Despite the various reforms carried out in the past few years, the prevailing Indirect tax regime in India is still in the state of evolution. It comprises plethora of laws, rules and regulations at the central and the state level. At its present structure, it poses unique challenges to business organisation and often have significant impacts – on cash flow, absolute costs and risk exposures. The Government is striving continuous changes in the Indirect Tax Laws to make it more assessee friendly. Proposed implementation of GST is an active step to integrate all indirect tax laws (Central Excise Duty, Customs Duty, Central Sales Tax, Value Added Tax (VAT) and Service Tax) under one law. In this direction, major step has been taken by introducing Negative List based Service Tax Regime which is being considered as significant move towards smooth transition to GST. We, at S K Patodia & Associates, have dedicated team of experts providing multidimensional professional services in various Indirect Tax Laws. Our team gives you the perspective and support to manage indirect taxes more effectively and efficiently.
Advisory and Opinions
Indirect Tax in India is characterised with frequent changes and modifications which need to be adopted by business instantaneously. It requires assistance of professionals who can analyse the impacts of those changes on the business and may assist on their proper implementation. We provides legal opinions and consultancy on Indirect Tax laws which helps you to implement best practices in your business. It also reduces possibility of confrontation with the revenue authorities on taxation and compliance issues.
Compliance outsourcing and other business support
You can outsource your entire Indirect Tax department to ensure compliance of all statutory obligations i.e. obtaining registration, amendment in registration certificate, filing of return, payment of taxes, taking of credit, documents generations, record keeping etc. We will ensure that all statutory obligations are discharged within due dates. It results in reducing attribution errors, reducing costs and ensuring indirect taxes are handled correctly. You will be from your worries to comply with different indirect tax laws.
Indirect Tax Review
Certain practices may be developed in the ongoing business which may be inconsistent/non compliant with the law. It require assistance of professionals who can review the business practices with taxation perspectives. We offer services of comprehensive reviews of business operations to identifying compliance levels, assessing risks and avenues for cost savings. We provide you with effective processes to improve your day-to-day reporting for indirect tax. We also carry out indirect tax due diligence in case of corporate merger/demerger/restructuring.
Multi state sales tax
VAT/sales tax in India is state level tax which is different in all the states. it is very difficult for a business man to learn and keep track of all statues applicable under different states at once, further continuance amendments in the state laws make it very difficult for multi location company to comply with in time bound manner with optimum utilizations of available benefits. We have dedicated team of experts and proper infrastructure facilities to provide one stop solutions to comply with VAT law across the country. It obviates need to appoint consultant separately for each of the states. It would reduce communication gap, provide expert hand and save time & cost with optimum productivity. Ultimately bringing peace of mind to your taxation department
Refund and rebate
It has been long term pursued policy of government of India not to export domestic tax along with export goods and to make such goods competitive in the foreign market. It can be done in many was i.e. exemption from duty payment, refund/rebate of excise duty, refund of service tax, refund of Value Added Tax and may other benefits under Foreign Trade Policy. Under exemption scheme, the exporter is not required to pay tax ab-initio. In case of refund, tax paid at different stages is paid back by government in the form of refund. There are different manner in which refund under indirect tax may be claimed. These are discussed below:
1) Refund of Central Excise Duty under section 11B of Central Excise Act
2) Rebate of duty paid on goods exported under Rule 18 of Central Excise Rule
3) Rebate of duty on inputs used in the manufacture of exported goods under Rule 18 of Central Excise Rule
4) Refund of Cenvat credit for export under Rule 5 of Cenvat Credit Rules, 2004
5) Refund of duty /interest under section 27 of the Customs Act
6) Refund of 4% SAD
7) Service Tax Refund in respect of the services used in
8) Refund of service tax to SEZ unit
9) Refund of Cenvat Credit for export of services under Rule 5 of Cenvat Credit Rules, 2004
10) Refund of service tax under section 11B of Central Excise Act
11) Refund under VAT laws
There are continuous changes in the manner of claiming above benefits as the government frequently amends the law by issuing new notifications/amending existing notifications for refund etc. We have observed that it is very difficult for small and medium scale enterprises especially located in the remote area of the country to understand above benefits, keep track of changes happening therein and ultimately succeeding in getting refund/rebate. We provide end to end solution in claiming of refund/rebate or any other benefits admissible under Indirect Tax law. We assist in evaluating the most suitable benefits, preparation of documentations; filing the claim, follow up with tax authorities and further legal support in case refund claims are denied. We make sure you are not deprived of any legitimate benefits available to you under indirect tax law.
We help you during tax audit by revenue authorities. We provide corporate tax litigation assistance including representation service before various revenue and appellate authorities. We answer tricky questions from taxman at different stages.
Start up and expansion of business requires planning and structuring of transactions to optimise overall Indirect Tax incidence. Proper planning assists in reducing compliance cost and overall tax burden. Our experts with their wide experience and in-depth knowledge provide assistance in identifying potential risk areas and sustainable planning opportunities in the overall business scenario.We offer strategic consultancy involving structuring of transactions, designing of contracts and review of documentations. We also assist in designing overall system and preparing Standard Operating Procedures (SOPs) incorporating implications arising under various Indirect Tax laws.