VAT Due Diligence Services

SAS | VAT Due Diligence Services

VAT ACT requires taxpayers to maintain proper books of accounts, invoices, and other records, and file tax returns on time.

A minor lapse in maintaining the records can result in fines, penalties, and loss of reputation. We provide VAT Due Diligence services to identify the business impact of VAT, verify if the classification of goods and services are made as per the provisions of the VAT Act to avoid any interests or penalties due to late payment or wrong categorization. VAT ensures that the financial information and VAT records of the entity are accurately maintained in compliance with the requirements of the law.

Our key services in VAT due diligence and VAT health check services include the following:

UNDERSTANDING OF PROCESS AND SYSTEM
The VAT due diligence experts at SAS employ their knowledge and experience to understand the operations of the client company. It is essential to understand the activities of the company so that they can be classified in a better way according to the VAT codes of products and services. We also examine the accounting records maintained and verify if they are adequate, considering the requirements of the VAT law. It will give the client a better view of the implications of VAT on each product and service and impact on the total VAT liability
REVIEW OF TAX CODES UNDER VAT LAWS
Our professionals with expertise in VAT compliance services, return filing, and due diligence, conducts a review of the tax codes applicable to the client company’s activities under VAT laws. Our VAT professionals help in the identification of the right code for determining the right tax rate applicable to the supply, accurate VAT calculation, and returns filing.
REVIEW OF VAT FORM
A monthly self-declaration in VAT Form is to be filed by all normal taxpayers registered under VAT, for providing summarized details of all outward supplies made, input tax credit claimed, tax liability ascertained, and taxes paid. Our VAT due diligence consultants help the client companies by conducting a review of the form filed by them.
MANAGING TRANSACTIONS RELATED TO INPUT TAX CREDIT
We assist the clients in availing input tax credit. Our VAT due diligence experts have the required proficiency to check for the receipt of goods/services, receipt of tax invoice, filing of VAT return by the vendor, payment of VAT by a vendor to the government, and payment made to the vendor against the tax invoice within 180 days before making the input tax credit available to the clients. The VAT professionals of SAS ensure correct treatment of input tax credit in case of reconciliation of books versus VAT returns, exempted/non-VAT supply, supply under warranty..
CONSULTANCY FOR VAT COMPLIANCE SOFTWARE SELECTION AND DEVELOPMENT
SAS provide consultancy services for VAT compliance software selection. We carry out requirement analysis for your business and suggest you the best VAT compliance software considering your requirements.

Our VAT consultants also assist you in VAT compliance software development. We provide the domain knowledge and help you incorporate VAT related requirements in your VAT compliance software.
ANY OTHER REVIEWS
SAS’s VAT due diligence experts are adept in handling and managing any other review that may include formatting of invoices, and documents as per VAT laws. We also help in preparing sample invoices, verifying documents, and other services related to essential systems and accounting related aspects.

Key Features

VAT Health Check Services

We recommend to our clients the best possible VAT solutions and strategies in the given circumstances and also assist them with their implementation and execution. Our VAT Consulting team aims at catering hassle-free and speedy delivery of VAT due diligence related services.
We have an excellent team of VAT advisors who have the required knowledge in understanding the VAT-related concepts and have the practical experience of dealing with VAT-related transactions for different industry sectors.
SAS boasts of a bunch of people who are proactive, steadfast, and meticulous in their approach to handling any VAT due diligence services. They are also experts in providing VAT advisory, transition, training, and VAT health check services to our client companies.