GST Advisory & Compliance
Goods and Services Tax (GST) is a transaction-based indirect tax system that requires continuous monitoring, interpretation, and compliance. Every outward and inward supply impacts tax liability, input tax credit eligibility, and reporting obligations. A structured advisory framework helps businesses align operational processes with statutory requirements.
GST advisory involves detailed analysis of:
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Classification of goods and services under HSN/SAC
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Determination of correct GST rate
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Place of supply provisions
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Time of supply rules
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Reverse Charge Mechanism (RCM) applicability
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Input Tax Credit (ITC) eligibility and restrictions
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Valuation principles under GST
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Anti-profiteering implications
Compliance under GST extends beyond return filing. It includes systematic reconciliation of sales data, purchase registers, e-way bills, e-invoices, and financial statements. Errors in reporting may lead to notices, interest liability, penalties, or ITC blockage.
A structured compliance mechanism ensures:
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Accurate periodic return filing (GSTR-1, GSTR-3B, CMP-08)
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ITC reconciliation with GSTR-2A/2B
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Vendor mismatch identification
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Timely tax payment
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Proper maintenance of records
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Readiness for scrutiny or departmental audit
Proactive GST advisory reduces litigation exposure and enhances financial efficiency. Continuous updates in law, notifications, circulars, and judicial precedents make expert interpretation essential for risk management.