GST advisory

GST is expected to have far-reaching impact on each and every aspect of business operations in the country such as pricing of goods and services, accounting, supply chain, receivables & payables and tax compliances such as tax incidence, tax computation and payment, credit utilisation and reporting, leading to a complete overhaul of the current indirect tax system.

GST advisory services

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What is GST Advisory?

GST is now a three year old law, and the regime was marked with continuous developments and improvements in the law and technology with respect to the changing business needs. The GST council has met several times over the course of time and brought in numerous changes in the GST legislation. This has brought in a lot of uncertainties among the taxpayers. Also, the GST law has a lot of provisions which the businessman has to follow to avoid any scrutiny. To keep you updated on GST laws and regulations and help you enjoy a smooth ride in this roller coaster GST regime, ICI has come up with GST Advisory, where all your queries and problems would be heard and solved.

Table Of Contents


GST has unified the common market and triggered “One Nation, One Tax” with its invention. It has pushed the economy one step closer to a common market. A consumer in Kanyakumari now pays the same tax on an item as one in Jammu and Kashmir. GST has far-reaching impacts for virtually every business in terms of tax rates, overall tax incidence, input credits, distribution system, prices and costs. Furthermore, a reform of such great magnitude will definitely take time to settle, and the legislative process would require frequent amendments in the law, procedures and GST rates. So the businesses would require to continuously adapt to the additional requirements thrown up by such amendments. At ICI India, we have an experienced GST team to help businesses in ensuring timely and smooth compliances with the GST law.

Advisory Support

Why Choose ICI For Your Goods And Services Tax Advisory Services?

We have a dedicated GST team of 40-plus professionals from a diverse collection of professional backgrounds, comprising CAs, lawyers, IT and ERP engineers.
We work with a broad clientele base across sectors including pharma, real estate, manufacturing, chemicals, IT, media and entertainment, tours and travels, engineering, hospitality, retail, and professionals.
We offer a knowledge-driven approach as well as contribute to a series of publications on GST. For more information on how In.corp can assist you with goods and services tax, contact us today.


a. What is HSN Code and what is its use?

HSN code stands for “Harmonized System of Nomenclature”. This system has been introduced for the systematic classification of goods all over the world. HSN code is an 8-digit uniform code that classifies 5000+ products and is accepted worldwide.
It is to be mentioned in the GST Invoice and GST Returns. Based on the Annual Turnover of the previous year, the number of digits to be mentioned are as follows:

Sr. No Conditions No. of digits in HSN code
1. If the Aggregate Turnover is less than 1.5 Crore No HSN code is required
2. If the Aggregate Turnover is between 1.5 Crore and 5 Crore 2 Digit HSN will be applicable
3. If the Aggregate Turnover is more than 5 Crore 4 Digit HSN will be applicable
4. In case of Import/Export of Goods 8 Digit HSN code is applicable
b. What are the different GST rates on goods?

Different types of GST rates on goods as notified by government in consultation with GST council are 0.25% (eg. cut and semi-polished stones), 3% (eg. pearls, diamonds, jewellery), 5% (eg. household necessities), 12% (eg. computers), 18% (eg. hair oil) and 28% (eg. aerated drinks).

c. What is the Reverse Charge Mechanism (RCM) under GST?

If a vendor who is not registered under GST, supplies goods to a person who is registered under GST, then Reverse Charge would apply. This means that the GST will have to be paid directly by the receiver to the Government instead of the supplier. However, RCM is not applicable on all transactions. The GST department has specified certain transactions on which RCM will be applicable. Also, in RCM, once you have made the payment of tax in one month, then you can take credit for that payment in your next GST return. These rules are subject to amendment from time to time, kindly contact our Indirect tax team for any queries.

d. When can I claim a refund under GST?

There are various cases where a refund can be claimed under GST Laws. Following are some of the situations:

  1. Excess balance in electronic Cash Ledger
  2. ITC on the export of Goods and Services without Payment of Tax
  3. On account of supplies made to SEZ unit/ SEZ developer (with/without payment of tax)
  4. Refund on account of ITC accumulated due to Inverted Tax Structure
  5. On account of refund by the recipient of a deemed export
  6. Export of services with payment of tax
  7. Tax paid on an intra-State supply which is subsequently held to be inter-State supply and vice versa
  8. On account of refund by the supplier of a deemed export
  9. Excess payment of tax
  10. On Account of Assessment/Provisional Assessment/Appeal/Any other order
e. What are the objectives of the Advance Rulings under GST?
  1. Provide certainty in tax liability in advance in relation to an activity proposed to be undertaken by the applicant
  2. Attract Foreign Direct Investment (FDI) as there is clarity on the tax treatment of the proposed transaction
  3. Reduce litigation in the future
  4. Pronounce the ruling expeditiously in a transparent and inexpensive manner
f. What are the cases for which advance rulings can be sought ?
  1. Classification of any goods or services or both;
  2. applicability of a notification issued under the provisions of this Act;
  3. determination of time and value of supply of goods or services or both;
  4. admissibility of an input tax credit of tax paid or deemed to have been paid;
  5. determination of the liability to pay tax on any goods or services or both;
  6. whether an applicant is required to be registered;
  7. whether any particular thing done by the applicant with respect to any goods or services or both amounts to or results in a supply of goods or services or both, within the meaning of that term.
g. Still Confused ?

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