Nandhakumar & Sundaran
Chartered Accountants

Goods and Service Tax (GST) is one of the most significant tax reforms introduced in the history of the Indian indirect taxation system. It is expected to replace our current complex Central and State indirect taxes to create a common market for India with a seamless indirect tax regime. Goods & Services Tax will impact accounting and invoicing processes across industries for both Chartered Accountants and Businesses. All existing Central Excise and Service Tax assessees and VAT dealers will be migrated to GST.

We at Nandhakumar & Sundaran will guide and help you to determine all compliance requirements related to business accounting.

Key goals for GST Transformation;

 

Compliance Ready: Secure business interests through complying with the new / evolving GST regulation.

Harmonize Operations : Standardize standard operating procedures to adapt to, and be successful in the new regulations environment/ business model.


Seamless Business Integration : Synchronize the systems with the new processes and functions to integrate information from multiple sources and derive sharp insights on the reporting and accounting framework.

Improve Partner Experience : Enrich the business partners’ experience (vendors / dealers/ distributors / consignment agents etc.), staying true the company brand promise.

Enhance Employee Experience : Get employees onboard the new systems, processes and controls environment to enhance business synergy to augment growth.

 

Our role : Help you define the compliance management framework in light of new GST regulation.

Our role : Help you assess the ‘As- Is’ scenario and develop ‘To-Be’ procedures / reporting & accounting framework in line with the new regulations and industry/geography benchmarks.

Our role : ‘Post- Implementation’ process audits to assess the integration between new systems, processes and functions. Also, review the reporting MIS.


Our role : ‘Third Party Reviews’ focused around contracts, processes and systems to assess readiness to change per new regulations environment.

Our role : Training / Workshops with employees on Roles & Responsibilities, Controls, KPIs, Reporting, Integration and Compliance.

We provide a broad range GST service offerings to offer you peace of mind with managing and minimising your GST risk. For every piece of work, our approach will be tailored according to your needs and concerns, and based on your business and industry sector. Explore our GST service offerings listed below for more information.


With extensive experience working on GST implementation projects for a diverse range of industry sectors, we at Nandhakumar & Sundaran also aim to identify risk areas which have not been adequately addressed. We can provide practical guidance and recommendations on additional measures that your business can put in place to ensure your business is in the best position possible to minimise the risks of non-compliance.


The service includes:


Identification of the risk areas which are relevant to your business
Prioritisation of GST risks to identify those which require more extensive testing and evaluation
Interviews with your key personnel to determine the currently existing controls and processes
Walkthrough tests of controls of common business transactions and operations
Report outlining our findings, potential gaps or weaknesses based on the controls and processes reviewed by us, along with other comments and recommendations to address these shortfalls for your consideration

GST Services

 

GST Compliance

GST Return Preparation


We offer GST return preparation services to minimise your GST compliance risks. Whether your finance teams are based locally or abroad, we can work with them to undertake the preparation of the GST returns for your business.


This service can be complimented with a GST advisory retainer, so that your finance teams can seek GST advice as needed during the day-to-day running of the business.


GST Return Reviews


Getting systems and processes in place for GST is one part of the story. The preparation of GST returns by your staff will require your staff to have a firm understanding of the complex rules and to stay up to date with the new developments, to arrive at the correct GST treatment and ensure that these are accurately reported in the GST returns.


We offer GST return reviews to identify erroneous submissions and help you to take corrective actions. 


The GST return review should help you identify and address any issues before they are raised as part of an GST audit.


The review involves checks for the following:


    • Reasonableness of tax treatment based on the sales listings
    • Validity of the tax invoices, credit and debit notes issued
    • Validity of vendor tax invoices received
    • Time of supply has been correctly accounted for

 

Certainty and Disputes

Appeal Tribunal


Having assisted clients with their appeal under GST law, we can help you in the following areas:


Review of documents and submission of the appeal application to the GST Appeals


Strategise merits of your appeal and add value by reinforcing your grounds


Assist you with the preparation of written submissions, witness statement(s) or any other required documentation to ensure a smooth appeal process


Advance Rulings


In GST regime is still new and remains largely untested. As a result there are still many uncertainties and ambiguities in the law, which puts businesses at risk.


We can help give you peace of mind as to the GST treatments adopted by you, particularly with respect to complex or high value transactions by helping your business obtain GST advance rulings.


The service includes:


Sitting down with you to understand the nature of the transaction or arrangement


Drafting the application on your behalf, and advising on supporting documentation to be submitted with the application


Submission to senior level Customs officers with a view to fast-tracking the application