Our professionals with their diversified knowledge and crave for excellence attitude cover the spectrum of direct, indirect and international tax. Our tax practice is a pure blend of technical knowledge, experience and practical skills. We assist clients in understanding the regulatory framework and then act accordingly. The taxation services provided by our professionals pertain to the three domain areas namely:
- DIRECT TAXATION
- INDIRECT TAXATION
- INTERNATIONAL TAXATION
The various services offered by our Direct Taxation team include:
- Advising on Income Tax Planning of Corporates.
- Advising & reviewing of all necessary tax withholding responsibilities.
- Advising all financial subjects which are of your interest and keeping you updated on the new amendments, circulars, notifications & judgments.
- Verification of all payments to vendors for the purposes of determination of correct application of rates and category for deduction taxes.
- Computation of monthly TDS on the basis of above.
- Tax reconciliation of the TDS due and deducted.
- Handling day-to-day tax matters including replying to various tax notices and providing necessary tax support on regular tax matters.
- Filing of quarterly E-TDS Returns.
- Filing annual Income Tax return.
- Representation before income tax authorities and ITAT.
- Preparing of opinion/ legal replies.
Despite the various reforms carried out in the past few years, the prevailing Indirect tax regime in India is still in a state of evolution. The system is quite complex, with multi-layered levies both at the Central and State level. The Central government levies tax on goods at the point of import (Customs duty), manufacture (Excise duty), inter-state sales (Central sales tax or CST), and on provision of services (Service tax). The states, on the other hand, have been vested with powers to levy tax on sale of goods within the state (Sales tax/Value Added Tax or VAT), and on the entry of goods into the state (Entry tax), under the respective state laws.
The existing regime requires businesses to undertake careful analysis of the tax costs involved in a transaction¸ ensure adequate backup documentation to support their tax positions and constantly explore opportunities for tax optimization.
Our indirect tax professionals with their wide-ranging experience and in-depth knowledge help clients in all of these aspects.
We provide the state level Value Added Tax (VAT)/Sales Tax, Service Tax and Excise Duties.
We provide advisory services in respect of Value Added Tax (VAT)/ Sales Tax, Service Tax and Excise under the domain of Indirect taxes. The various types of services provided by our professional team handling this domain include:
- Advice on classification issues, availability of credit & other related aspects and possible tax optimization opportunities.
- VAT audits and process reviews.
- Advise on taxability of a service and classification thereof.
- Assistance in obtaining service tax rebate / refund from tax authorities.
- Assistance during service tax audits.
- Filing of periodical returns.
- Representation before income tax authorities and Tribunals.
- Preparing of opinion/ legal replies.
International Taxation is a domain which requires constant professional support considering the growth of the nation and entry of FDI in India. At GSSV, we help clients in analysing international transactions and their impact on taxation so as to have an optimum impact of taxation. The key aspect of this domain comprises of Transfer Pricing and Expatriate Taxations.
The world is truly global and in this era businesses know no borders. It, however, does entail reframing laws and ensuring uniformity of laws and regulations across the borders. Transfer pricing is setting a uniform price within a multi-divisional organization, particularly in regard to cross-border transactions. When goods are transferred from one company to another or even within a company but a foreign subsidiary there are factors which affect the division of profit within the company. This has led to the rise of transfer pricing regulations as governments seek to stem the flow of taxation revenue overseas, making the issue one of great importance for multinational corporations.
Transfer pricing involves a lot of complex and dynamic issues. It involves planning to improve tax efficiency and defense posture, resolution of global controversies and strategic documentation.
At GSSV, we ensure smooth transactions and that proper documentation is done. This is a process of high-involvement which has to be done meticulously and according to the specifications. Planning needs to be done to reduce tax burdens. Keeping in mind the changing scenario and the multiplicity and complexity of laws and regulations an expert opinion is a must.
Taxing for expatriate individuals can be a problem. It needs know-how and experience to ensure smooth transactions. The problem might begin with submitting the form but it does not end there. Tax clearance, tax reviews, offshore banking and investment, all this and more is involved. Tax compliance, however, is a must, but one also has to plan how to optimize tax liability or burden by restructuring the transactions and assets correctly.
At GSSV, we manage such transactions in a manner which optimizes tax liability and nurtures the essence of the matter, varying from client to client.