Indirect taxes contribute extensively to the government revenue and in recent years indirect tax collection has exceeded the direct tax incomes. With the integration of various indirect taxes in to GST, the collection is expected to go up further. India being a federal country, we have adopted dual GST with a four rate structure to meet the interests of various states. Given that the government is extremely proactive in addressing the transition challenges faced by trade and industry, a number of exemptions and concessions find place in the evolving GST system.
There have been continuous clarifications, amendments in the GST law, which require constant monitoring of such changes by the businesses, which in turn call for changes in their systems and processes. The customs duty continued to be levied on imports and such import is also subjected to IGST as a part of customs duty. One also needs to keep track of the pending assessments, investigations and litigations under the erstwhile regime, related to excise, service tax, VAT, CST and other local levies.
Businesses are expected to be aware of the GST implications that affect their dynamic business models and also comply with statutory compliance requirements. Varying treatments of supply of goods and services, and interpretations of customs and GST provisions pose a challenge for trade and industry to be on the right side of the law and at the same time explore the possibilities of optimising its tax impact on their business model.
Our Indirect tax professionals with their wide-ranging experience and in-depth knowledge on the subject, can help clients in all the above aspects. We provide advisory and compliance related services with reference to all indirect tax laws including GST, Customs Duty and Foreign Trade Policy and also on the pending tax and litigation matters related to the erstwhile regime. KPMG in India is also an approved GSP service provider.
The indirect tax services that we offer, also include the following:
- GST/Customs Advisory and Representation
- GST Digital Compliance assistance (ASP) – KGCP
- GSP services
- Technology enabled GST Diagnostic review - KPMG Tax Intelligence Solution (TIS):
- Indirect tax health check
- Assistance in investigations/tax dispute
- Closure of pending assessments - Project ASISTA
- Customs & Foreign Trade Policy Assistance
- EPC structuring