Indirect Tax Compliance
1. SCOPE OF SERVICES FOR GSTR 1 (OUTWARD SUPPLY DETAILS) AND GSTR 3B (SUMMARY RETURN) ALONG WITH MONTHLY/QUARTERLY ITC RECONCILIATION:
- Test check review of outward supply register to ascertain that key aspects such as valuation, place of supply and time of supply are correctly determined by the company
- Bifurcation of outward supply (i.e. B2B, B2CS, Exports, etc.) made by the company utilizing Suniyojit’s Simplified GST tool.
- Test check review of Debit note / Credit notes registers and other sources of income, if any
- Review of CGST, SGST and IGST liability ledgers on test check basis to ascertain whether appropriate GST rate and type of tax has been computed based on the type of supply of goods/ services
- Test check review of inward supply register to ascertain that eligibility of input tax credit has been correctly determined by the company
- Consolidation of inward supply/purchase register basis which the ITC was availed by the company
- Downloading the GSTR-2B from GSTN portal
- Invoice level reconciliation of ITC availed as per company records vis-à-vis invoices appearing in GSTR-2B
- Identification and categorization of mismatch in ITC appearing as per records of the company and GSTR- 2B
- Preparation of customized summary of ITC reconciliation as per records of the company and GSTR-2B and making available the possible reasons for mismatch
- Advising company on the action to be taken on auto-populated GSTR-2B for availing, keeping on hold or rejecting the claim of Input Tax Credit
- Test check review of outward/inward supply invoices, debit notes, credit notes and GST liability payable under reverse charge mechanism
- Computation of GST liability and preparation of GST returns in prescribed forms utilizing Suniyojit’s SimplifiedGST tool;
- Assistance in preparation of payment challan for payment of GST liability, if required
- Submission of GSTR-1 and GSTR-3B on GSTN portal.
2.SCOPE FOR LETTER OF UNDERTAKING (LUT) ON ANNUAL BASIS
- Collation of requisite data and details for filing application for LUT for export goods or services (or to supply goods or services to SEZ) without payment of IGST
- Preparation and submission of Form GST RFD 11 (application for obtaining LUT) along with requisite supporting documents and details
- Liaising and follow up if any with the concerned jurisdictional tax office for submission and acceptance of LUT
Deliverables
- Submission of Forms GSTR-9 and GSTR-9C on GSTN portal
- Preparation and submission of application for renewal of LUT
Notes
- Implementation of action points suggested by us post reconciliation of GSTR-2B including vendor/ supplier follow ups and identifying missing invoices, etc shall be the responsibility of the Company
- Technology support including services of ASP / GSP required for undertaking the above scope of work shall be required to be arranged by the Company if required and shall not be deemed to be included in the scope
- However, Suniyojit may avail support services of any ASP/GSP (CA module) for GST compliances if needed, which is to be covered into aforesaid scope of services.