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Practice Areas

A wide range of practice areas are covered to help our customers mitigate the risks of an ever-changing business environment. Spearheaded by service and sector specialists, each service vertical is backed by a highly analytical team of driven individuals that ensure clients grow in a competent and unified manner

GST

GST, one of the largest and the most impactful of tax reforms in the country, was introduced in July 2017.

GST subsumes most of the existing Indirect taxes levied by the Centre and States (including the State VAT Laws) and mitigates (though does not completely eradicate) the cascading effect of taxes.

Given the magnitude of the change, the GST Law is far from being settled. The Government has also been pro-active in coming up with frequent clarifications and amendments in law, procedures, tax rates and so on, to soothe the nerves of the industry. This entirely new regulatory framework along with frequent amendments/clarifications also gives rise to interpretation issues, which may be perhaps conflicting at times. Businesses need to stay abreast and constantly evaluate the risks and review its positions, so that it does not have to brace itself for any hidden surprises in the long run. Any lapse or even an error of judgement in recovering tax at the transaction stage could lead to materially adverse commercial implications later on.

Another important aspect associated with GST is the thrust of the Government on technology, which is imperative for meeting with all regulatory requirements. Large businesses need to automate all its work flow processes, including invoicing, vendor management, tax computations and tax filings, in order to ensure accurate and timely reporting with the authorities.

We have developed in-house capabilities in the field of Indirect Taxes, which constitutes the largest tax outflow for most business entities. As tax automation is critical for large businesses, CNK works closely with GSPs/other technology service providers to provide an end-to-end service offering to its clients on GST.

Our range of services in this area includes:

Advisory

  • Advising on structuring of transactions, which would help optimize the incidence of GST within the framework of the applicable laws;
  • Evaluating GST implications on existing/proposed transactions/ agreements and providing inputs thereon from a GST perspective.
  • Rendering opinions on issues under GST Laws
  • Advising on issues relating to registration, place/time of supply, valuations (with specific emphasis on related party transactions), rate of tax, eligibility/reversal of ITC, applicability of reverse charge mechanism, tax computation etc.

Compliance

  • Assistance in obtaining State-wise GST registrations;
  • Provision of automated GST solutions (through GSP’s/other service providers) for recurring monthly compliances;
  • Assistance in preparation of invoices in conformity with the GST Laws, emails to clients and addressing customer queries on invoicing;
  • Assistance in preparation and uploading of all returns;
  • Assistance in preparation and uploading of refund applications
  • State-wise GST Audit and assurance services envisaged with the intent of enabling our clients to face future departmental audits with confidence.

Litigation

  • Representation services comprising assistance during and preparation of responses to departmental audits/notices/refund applications, appearances before the authorities, preparation of appeal documents and attending to hearing of appeal matters.

Other Services

  • Sanity check of all GST/other indirect tax related compliances;
  • Due diligence reviews from an indirect tax perspective in transactions of merger, de-merger, slump sale and more.
  • Conducting customized training workshops for clients on all aspects impacting their business operations.