How we Streamlined GST Compliance for a Multi-State Refractory Conglomerate: A Case Study in Reconciliation and Tax Efficiency.
Background:
The Client was a conglomerate of four companies engaged in the manufacturing of high alumina refractory bricks and castables. This conglomerate consisted of different group companies spread across different states and jurisdictions.
Issues Involved:
The client approached Acupro with the following issues:
· Inter Location booking of Input
· Tax was charged in wrong head (i.e IGST is charged instead of CGST/SGST)
· Purchase entries were not booked
· GST Utilisation entries were not posted or wrongly posted
· Large amount of Input was available in particular location
· Unavailability of the relevant details of the expenses which were passed through JV
· Unable to identify blocked credit u/s 17(5)
· Invoices which were available in GSTR-2B but not booked in books
How we helped:
· Acupro team identified the transactions which were wrongly booked or not booked and helped the client by correctly passing the entry in the appropriate location.
· A large amount of Input was available in some locations which was redundant through reasonable examination our team cross charged the input to other locations so that the input can be made available for the client.
· Our team helped identify the vendors who were not filing GST returns; by doing so the client was able to follow up with the vendors and could accordingly avail input.
· Acupro team helped the entity to identify the invoices which were not booked with the help of GSTR-2B. This subsequently helped the client to comply with GSTR-2B regulations.
Conclusion:
Acupro experts were able to help the client get its GSTR-2B prepared more effectively and efficiently. The client was able to get its GSTR-3B filed correctly and timely without any due date hustle. With our expertise, the client was also able to follow compliances in a more effective manner.