Indian Economic and Taxation Environment both are sitting on dynamic benches. The constant changes in the tax in Indian environment are making threat for all business segments. If we see the Indirect tax balloon, we see a bunch of taxes and their compliances. Like For manufacture there is excise duty, for a service provider there is service tax and for other there are many tax implications like income assessment, return filing etc. As the business expands, the more complex tax issues and their compliance come parallel.
Accounting Forte offers a comprehensive suite of Indirect Tax Consultancy & their compliances. Our main objective is to minimize your tax exposures and safe business from compliance failure. Our team of professionals understand the tax structures and the involved risk. We plan with you to minimize the tax challenges by designing best tax planning structure. Indirect taxes cover every business transaction whether in goods or services. Indirect tax is borne by the end user of such goods or services. Now, it is the organisation obligation to anticipate the applicability and protect business from such failure. Our team of expert consultants offering services includes advisory on Indirect taxes, compliance assistance, CENVAT credit, Representation Services and Refunds under Indirect Tax Laws.
The following services are:-
Accounting forte provide the advisory and strategic consultation on the various aspects of indirect tax like Indian customs, central excise, service tax, value added tax (VAT), foreign trade policy, special economic zones and other allied legislations.
Indian customs implies customs duties that are imposed on the goods at the rates specified in the Schedules to the Customs Tariff Act, 1975. The chargeable event is import into or export from India. Similarly, Central Excise Duty is imposed on those goods, which are manufactured in India. These indirect tax is govern by the Central Government under the authority of Entry 84 of the Union List (List 1) under Seventh Schedule read with Articles 268 to 281 of the Constitution of India. Accounting Forte marked a desirable market position by offering customer Central Excise Duty consultancy services.
For Service Tax Advisory, Accounting Forte keeps entire picture of provisions in mind and provides best strategic advisory on the Service Tax issues. The services rendered by our Experts completely adhere to the concerned rules and regulations. Service Tax is imposed on services rendered in India. The Finance Act, 1994 under chapter V includes the service tax administered by the Central Excise Department. In other words, it is an indirect tax recuperated from the service receiver by the service giver in course of his business transactions.
Our Compliance Assistance service area includes helping businesses and to meet their regulatory requirements. Accounting Forte provides help corporate and non-corporate individuals to comply with the provisions of all Indirect Tax Laws. Indirect Tax Laws compiles various tax statutes and the provisioning of each statute are creating complexities for the businesses. Our team assistance in compiling these statute provisions more effectively. Our assistance part also includes the integrated inspections, auditing and enforcement. We understand and find out the laws that apply on your businesses and the compliances that you need to perform, and other relevant matters. We perform documentation work, filing returns and depositing of withholding taxes that is required in the compliance procedure and we perform guidance services on any related issues. We provide the service for any assistance, inspections, incentives and enforcement as well to maximize their benefits. Our service includes:
Our service includes:-
Initially Credit Rules under Indirect Tax Provisions Provides credit on one to one basis. Many amendments were introduce but did not provide much relief to the service industry where no credit was available in respect of excise duty, which was paid on the goods used for providing output services. However, with the introduction of CENVAT Credit Rules, 2004 that extend to the whole of India except the State of Jammu and Kashmir, this lacuna was removed and VAT Assessment gets simpler. These rules override the effect of CENVAT Credit Rules, 2002 (applicable for availing credit of excise duty) and also Service Tax Credit Rules, 2002 (applicable for availing credit of service tax). Under this scheme, the concept of inter sectoral credit was introduce first time where the person who is liable to pay service tax on the services provided by him (output service) can set off this liability by claiming credit for the amount of duties and cess he has paid on the goods (input goods as well as capital goods) he used and also the amount of service tax and cess he has paid on the services he used (input services) to provide such taxable services.
To understand the concept and to utilise the credit, CENVAT structure should be framed in an effective way and the credit available can be utilized for payment of indirect tax liabilities. We, at Accounting Forte, understand how to map the structure of CENVAT on customised basis or as per industry. As we know, it is essential that a manufacturer or service provider avails all the eligible input tax credit in terms of the applicable input tax credit provisions and optimizes the same. Our service segment for CENVAT Mapping and optimisation covers structuring of expenses on which tax is paid and structure out those expenses on which input tax credit has not been availed. Evaluating the Credit provisions i.e. either they are applicable and initiating mapping of credit to ensure optimum availment of input tax credit.
As the compliances are increasing with the expansions, the more and more assessments are also initiating by the revenue authorities to protect revenue. Now to handle assessment cases and representing before the authorities, assessee needs an expert and his opinion to proceeds the assessment. In the same way, we, the team of Accounting Forte, have experts in handling assessments of any Indirect tax and we also perform the representation service as well in front of any tribunal or in court related to any matter for our client.
In respect of assessment assistance and representation, Accounting Forte provides the following services:
There are some provisions in relation to the refund of tax from the authority we paid. However, we can apply for refund of the taxes with respect to some conditions as specified in the statutes. The condition and / or provision regarding to refund of taxes may differ from state to state. We, the Accounting forte, extend our service for the refund of tax in a wide range of all over the India. The condition may include the date of tax paid (due date), place of tax paid (covering the state law), Extent of tax paid more than the tax required (limit refund of tax), reason for the excess payment of tax or may include any other reason depending on the state law.
Accounting forte keep its mind continuously on the Relevant Notifications, Relevant Circulars, Clarifications, Case Laws, Forms so that the refund cases can be preceded properly. The major services of the Accounting Forte for refund extend to the following:
While importing goods in India, the SAD (Special Additional Duty) is require to pay by the importer. The reasoning behind imposing this import duty is to equalizer VAT (i.e. tax revenues of government) and help the domestic suppliers. The SAD is collected as per Section 3(5) of Customs Tariff Act, 1975 and also known as Counter Value Duty (CVD).
It is charged at the rate of 4% and in the total value of imports (including Basic custom duty, CIF and CVD). If goods are furthers traded then the 4% refund can be obtainable to importer to the extent of Special Additional Duty (SAD) paid (the goods are sold in India without changing the identity of the goods). Accounting Forte team help importer to avail the refund of Special Additional Duty in an easy and efficient way. We have a panel of associates chartered accountants and also a team of experts who have an extreme knowledge on SAD. This procedure involves number of documentation work and also needs to be verified for internal consistency and inter-correlation to make set of claims and out team makes it easy for our prospective clients.