Tax Marvel

GST Health Check/ GST Review Services

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Each entity requires an analysis of amendments, circulars and Notifications against position taken by them to make sure that they are on right track and are aligned to the rapid changes.

Most important exercise being thorough review of Input Tax Credit (ITC) availed on goods and services through GSTR 3B. It is pertinent to note that merely declaring them in GSTR 3B would not entitle you, the credits. It requires careful analysis of applicable provisions such as actual receipt of goods/Services, possession of invoice, reflecting them in GSTR 2B and supplier filing returns by considering the invoices.

Need for GST Health Check Analysis –

  • Frequent changes in GST laws
  • Complex documentation and procedural requirement
  • Changes in Input Tax regime driven by Technology
  • Need for real time reconciliation of returns and books
  • To build checkpoints and tracking mechanism to deal with reversals and blocked credits

Benefits of GST Health Check

  • Confirmation of positions taken on GST and data maintained by the entity
  • Validation on sample basis the documents maintained and returns filed
  • Possible avoidance of interest and penalty during Department Audit
  • Setting in place various controls and checklists for compliance with GST laws