Role of GST Advisory Services

GST Advisory is a guidance provided by a government or regulatory body on the implementation and compliance with the Goods and Service tax system. It can be in written form through documents or guidelines or question-answers forms or interactive channels like webinars, conferences, etc. The advisory has given an aggregate turnover of up to Rs. Five crores where the number of digits of HSN code reported in GSTR 1 is four and an aggregate turnover of more than Rs. 5 crores where the number of digits of the HSN code reported in GSTR 1 is six. The following are the essential features of GST Advisory: The research is conducted for evaluating the impact on business. It provides various opportunities for improving the scope of GST. The business needs to identify the opportunities after the evaluation is completed. The relevant changes are made after understanding the evaluation. It needs to be reviewed with the process, documents, and policies made with the requirements of GST. An analysis is completed after execution with the application of compliances in transitioning the tax credits and liabilities with addressing an individual requirement. The role of advisory services on GST are as follows: The Advisory services provide assistance in the registration process and guidance in the recovery of tax from customers. It evaluates the eligibility for GST and transferability of existing ITC. It also assists in the preparation and updating of manuals. Training is provided for finance, taxation, legal, sales and marketing departments. It also gives training for vendors, suppliers and customers. The examination of an existing IT system for providing taxation triggers and mapping for customers' business transactions. The guidance for making credit, debit notes and invoices and other functions. It also introduces changes in the transition of credits. It advises the relevant cost system used for additional savings. Timely precautions must be adopted. It can represent in front of regulatory authorities for anti-profiteering. The changes in tax rates on onward supplies. There can be changes in the time and place of supply of goods and services. The Goods and services tax network has published an advisory for GST composite taxpayers on negative liability. The composition taxpayers are required to file the liability with Form GST CMP-08 on a quarterly basis in Form GSTR-4 after closing of the year. The GST advisory and compliance has issued a notification for changes in the system with respect to AD code registration in exports. The changes made by a number of CBIC advisory 10/2022 dated ICES advisory 06/2022 are given in the following points: GST Services on advisory include analyzing the impact of GST on businesses with alternative business models, and guidance for implementation at the business level. 1. Evaluating an Impact
2. Overview of Evaluation
3. Assistance in Execution
4. Management of transition or evolution
Role of GST Advisory Services
Implementation of GST
Training in GST
Functionary Advisory
Tax Efficiency
Impact Assessment on Business
Conclusion