Indirect Taxation & GCC VAT
Indirect Taxation (Tax Laws)
Goods & Service Tax (GST)
- We provide Implementation, Consultancy, Compliances & Audit related services pertaining to GST
- India has implemented Goods and Services Tax (GST) replacing a plethora of indirect taxes, with the promise of Good and Simple Tax.
- GST is intended to remove inefficiencies in the supply chain due to breakage of credit chain and cascading effect of taxes. GST envisages a common national market for goods and services and removal of trade barriers. GST will have impact on supply chain, value addition and pricing of final products and services. Thus, businesses will have to adapt continuously, examine transactions, restructure operations, adopt supply chain optimization strategies, provide training to enterprise personnel, update book keeping practices and ensure changes in the IT infrastructure so as to maximize benefits from the new regime.
- We provide Comprehensive health check-up to identify risks and opportunities; assess GST compliance and provide innovative solutions; Evaluate and advice on implementation framework; Devise strategies to optimize credits and other legally available benefits. Timely compliance with GST returns and hand-holding client during GST implementation are our primary focus.
- Value Added Tax, Service Tax and Excise Duty being phased off in India, we help our clients in representing in scrutiny assessment matters and various related services.
Gulf Corporation Council – Value Added Tax
The GCC-wide introduction of Value Added Tax (VAT) from January 1st, 2018, has risen concerns among businesses in the UAE. This will impact not only businesses with local transactions but also cross border transactions within the GCC and non-GCC countries. In most of the countries where VAT or similar taxation was introduced in the past, it had been an addition to the existing taxation systems. Whereas in the UAE, the taxation concept is new to most of the businesses. Thus, it is not uncommon for businesses to have doubts as to the starting point to implement VAT and which aspects within their operation are to be prioritized.
How Wadhwa & Shah can help?
Our VAT team supports businesses to navigate the new UAE tax environment and provide solutions which suit their business model as well as industry.