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Taxes on Luxury goods and Lotteries, Wagering, and Gambling also other State cess and surcharges.
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Central Sales Tax (CST) – Imposed by the Central Government but collected by the State Governments.
Subsequently, these Indirect Taxes were integrated into the current taxation framework known as Goods and Services Tax (GST).
GST in India was implemented on July 1, 2017. With the introduction of GST, the business landscape has transformed, offering numerous opportunities for structured businesses to optimize taxes and costs. However, it has also presented challenges, as the law is relatively new and continues to undergo frequent amendments at a rapid pace.
Assessment of GST Transition
The transition from the previous tax regime to GST presents significant challenges. We assess the issues under the earlier indirect tax systems to ensure that all eligible benefits are carried forward into the GST framework, along with addressing other compliance requirements. This approach helps minimize the risk of demands from previous periods.
Regular review and GST compliance assistance
Regular reviews can assist organizations in ensuring compliance, availing credit benefits, and staying updated on changes in tax rates, among other aspects. In general, this would encompass the following:
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Assessment of GST outward supplies, including the applied tax rates, claimed concessions and exemptions, fulfillment of related conditions, export benefits claimed, etc.z
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Evaluation of GST input tax credits claimed, verifying eligibility, completeness, documentation, ineligibility, and carry-forward of transitional credits.
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Review of procedural compliance, including GST registrations, tax payments, return filings, disclosure of ITC and outward supplies in returns, job work-related movement of goods, and carry-forward of credits.
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Assessment of reverse charge compliance by examining expense ledgers on a sample basis, payments made, re-credit availment after payments, eligibility of credits, and claimed rates and abatements, along with necessary documentation.
Regular review and GST compliance assistance
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Analysis of GST implications for a specific client or industry, offering optimal solutions to address client issues.
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Providing advisory services under Goods & Services Tax, Customs & Foreign Trade Policy (including the previous Central Excise, Service Tax, and VAT).
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Tax compliance and optimization guidance for start-ups and e-commerce businesses.
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Strategic consulting for long-term contracts, particularly with Government entities and Public Sector Undertakings (PSUs).
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Structuring transactions in areas such as real estate, construction, ITSS, ITES, and e-commerce.
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Offering cost control and tax planning strategies to minimize tax liabilities while staying within legal limits.
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Maximizing input tax credit for entities, including those with multiple units, multi-location operations, various business verticals, SEZs, 100% EOUs, and DTA units.
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Reviewing agreements and contracts to ensure GST optimization.
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Classification of goods/services, determining applicable tax rates, and ensuring coverage of exemptions.
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Ongoing GST advisory services for clients.
Legal assistance for indirect tax matters
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Legal Support in Response to Departmental Audit Objections, Show Cause Notices (SCN), and Appeals up to the Tribunal
Disputes arising during audits or investigations by the department are the primary cause of litigation. Addressing these issues effectively at this stage can help prevent future litigation. Our team at Hemanth Kumar B And Associates offers expert assistance in resolving disputes related to earlier Service Tax, Excise Duty, and the current GST regime, managing the matter until its final resolution. We help taxpayers by handling disputed matters before authorities and CESTAT.
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Filing for Advance Ruling
Given the newness of GST, divergent interpretations are common, which could lead to future litigation. To mitigate this risk, seeking an Advance Ruling is a proactive approach. We provide guidance and support in preparing and submitting applications, along with representation before the Authority for Advance Ruling (AAR) and the Appellate Authority for Advance Ruling (AAAR).
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Assistance with Appeals and Representation before High Courts & Supreme Court
We bridge the gap between the counsel and the client. Through our associations with leading lawyers, we ensure the proper representation of matters before the High Court and Supreme Court.
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Diagnostic Review / Health Check under Customs and Foreign Trade Policy (FTP)
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Advisory Services for Customs and FTP Matters
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Support in Special Valuation Branch (SVB) Proceedings
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Assistance in Securing Authorized Economic Operator (AEO) Status
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Guidance on Evaluating Incentives and Advising Clients on Obtaining Benefits under the Foreign Trade Policy (FTP), including SEIS, MEIS, EPCG, Advance Authorization, and TMA
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Support in Filing Applications and Coordinating with Authorities for License Acquisition
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Assistance in Redemption of Licenses and Obtaining Export Obligation Discharge Certificate (EODC)
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Support in the Sale of Scrips
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Advisory service evaluating the advantages of establishing an SEZ unit, optimizing taxes, and providing guidance on exiting from the SEZ unit.
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Compliance services preparation and submission of monthly returns to SEZ authorities, along with maintaining regular communication with them.
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Liaison and representation engaging with EOU/STPI authorities to secure approvals for setting up and exiting from EOU/STPI units.
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Advisory services assessing the benefits of setting up an EOU/STPI unit, tax optimization strategies, and guidance on exiting from the EOU/STPI unit.
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Compliance services assisting with the registration process, obtaining letters of approval/permission, and preparing and filing MPR, QPR, APR, and SERF (including Non-STPI compliance).
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Liaison and representation engaging with EOU/STPI authorities to facilitate approvals for setting up and exiting from EOU/STPI units.