Provide handholding support post the “Go Live” date, which will include test checking the reports generated, validating the MIS output and validating the overall integration to meet requirements under the GST Law. Validate all output/ reports in the new framework during this phase. Continuously review the above systems and software for ensuring total compliance with GST requirements.
Conduct training for officers of Accounts Department and other key functionaries. The training will entail explaining in detail the roles, function and expectation from each of the said team in the light of relevant GST procedures and processes being suggested by iSolve. Provide opinions/ comment/ clarification on queries raised by the Branches/Offices. Undertake timely reviews, adherence to time lines and escalation of issues at appropriate levels as per the severity of the issue.
iSolve will evaluate and assess the readiness of your organization to go live on GST in respect of all the areas covered by the implementation plan as stated above. This will include assist / review the results of the User Acceptance Testing (UAT) or end user testing to enable to comment on the degree and extent of integration into the GST Network (GSTN) i.e the Registration, Payment, Returns and Refunds processes instituted by the government for the GST administration.
Working closely with the Accounts Department and guiding the concerned Business teams about implication of GST on the business transactions and also identifying key stakeholders and explaining the implementation plan to them. Suggest key modifications required to be made in the Information Technology (IT) platform.
Tax mapping of procurements, sales, reverse charge Mechanism, Import of services, Export of services. Determine the basis of taxation under the GST Law. Re-classification of products and services, as may be required. Analysis of impact of place of supply provisions on Inter-State transactions as per the GST Law. Analysis of GST impact on Waivers, Reversals, sales returns, penalty etc. Analysis of impact under the valuation provisions as per the GST Law. To assist in development of centralized payment system for effective Input Tax Management.
Formulation of strategies for mitigating all identifiable and potential risks and facilitating a smooth transition to GST. Advising on key compliances including amendment to registration, obtaining new registrations, invoicing, tax payments, returns, statutory records, refunds, assessment, audits, procedure for filing refund claims etc and prepare a compliance manual document for the same.
Identification of Risks in current business model under GST regime, Analyze the GST implications and identify potential compliance risk areas on the entire set of direct and indirect business transactions undertaken in view of the GST Law and Circulars, rules and notifications issued by CBEC and/or any other competent authority.
iSolve will study your current business model, review the operating structure, existing accounting system and business transactions undertaken for GST perspective, based on discussions with your business and non-business departments iSolve will propose suitable Implementation planning.