Indirect Tax in India is coming with the frequent changes and modifications which need to be adopted by business immediately. It requires assistance of professionals who can analyses the impacts of those changes on the business and may assist on their proper implementation. We provides legal opinions and consultancy on Indirect Tax laws which helps you to implement best practices in your business. It also reduces possibility of confrontation with the revenue authorities on taxation and compliance issues.
In India, some of the significant indirect taxes are Custom Duty, Central Excise Duty, Central Sales Tax, Service Tax (at the Federal level), and Value Added Tax and Entry Taxes (at the State level). AT GST Expertise, we offer the companies to completely outsource their entire Indirect Tax department to ensure compliance of all statutory obligations. We will ensure that all statutory obligations are discharged within due dates. It results in reducing attribution errors, reducing costs and ensuring indirect taxes are handled correctly. You will be from your worries to comply with different indirect tax laws.
It has been long term pursued policy of government of India not to export domestic tax along with export goods and to make such goods competitive in the foreign market. It can be done in many was i.e. exemption from duty payment, refund/rebate of excise duty, refund of service tax, refund of Value Added Tax and may other benefits under Foreign Trade Policy. Under exemption scheme, the exporter is not required to pay tax ab-initio. In case of refund, tax paid at different stages is paid back by government in the form of refund. There are different manner in which refund under indirect tax may be claimed. These are discussed below:
There are continuous changes in the manner of claiming above benefits as the government frequently amends the law by issuing new notifications/amending existing notifications for refund etc. We have observed that it is very difficult for small and medium scale enterprises especially located in the remote area of the country to understand above benefits, keep track of changes happening therein and ultimately succeeding in getting refund/rebate. We provide end to end solution in claiming of refund/rebate or any other benefits admissible under Indirect Tax law. We assist in evaluating the most suitable benefits, preparation of documentations; filing the claim, follow up with tax authorities and further legal support in case refund claims are denied. We make sure you are not deprived of any legitimate benefits available to you under indirect tax law.
What is the Meaning of the Foreign Trade Policy
Foreign Trade Policy (FTP) is regulated by the Government of India by way of the Foreign Trade (Development & Regulation) Act, 1992. This Act is concerned with the development and regulation of foreign trade by facilitating imports into and augmenting exports from India. FTP is a set of guidelines and instructions formulated by Central Government covering a period of 5 years. The latest FTP has been issued covering period 2015-2020. Following schemes are mainly covered in the policy of 2015-2020.
Merchandise Exports from India Scheme (MEIS) under Foreign Trade Policy of India (FTP 2015-20) is one of the two schemes introduced in Foreign Trade Policy of India 2015-20, as a part of Exports from India Scheme. (The other scheme is SEIS, Service Exports from India Scheme).
The Government of India has brought in the Merchandise Exports Incentive Scheme (MEIS), replacing five other similar incentive schemes present in the earlier Foreign Trade Policy 2009-14. The schemes that have been replaced by the MEIS scheme include:
Vishesh Krishi Gramin Upaj Yojna (VKGUY)
As per the present FTP, the MEIS scheme does not aim to merely replace these five schemes but also aims to rationalize the incentives and enlarges their scopes by removing various restrictions.
Service Exports from India scheme
SEIS, Services Exports from India Scheme under Foreign Trade Policy of India 2015-20 is a modification of SEIS, Served from India Scheme under Foreign Trade Policy 2009-14.
SEIS scheme is introduced under Foreign Trade Policy 2015-20 to encourage export of notified Services from India.
The rate of SEIS scheme under Foreign Trade Policy 2015-20 is based on net foreign exchange earned on services. The reward issued as duty credit scrip can be used for:
We at GSTExpertise team provides the following services in respect of the same
All tax laws are bound to have uncertainties and possibility of multiple interpretations. These differences may ultimately result into disagreement between taxpayer and department leading to rising of litigation. Handling litigation requires proficiency in subject and experience in dealing with authorities at various levels. We have been able to establish our credibility in handling litigation through ethical practice. Our area of practice in litigation handling is below:
Review of company’s data for a sample period from an indirect tax perspective to identify gaps in compliance / exposures, if any, and identify avenues for indirect tax savings, if any. The review is required to identify the list of the following
We also, assist in implementing the recommendations/closing the gaps
At GSTExpertise, we handle Diagnostic reviews / health checks ,Due diligence, determination of applicable taxes and availability of tax benefits / exemptions, review of contracts, advising on tax optimal structures for contracts,
We also provide Hand holding Support in the Service tax audit/Excise audit/VAT audit.