GST Advisory
Why GST Advisory Important ?
GST advisory is essential for businesses to ensure compliance with tax laws, optimize tax benefits, and avoid penalties. Expert guidance helps with accurate tax filings, adherence to regulations, and efficient tax planning. It streamlines operations, minimizes risks, and supports financial stability in an ever-changing tax environment.
Our expertise covers the full lifecycle, regardless which stage you are right now
We will advise you on the GST treatment of your transactions and recommend steps to mitigate your GST leakage. These include:
Ideate
- Advise the GST treatment on various income, local expenses and imported services for both the fund and fund manager;
- Advise the GST registration requirements for both the fund and fund managers and the filing obligations;
- Advise the pros and cons of GST registration and exemption from GST registration, where applicable;
- Recommend steps to mitigate any GST leakeage including any concessions/ remissions applicable to the fund and fund manager.
Launch
- Advise the GST treatment on various income, local expenses and imported services for both the fund and fund manager;
- Advise the GST registration requirements for both the fund and fund managers and the filing obligations;
- Advise the pros and cons of GST registration and exemption from GST registration, where applicable;
- Recommend steps to mitigate any GST leakeage including any concessions/ remissions applicable to the fund and fund manager.
Run
- GST compliance services
We will assist the fund/ fund manager with their GST compliance matters:- For GST registered fund manager and fund – preparation and filing of quarterly GST F5 returns;
- For non GST registered fund that meets the qualifying conditions for the GST remission – preparation and filing of statements of claims under GST remission to recover GST on expenses.
- Advice on the Singapore GST implications of new/existing arrangements in respect of the fund structure
We will provide you with our advice from the Singapore GST perspective on the implications on new/ existing arrangements/ acquisitions. - Handling tax audits
We will assist you with responses to routine and ad-hoc queries from the IRAS and filing of GST F7 correction forms. - Training
Upon request, we will organise general/ customised GST training so that business are kept abreast with the GST developments.
Exit
- For funds which are at the end of its life cycle and for fund manager that will cease its operations, we will assist with the winding up matters of the fund/ fund manager which can include:
- Assist with the application to the IRAS to cancel the GST registration;
- Assist with the preparation/ filing of the final GST returns or statements of claims;
- Assist with the queries from the IRAS relating to the above.
FAQs on GST Advisory
Goods and Service Tax (GST) Advisory Services comprehensively impart a structural pattern of guiding business entities on the indirect tax levied upon multifarious commodities through the established norms and regulations under the wide ambit of the GST laws.
FOREWORD. The compilation of Frequently Asked Questions (FAQs) on GST brought out by the National Academy of Customs, Indirect Taxes & Narcotics (NACIN), the apex training institution under the Central Board of Indirect Taxes and Customs (CBIC), has been extremely well received.
For example, companies can avoid GST registration if their all-India turnover stays below Rs. 40 lakhs (or Rs. 20 lakhs for North Eastern states).
A tax advisor is an individual who is a financial expert holding specialized tax accounting, tax law knowledge, and know-how. In complicated financial cases, the services of a tax advisor are typically retained to reduce the tax payable while staying compliant with the law.
Specialized Transaction Advisory Service (TAS) experts will help you recognize an appropriate partner for your joint venture, outline the deal, prepare an agreement, negotiate regarding the venture, acquire legal permissions, and push the deal towards a successful closure.
Rule 42: Manner of determination of input tax credit in respect of inputs or input services and reversal thereof. CGST Rule 42 deals with the reversal of input tax credit on non-payment of the supplier within 180 days from the date of the invoice.