Indirect Taxation

The indirect tax system in India has undergone a major change in July 2017 with the introduction of GST, replacing the erstwhile systems of excise, VAT, Service Tax, etc. The new regime aims at greater transparency and fairness across the range of goods and service providers, however it also introduces significantly higher compliance requirements in the form of multiple returns every month, multiple tax payments every month and constant reconciliation of tax credits being claimed by each entity.
With this change, many small and large businesses in India are at a loss to understand the transition and fulfil their tax liabilities correctly. 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.
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, MN& Co. works closely with latest technology service providers to provide an end-to-end service offering to its clients on GST. Our team is involved in every step of the process and in several cases, eliminates the need for our clients to hire more employees to keep up with the additional GST workload. We provide the following indirect tax services to our clients:
1. GST registration and migration
2. Ongoing calculation of GST liabilities and credits
3. Filing of GST Returns
4. Liaising with tax authorities in cases of tax demands, scrutiny or disputes for both GST and erstwhile indirect tax issues (service tax, VAT, excise, etc.)
5. Interpretation of GST Act and specific sections based on clients’ industry, products, exporter/importer status and other unique circumstances.