After having opted for multiple rates under the upcoming goods and services tax (GST) regime, India is now looking to keep variations in rates on the same types of products at a minimum to ensure that the tax structure does not get any more complicated. For example, all types of footwear or mobile phones could attract the same rate. “Single rate for one product group will bring simplicity in the structure and make implementation easier,” said a government official, adding that differing rate structures within one segment could lead to unnecessary disputes and litigation. GST is expected to be rolled out on july 1.
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Outsourcing/Co-Sourcing
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We offer services that help our client’s effect significant change in their business at reduced cost and risk. The following services, and others as may be dictated by our clients need, can be outsourced or executed jointly with client staff (Co-sourced) ¨ Payroll ¨ Book Keeping & Accountancy ¨ Internal Audit
Indirect taxation compliances
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We ensure completion of compliances activities related to indirect taxation. We ensure monthly checking of service tax output liability and CENVAT credit for monthly payments. We undertake monthly review process to ensure correctness of levy of services tax and to ensure the correct availment of CENVAT credit. Filling of service tax returns as per statutory requirements. We undertake the calculation VAT Liability for state wise month on month basis and accordingly pay the same. Filling of VAT Returns and WCT returns as per statutory requirements. Representation before the departments for responding to the notices received.
Jiten Saglani : Amendment in distribution of Cenvat Credit by ISD from 1st April, 2014
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Direct Taxation compliances and Tax Planning Services
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We undertake tax computations, file tax returns and agree the computations with revenue on behalf of our clients. We represent our client at tax audit, resolve tax queries and also negotiate settlement of tax liability with the relevant authorities. At Jaiswal Khandelwal & Co., we proactively manage our client’s tax obligations through ensuring effective compliance and open, transparent reporting. We also formulate and implement payroll restructuring solutions for clients, and facilitate training programs on payroll computations and structuring. We provide various advisory services on PF, ESIC, TDS, benefits in Kind and any other pension contribution on payroll structure in addition to its efficient implementation. We provide withholding Tax Management and conduct pre-audit investigations in addition to representing companies at withholding tax audits and subsequent negotiations with the revenue.
Accountancy Services
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We provide accountancy services that range from simple books keeping to preparation of a full set of financial statements in the form of management accounts including consolidated accounts for group companies. Our scope of service also covers the setting up of an accounting system and drawing up an accounting manual consisting of chart of accounts etc, for the day to day recording of financial transactions of the business. In addition, we establish policies and procedures that provide guidance for all possible financial transactions.
Audit and Assurance Services
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The provision of an effective, efficient and independent review of clients, financial transactions and records in accordance with statutory, professional and taxation requirements in addition to other assurance service is one area where we have our core competence in Jaiswal Khandelwal & Co. We tailor our audit and assurance approach towards understanding your business which in the long run is aimed at giving you a qualitative and value for money service while adding credibility to your financial statements. We provide assurance services in the areas of revenue, control, compliance and other specialized requirements. Our revenue assurance service identifies revenue leakages and loopholes in addition to developing ways of tightening the revenue loose ends and proffering solutions to mitigate if not eliminate the identified leakages. Through our control assurance services, we can help you identify, develop, and test internal control policies and procedures ...