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Corporate Retainerships

Ambit of Indirect taxes is widening in terms of breadth as well as depth. Gradually, exemptions are vanishing and more &more goods as well as services are getting covered in the tax net. Also, the complexity and compliance requirements coupled with departmental enquiries are increasing day by day. In such a scenario, Corporates do require a strong and reliable support to provide the knowledge, clarity and solutions.

Having regard to the above needs of Corporates, GSC has developed a variety of customised Corporate retainership plans to take care of compliances such as registrations, payments, records, returns, etc. and consultancy related requirements of Corporates including adjudication, assessments, audits, appeals. Client-friendly approach of GSC has always been a point of appreciation by our existing retainership clients.

Tax Structuring/Optimization

Many a times, due to complexity in tax statutes, certain transactions attract multiple indirect taxes. Normally, the cost component of Indirect taxes in a transaction could be ranging from 25 to 35% of the gross turnover. Proper planning can help minimizing the multiplicity and volume of taxes. On the top of it, with the help of appropriate structuring, the value which is subject to tax can be minimised. The proper planning of structure can not only help Corporates to keep away avoidable taxes but also helps optimize tax credits/incentives.

GSC possesses a wide and rich exposure of having dealt with multiple sectors and taxes. Single transaction is analysed from all possible slant with a holistic approach. High success ratio of GSC has built confidence amongst the clients. GSC, having a consulting background and specialising only in indirect taxes, is uniquely placed to provide efficient tax optimization consultancy.

Opinions/Notes

There is plethora of indirect taxes applicable to business transactions in India. Many of them are overlapping and ever-evolving in nature. However, there could be certain exemptions/concessions available in Tax Statutes. Therefore, Corporates may need proactive and reliable legal advice to take vital business decisions.

GSC provides guidance on the applicability of various taxes, exemptions/concessions available, conditions thereof and also various compliances to be undertaken. This helps business houses to ascertain the tax implications as well as exemptions/concessions of a transaction well in advance to be competitive in the market. Compliance notes enable them to have absolute clarity on dos and don’ts and to avoid penal consequences. GSC has a core competence in providing right advice at right time.

Corporate Trainings

To ensure tax discipline, it is essential to develop best corporate practices. With the help of Indirect tax corporate trainings, the workforce of different levels can gain knowledge and gets motivated to achieve the highest level of compliances. Adequate and proper training leads to reduction in time involvement and risk of seniors, avoidance of chaotic conditions, bridging the compliance gaps and therefore, avoidance of unwarranted penalties/ loss of credits.

Experts of GSC provide excellent training in easy to understand language, systematic logical flow and with the means of modern teaching tools like power point presentations, video clips and practical exercises. Apart from providing conceptual clarity, GSC also explains various nuances of the subject.

Refunds

There are various types of incentives and refunds/rebates available under Central as well as State Statutes/Schemes. Corporates may need detailed guidance on the same backed by field level support.

Broad level awareness notes, case specific eligibility study and detailed procedural notes help corporates to gain adequate level of knowledge with respect to incentives/refunds. Going a step ahead, GSC also provides pillar to post support in actual realisation of such incentives.
Detailed documentation, regular follow ups, and liasoning skills of GSC helps timely sanction of the claims. GSC scores a high success rate in obtaining refunds. Success based cost effective propositions find favour with many clients of GSC.

Litigation Support

Litigations are inevitable for any business organisation. It is not possible for Business houses to accept vexatious tax demands. At times, litigation remains the only option to get justice in case of undue tax demands.

Detailed fact based analysis, taking different positions, arguing on the strongest possible stand, are some of the best practices GSC follows. This approach enables clients to get timely justice.

Multistate-VAT

VAT / Sales tax in India is levied at a State level i.e. different law in each State. It is very difficult for a business man to absorb and keep track of all statutes applicable under different States. Further, continuous amendments in the State laws make it very difficult for multi locational companies to comply within time bound manner.

We have dedicated team of VAT experts in house and tie ups with local VAT consultants to provide one stop solutions to comply with VAT law across the Country. It obviates the need to appoint consultant separately for each State, thereby, allowing clients to focus on their business as against VAT matters. Incidentally, this leads to reducing communication gaps, saving time & cost with optimum productivity.

ERP Implementation

Proper compliance, complete integration, real time information, adequate internal controls and timely reporting of all units of an organisation are key objectives of introducing Enterprise Resource Planning (ERP). ERP configuration unless done with utmost care and planning may result into a highly paid disaster!

GSC, with its thorough knowledge of the subject, documentation requirements, logical approach and awareness of risk areas, can effectively support ERP implementation from Indirect tax standpoint.

Tax Reviews/Due Diligence

Laws are constantly evolving and so do the resultant complexities. In the era of increasing compliances and tax disputes, it is essential to pre-empt possibilities of defaults. In order to ensure that tax policies of top management get implemented at all levels, periodical reviews are crucial. Besides identifying compliance gaps, reviews also help exploring possibilities of additional tax credits, refunds and incentives.

GSC, with its extensive and effective review tools, helps corporate to apply corporate tax policies across all levels. Basis the report issued by GSC, the top management rests assured about the due diligence and optimization of taxes. Based on the Review, GSC suggests putting systems in place or modifications thereof to remove compliance lacuna and to avail credits/concessions to the fullest.

Representation to the Government

At times, certain policies or confusions related to law may create undesired impediments to business activities. Due to confusions in the industry, economy as a general may suffer. Its imperative that instead of dragging the whole industry into tax disputes, a step should be taken to make a representation to the Government to get relevant amendments or clarifications from Tax Authorities. Industry representations are the means to get such clarifications or amendments.

GSC can help industrial or trade associations to prepare such representations and get the same heard at appropriate forums. Having a strong team of experts, GSC may very well assist industries to represent their stands to Governments to solicit changes in policies and tax structures.

 
     
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