Tax filing consultant H&R Block India Pvt Ltd has set up the country’s firstGST Centre of Excellence, which is manned by a battery of experts. Through this unique initiative, it is offering small and large enterprises solutions that help them comply with the new taxation system. The company’s assistant manager-business services CA Ankita Mathur ([email protected]) explains what GST compliance is all about.
What are the challenges that large and small businesses are facing ever since GST came into effect?
GST is one of the biggest tax reforms that has ever been introduced by any government in world. We believe that increased compliance burden with number of returns to be filed annually, state-wise registration, lack of clarity in certain GST provisions, and preparedness of IT systems are some of the challenges that enterprises will face in the coming months.
One of the key features of GST is the invoice-level matching that needs to done between a buyer and seller, to be able to claim tax input credit. For the GST system to function at optimal efficiency, two things are going be required. Firstly, a thorough understanding of the GST laws, and how the changes will affect working capital. Secondly, the huge scale of operation requires both software and hardware capabilities in order to manage filing accurately and efficiently. Though some of the bigger corporates will have the necessary skills in-house to manage this change, most will require outside assistance to become compliant. H&R Block’s early GST solution aims to help both large and small corporates become compliant by getting experts to execute the GST filing. This allows them to concentrate on their business, while we take care of their compliance.“
“H&R Block’s early GST solution aims to help both large and small corporates become compliant by getting experts to execute the GST filing.”
What is reverse charge mechanism?
Reverse charge means that the liability to pay tax is of the recipient of goods and services instead of the supplier. Depending on the situation, reverse charge may be applicable for both services as well as goods. The scope of reverse charge has increased significantly with GST, and experts can explain its impact on business and how to deal with unregistered vendors.
How can businesses make sure their returns are filed accurately? What are the different options for filing returns?
Businesses can choose from different options available in the market to file their returns. However, understanding all the provisions and sections can be a daunting task, and this is where early GST compliance and reconciliation service helps. Returns can be filed online and offline through the GST portal directly or through ASP solutions.
What solutions are you offering to overcome the challenges?
We offer offer a complete peace of mind by providing end-to-end technology-driven GST Compliance Services. With our leading GST experts on board, the company has set up India’s first GST Centre of Excellence housing more than 100 GST professionals.
“The company has set up India’s first GST Centre of Excellence housing more than 100 GST professionals.”
What are the features of your end-to-end solution?
While our clients focus on their business, we help them take care of their GST compliance. Leveraging our powerful platform, we offer solutions for all their GST needs including technology and services. By partnering with H&R Block, businesses can get a complete solution for the following:
GST Compliance & Filing Managed Service: Our tax experts or CAs compute eligible input tax credit, calculate monthly tax liability, and file all the required forms. We perform all validation checks, and also offer post-filing assistance.
Reconciliation: We undertake reconciliation of our clients’ accounts with that of their vendors so that complete input tax credit can be obtained.
Invoicing: We offer GST compliant invoicing for client’s and their business partners, including reverse charge invoices.
When we come into the picture, we assign our clients a dedicated expert who will proactively work with them to formulate strategy for making their business GST compliant. The expert will help the client chose the strategy that works best. Additionally, we offer all ancillary services including countrywide GST registration, migration from VAT and Service Tax, and implementation.