GST Periodic REVIEW Stay Ahead of Changing Regulations with Our Real-Time GST Compliance Updates
Our periodic reviews can help businesses meet their GST compliance obligations and minimize the risk of penalties and legal issues.
GST Periodic ReviewOur services designed to ensure compliance, mitigate risk, and provide customized and adoptable solutions to optimize your cashflow
Overall, businesses should contemplate conducting a GST review whenever there are changes in business operations, modifications in GST laws or regulations, or uncertainty about their compliance status. Periodic reviews can help businesses meet their GST compliance obligations and minimize the risk of penalties and legal issues.
Our Services
Our firm, Kantilal Patel & Co., offers a wide array of services aimed at helping businesses adhere to the Goods and Services Tax (GST) law. Some of the services provided by our consultants include:
Area-Specific Reviews
- Sales Review: A review of sales-related processes, including invoicing, customer master data, pricing, and discounts. The goal is to identify potential issues and areas for improvement in compliance and efficiency.
- Procurement Review: A review of procurement processes, including purchase order management, vendor master data, input tax credit eligibility, and vendor payments. The goal is to identify potential issues and areas for improvement in compliance and efficiency.
- Export Review: A review of export-related processes, including export documentation, compliance with export regulations, and input tax credit eligibility. The goal is to identify potential issues and areas for improvement in compliance and efficiency.
- GST Credits Review: A review of input tax credit-related processes, including eligibility criteria, documentation, and reconciliation. The goal is to identify potential issues and areas for improvement in compliance and efficiency.
- Refunds Review: A review of refund-related processes, including eligibility criteria, documentation, and timelines. The goal is to identify potential issues and areas for improvement in compliance and efficiency.
Other Periodic Reviews
- System Review: Our system review services ensure that your business systems are fully compliant with GST laws and regulations. Our team of experts will review your business processes, procedures, documentation, and other aspects to ensure they align with the applicable laws. We will also provide recommendations to optimize your systems for seamless GST compliance.
- Process Review: A review of GST-related processes, including invoicing, returns filing, and compliance management. The goal is to identify potential issues and areas for improvement in compliance and efficiency.
- Procedure Review: A review of GST-related procedures, including documentation, approvals, and record-keeping. The goal is to identify potential issues and areas for improvement in compliance and efficiency.
- Documentation Review: A review of GST-related documentation, including invoices, returns, and supporting documents. The goal is to identify potential issues and areas for improvement in compliance and efficiency.
- Compliance Review: A review of compliance-related processes, including compliance management, audits, and investigations. The goal is to identify potential issues and areas for improvement in compliance and efficiency.
- Agreement Review: A review of existing contracts and agreements, including purchase agreements, sales agreements, and service agreements, to ensure compliance with GST regulations and optimize benefits.
- Review of Disputes and Refund Cases: A review of pending disputes and refund cases related to previous indirect tax regimes such as service tax, central excise, and VAT, to assess their impact under the new GST regime and suggest actions to mitigate adverse impact.
Our Approach
- Comprehensive Review of GST Compliance: Our team performs an in-depth review of a business’s GST compliance to identify any discrepancies, errors, or non-compliance issues. This review may include a detailed analysis of GST returns filed, input tax credit claimed, tax payments made, and other relevant documentation.
- Identification of Non-Compliance Issues: Our professionals also identify any non-compliance issues and provide recommendations on how to address them. This may include advising on corrections that need to be made in the GST returns, suggesting changes to the business’s GST compliance processes, or providing guidance on how to avoid similar issues in the future.
- Review of Internal Controls: Our professionals also review a business’s internal controls to identify any gaps or weaknesses in their GST compliance processes. They may suggest changes to the business’s record-keeping practices or recommend implementing new controls to ensure that GST compliance is being maintained.
- Training and Support: Our professionals also offer training and support to a business’s accounting and tax teams to help them better understand and comply with the GST law. This training may cover areas such as GST compliance processes, record-keeping, and GST return filing requirements.
- Preparation for GST Audit: Our professionals also help businesses prepare for a GST audit by reviewing their GST compliance and identifying areas that may be subject to audit scrutiny. They may also provide guidance on how to respond to audit queries and provide support during the audit process.
- Ongoing GST Compliance Monitoring: Our professionals also offer ongoing GST compliance monitoring services to help businesses stay up-to-date with the latest changes to the GST law. This may include regular reviews of GST returns, input tax credit claims, and tax payments to ensure that the business is fully compliant with the GST Law
KPC Edge
- Customized Approach: We take a customized approach to our GST compliance review services, tailoring our approach to the specific needs of each client. This may include providing targeted recommendations based on the unique compliance issues faced by the client or offering bespoke training and support to address specific areas of concern.
- Industry-Specific Expertise: At Kantilal Patel & Co., we have industry-specific expertise that allows us to provide more specialized GST compliance review services to clients operating in particular industries.
- Technology-Driven Solutions: We leverage technology to provide more efficient and effective GST compliance review services. This includes the use of specialized software tools to automate data analysis and reporting, or the use of cloud-based solutions to provide real-time access to GST compliance data.
- Proactive Approach: We take a proactive approach to our GST compliance review services, helping clients stay ahead of the curve when it comes to GST compliance. This may include offering regular updates on changes to the GST law or providing ongoing training and support to help clients stay up-to-date with the latest compliance requirements.
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We’re ready to learn about your specific needs.As your business expands and evolves, and complexity increases, investing in an evaluation of your people, processes and technology is a valuable way to prepare for future growth.