Tech-enabled platform that assists organizations to identify, understand, control, remediate and monitor compliance posture effectively and mitigate the non-compliance risks.
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Compliance Management Software is equipped with an extensive compliance library, ensuring comprehensive coverage across industries.
Compliance Management System operates on a workflow-based mechanism, enabling configurable escalation processes up to four levels.
CMS is highly adaptable and can be customized to suit the specific needs of each client. It can be integrated with existing systems such as ERP and single sign-on..
One of the system's key benefits is its ability to offer real-time insights into compliance status using trends, heatmaps, and dashboards.
User-friendly dashboards and reporting features provide a holistic view of compliance posture, making it a comprehensive compliance solution..
Alerts and notifications of the compliance solution ensure that no compliance requirement is overlooked by providing timely reminders.
Applicable compliances based on different parameters
Compliance updates on a real-time basis
Compliance mapping and controls
Compliance workbench with power tools
Value added compliance services
Compliance module covers all end-to-end compliances, including regulatory, corporate, tax, internal, and all other statutory requirements.
Notices module enables you to track notices received from statutory authorities by sending timely reminders and also serves as a repository.
Registration and Licenses module helps you keep track of the renewal dates for your recurring registrations, patents, and licenses (S & E, CLRA, etc.).
Board Meeting module helps you track all pre- and post-board meeting compliances, including the agenda, attendance, minutes of the meeting, notifications, and alerts.
Event-based module helps you track all compliance requirements applicable to a given event. Customized checklists can be added, triggered whenever an event occurs.
Risk Register module helps you track various types of risks within a company, enabling the recording and registration of these risks in a single window.
Litigation module helps you effectively manage legal matters related to compliance by tracking ongoing cases and related documents.
Contract Management module provides a centralized platform to oversee contract compliance, effortlessly monitoring milestones, renewals, and obligations.
Declaration module enables to seek declarations from the functional heads on the departmental-level compliance posture of the company.
Liaison module assists to draft and track the renewal date of all the clearances required for a project.
Bank Guarantee module helps you keep track of renewal activity for your Bank Guarantees, enabling the drafting and monitoring of approaching renewal dates.
RPT module helps in tracking any transaction, whether direct or indirect, between related parties that involves the transfer of resources, services, or obligations.
Corporate Documents module serves as a document repository for all your important documents, including customer contracts, NOC, NDA, etc.
Assessment & Survey module is used to manage internal service or training assessments that the company wishes to conduct, as well as for surveys."
Complexity of managing organization compliances across multiple legal entities/ locations/ geographies and business functions. Dynamic regulatory requirements make the process more complex, Email/excel/file share mechanisms are not collaborative and adequate andAudits or Regulatory Notices require immediate retrieval of evidences. Increased risk to Directors/CXOs/Promoters and Organization’s Brand.
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It is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as setoff. In a nutshell, only value addition will be taxed and burden of tax is to be borne by the final consumer.
The tax would accrue to the taxing authority which has jurisdiction over the place of consumption which is also termed as place of supply.
It would be a dual GST with the Centre and States simultaneously levying it on a common tax base. The GST to be levied by the Centre on intra-State supply of goods and / or services would be called the Central GST (CGST) and that to be levied by the States would be called the State GST (SGST). Similarly Integrated GST (IGST) will be levied and administered by Centre on every inter-state supply of goods and services.
India is a federal country where both the Centre and the States have been assigned the powers to levy and collect taxes through appropriate legislation. Both the levels of Government have distinct responsibilities to perform according to the division of powers prescribed in the Constitution for which they need to raise resources. A dual GST will, therefore, be in keeping with the Constitutional requirement of fiscal federalism.
| S. No. | Registered Person | Rate of tax |
|---|---|---|
| 1 | Manufacturers, other than manufacturers of such goods as may be notified by the Government (Ice cream, Pan Masala, Tobacco products etc.) | 2% ( 1% Central tax plus 1% State tax) of the turnover |
| 2 | Restaurant Services | 5% ( 2.5% Central tax plus 2.5% SGST) of the turnover |
| 3 | Traders or any other supplier eligible for composition levy | 1% ( 0.5% Central tax plus 0.5% State tax) of the turnover |
The Composition Scheme under GST is an alternative method of levy of tax designed for small taxpayers whose turnover is up to Rs. 75 lakhs (Rs. 50 lakhs in case of few states)
Composite Supply means a bundled supply of 2 or more goods & services which are supplied together in the ordinary course of business, out of which one is a principle supply. Example: A family booked a tour package from tourism department, the package includes guide services, to and fro return train tickets, and stay in a budget hotel, car for local sightseeing, breakfast, and Insurance.
Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh
No ,fresh Fruits & Vegetables goods are exempted under GST and no need to register even though the turnover crosses 20 lakh and the question of Composition Scheme under GST would not arise.
If services are provided from Bangalore then registration is required to be taken only in Karnataka and IGST has to be paid on interstate supply of services. Composition Scheme is applicable only on Restaurant/Caterer services & not on Consultancy services. Further Interstate supplies are not permitted under Composition Scheme.
Yes, the turnover limit for Composition Scheme for manufactures other than tobacco products, is 75 lakh for Chennai and Composition Scheme can be availed. The GST rate is 2% of turnover under the Composition Scheme.
No Input Tax Credit can be availed by the Composition Dealer as no GST is charged from the consumer and GST is paid on turnover at a rate of 1% and the facility of quarterly returns can be availed.
Such persons need to electronically file quarterly returns in Form GSTR-4 on the GSTN common portal by the 18thof the month succeeding the quarter. For example return in respect of supplies made during July, 2017 to September, 2017 is required to be filed by 18th October, 2017.
No. The option to pay tax under composition scheme lapses from the day on which the aggregate turnover during the financial year exceeds the specified limit (Rs. 75 lakhs). Hence it is required to file an intimation for withdrawal from the scheme in FORM GST CMP-04 within seven days from the day on which the threshold limit has been crossed. However, you shall be allowed to avail the input tax credit in respect of the stock of inputs and inputs contained in semi-finished or finished goods held in stock and on capital goods held by him on the date of withdrawal and furnish a statement within 30 days of withdrawal containing the details of such stock held in FORM GST ITC-01.
Yes. Tax will have to be paid on such supplies by the composition taxpayer under reverse charge mechanism. The tax can be paid by the 18thday of the month succeeding the quarter in which such supplies were received. The information relating to such supplies should be shown by the composition taxpayer in Table 4 of return in FORM GSTR -4.
The registered person opting to pay tax under composition scheme is required to pay an amount equal to the input tax credit in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock on the day immediately preceding the date of exercise of option. The ITC on inputs shall be calculated proportionately on the basis of corresponding invoices on which credit had been availed by the registered taxable person on such inputs. In respect of capital goods held in stock on the day immediately preceding the date of exercise of option, the input tax credit involved in the remaining useful life in months shall be computed on pro-rata basis, taking the useful life as 5 years.
Assume capital goods have been in use for 4 years, 6 months and 15 days. The useful remaining life in months will be 5 months ignoring the part of the month. If ITC on such capital goods is taken as C, ITC attributable to the remaining useful life will be C multiplied by 5/60.
This would be the amount payable on capital goods. The ITC amount shall be determined separately for integrated tax, central tax and state tax/Union territory tax.
The payment can be made by debiting electronic credit ledger, if there is sufficient balance in the said ledger, or by debiting electronic cash ledger. The balance, if any in the electronic credit ledger would lapse. Such persons also have to furnish the statement in FORM GST ITC-03 which is a declaration for intimation of ITC reversal/payment of tax on inputs held in stock, inputs contained in semi-finished and finished goods held in stock and capital goods under Section 18(4) of the CGST Act, 2017 within a period of sixty days from the commencement of the relevant financial year.
Yes. The registered person who intends to withdraw from the composition scheme can file a duly signed or verified application in FORM GST CMP-04. Every person who has filed an application for withdrawal from the composition scheme, may electronically furnish, a statement in FORM GST ITC-01 containing details of the stock of inputs and inputs contained in semi-finished or finished goods held in stock by him on the date of withdrawal, within a period of thirty days of withdrawal.
