Indirect taxes have evolved into a comprehensive tax on goods and services providing uniformity of taxes across States, creating opportunities to reorganise supply chains and optimise costs. The new law has brought in operational challenges in compliances increasing automation needs and an opportunity of centralised management of taxes.

GST Advisory & Compliance Services

Goods and Services Tax (GST) is a tax reform of modern-day in India, and has come into effect from 1st July 2017. GST It was introduced with an aim to consolidate multi layered tax system into one single tax. The introduction of GST has far reaching effects on the business operations of almost all organizations. GST has modified the panorama of tax compliance significantly, and requires customized technology to assist for secure, smarter and faster reporting of transactions. It has a significant influence over planning for Tax Structure & Incidence, Compliances, and Credit Mechanism. It led to an entire overhaul of erstwhile Indirect Tax System.

The revolution is not just confined to the law and regulations but GST has led to infuse technology for reporting compliances. The Authorities have been proactive in streamlining needs of industry, however, with given magnitude of updation, it comes with its own set of challenges and complexities which makes it crucial for companies to re-visit the GST positions on regular intervals to restrict impact in a longer run.

Changeover to GST has impacted the tax structure, tax incidence, tax computation, tax payment, compliance, credit utilization and reporting, leading to a complete overhaul of previous indirect tax system followed by entities. It is imperative for entities to study the far-reaching impact of GST on almost all the aspect of the business operations, i.e. pricing of products and services, supply chain optimization, IT, accounting and tax compliance systems.

Under GST Advisory and Compliance, we offer holistic guidance to resolve complex GST related issues. Combining a strong understanding of the business intricacies and comprehensive GST knowledge, we assist our clients with their GST challenges. We assist our clients by providing a wide gamut of services including conducting GST diagnostic review, advising on various GST related issues, assistance in litigation and representation before the GST Council, etc. Additionally, we also assist in obtaining GST refunds, undertaking GST compliances and audits.

Our range of services makes it seamless for you to comply with tax policies. Our service offerings in GST advisory and Compliance include:

• Undertake comprehensive review of client’s existing business transactions, contracts, sourcing policies, pricing and distribution policies and analyze the GST implications on these.
• Assistance in customizing ERP / other IT platform to obtain the data required for periodical compliances under the GST regime.
• Advice on proper classification, valuation, applicability of taxes on transactions in reference to benefit / exemptions.
• Registration under GST and classification in terms of HSN and SAC codes and the applicable tax rates
• Ascertain place of supply to determine relevant state for GST compliances and tax payments
• Claim proper input tax credits where eligible and exclude or defer input tax credits not eligible as well as refunds or tax credits for exports
• Ascertain and ensure compliance with reverse charge on inward supplies where applicable
• Formulating tax efficient business models and structuring of contracts / transactions to optimize tax incidence
• Formulating tax efficient business models and structuring of contracts / transactions to optimize tax incidence
• Conducting tax impact assessment studies.
• Assistance in proper accounting of GST transactions.
• Assistance in maintenance of proper documentation as required by the law.
• Providing advisory at the various levels of client’s personnel on GST law so as to enable them to re-align and restructure their business processes and IT system.
• Assist in testing whether the report generated by the system / the data provided by the system meets the GST requirements.
• Review of tax returns and tax computations and submission to tax authorities in each state or for each registered location (including review of mismatches between vendors and/or customers and the client’s records based on reconciliation prepared by the client)
• Ensure filing of periodic and annual tax returns in each state (or for each registered presence) based on applicability
• Assisting the client in getting annual GST audit done in respect of each registered location where the client is situated
• Assistance in filing / submitting of Letter of Undertaking (LUT) in case of exports under GST Rules.
• Assistance in refund of excess GST paid.
• Representation for assessments, appeals, refunds and other matters under GST.

Several multinational enterprises have entered the boundaries of India resulting in colossal influx of foreign direct investment (FDI) in India. Also, since the advent of liberalization, Indian entities have made overseas direct investment in diversified countries to capture global opportunities. Thus, there is a need to implement strategies to address various tax opportunities to achieve growth. We provide advisory services for corporate structuring and planning, Double tax relief and tax treaties interpretation, outbound and inbound investments, compliance related to foreign remittances, transfer pricing and representation in assessments etc. We also help our clients in inbound business structuring and outbound business structuring.

As a part of our international tax services, we understand the company structure to determine the applicable exemptions and obligations. We also complete any requirement of registration or notification to local authorities, review of documents, review of the relevant policies to ensure compliance in the respective jurisdiction, and preparation and filing of returns as required.

We provide relevant advisory services to companies regarding the handling of foreign exchange transactions for all inflow and outflow of currency. We help our clients in settlement of funds in India or outside the country, especially in those foreign exchange transactions where permissions are required. We also provide tax consulting services

The price paid for transfer of goods or services from one entity to another situated in divergent countries with prescribed exceptions. Such value attached to goods or services transferred amongst related parties is termed as transfer pricing. We offer effective solutions to companies which undertake international transactions or specified domestic transactions with its associated enterprise or group companies.

Over the last decade, Transfer Pricing has evolved into one of the most challenging tasks faced by tax professionals. With its potential to have a significant impact on the effective tax rate, businesses must pay close attention to their transfer pricing policies, documentation and reporting. With the onset of domestic transfer pricing, these issues are not limited to multinational enterprises alone, but impact businesses in the domestic space as well.

We have significant experience in transfer pricing matters and have worked on developing and implementing transfer pricing solutions for clients in several sectors which help them to handle the transactions smoothly.

Our transfer pricing advisory services include transfer pricing documentation work based on the transaction requirement and the clients' inputs. We also aid in the determination of arm's length prices and the selection of the most appropriate transfer pricing method. We also help in drafting the planning document and an agreement between the associated enterprises.

We help the clients in litigation services before the Commissioner of Income Tax (Appeals) - CIT(A), Income Tax Appellate Tribunal (ITAT), High Courts and the Supreme Court of India.

Double taxation is attracted when a NRI is liable for tax in country of his residence (say UK) on his worldwide income as well as in the source country (say, India) on the Income accruing and arising in India.

Double taxation on same income is attracted on account of the tax levied by the country in which income is earned (commonly known as “source country”) and if person who has earned the income is resident of another country then the tax is levied by home state (commonly known as “residence country”). For e.g. a NRI is resident of UK and has a source of income in India, the NRI is liable to pay tax on income in the source country i.e. India and also in the residence country i.e., UK.

A Double Taxation Avoidance Agreement (DTAA) is executed by both countries to mitigate the double or larger tax in the above situation and also to promote and foster economic trade and investment between the two countries.

DTAA makes provision for elimination on double taxation in one of the following manner:

• (a) Granting exclusive right to tax to one of the countries;
• (b) Granting taxing rights to both countries but making a provision for limiting the rate of taxation of each country;
• (c) Granting right to resident of another country to obtain credit for taxes paid in the source country.

The DTAA covers provisions to grant benefit of relief of taxation of various types of income, e.g.

Interest income

• ii) Dividend income
• (iii) Employment earnings
• (iv) Capital gains
• (v) Consultancy and royalties income
• (vi) Business income
• (vii) Any other type of income

We have a long-time experience in handling DTAA Advisory Services transactions and optimizing tax liability for income and profit earned overseas. We provide efficient DTAA Advisory Services to our clients and help them comply with legal provisions.

An NRI is an Indian who is residing outside of India and is not under the Income-Tax Act of India but that doesn’t mean that he or she cannot do business in India. NRI’s establish their office and business here also but need to follow some rules and regulations of India. They generally face dire investments and financial issues and this is the time when they require an a professional who can guide them and deliver the best investment, tax and legal services.

MSK & Co. helps its clients getting the best services through preparing them for the income tax returns and benefits, tax advice based on the advanced tax planning which is further based on the particular needs of its clients. We teach them how to be a good business runner and how to get the maximum amount of benefits out of the tax regulations rules related to the NRIs. As a part of our NRI Income Tax Services, we help our NRI clients in handling their property and other investments in India to save their time investment in financial management in India

Depth of our knowledge and experience in these tax matters coupled with our personalized responses has earned us satisfied, long-term clients spread across globe. Our passion to further nurture and grow more such relationships ensure that our team members respond to mails immediately.

MSK & Co. also offers its non-resident clients the following services:

• Investment, Tax Advisory and Compliance with Reserve Bank of India stipulations
• Making prescribed applications to Reserve Bank of India for various FEMA and RBI regulated transactions
• Advisory and Compliance related to FEMA / RBI matters
• Advisory on banking and remittances
• Allotment of Shares to non-residents
• Transfer of shares from Indian resident(s) to non-resident(s)
• Setting up Company/LLP/Partnership by NRIs or persons of Indian origin
• Liaison services for NRIs intending to set up a branch office or liaison office in the country under RBI regulations
• Capital Gains Advisory and TDS compliances on transfer of movable and immovable assets

We provide Certification Services including

• Certification for various deductions, benefits and exemptions under the Income Tax laws
• Certificates for foreign remittance when residents in India make payments to foreign entities outside India under the Income Tax laws or Double Taxation Avoidance Agreements (DTAAs) as directed by the RBI
• Certification of arms’ length price in the transfer pricing transactions under the Income Tax laws
• Certificates of investment incentives
• Net Worth certificates required for the Visa Embassy issuance, Bank finance, and Bank surety
• Assistance in obtaining an Income Tax Clearance Certificate (ITCC) , Tax Residency Certificate (TRC) etc.
• Certification for approval of financial reports and other interim reports presented to the authorities
• Transfer pricing certification A certificate stating the fair value
• Certificate of import export code (IEC) AND various certifications under the Exchange Control regulations such as imports, Export Oriented Units (EOUs), customs and remittances
• Other miscellaneous certifications