Welcome to OMNITACC

 Prior Experience

1. Conducted seminars in UAE on VAT and symposiums in implementation of GST in India recently
2. Advisors for many industries in different verticals (Manufacturing, Trading & Service Industries) for implementation of GST in India recently covering the following functions:

a)GST fresh registration and migration

b)Designing GST compliant documents (invoice, returns, etc) and manuals

c)Training and development of Accountants in GST

d)Handled various Transition issues in VAT/Service Tax system regarding job contracts, work-in-progress, closing inventories, etc.

e)Advising on maintenance of Accounting Records and  recording of Journal Entries with respect to GST liability and payment and e-filing of returns, etc

        3.Provided Impact Study on implementation of GST/VAT and made a value addition for the clients

Why OMNITACC?

1. We understand the subject, we understand the Government regulations and we also understand the client’s willingness to comply with such regulations.
2. We value importance of time and money in implementing VAT for the Client.
3. We are user-friendly and our success is because we step in to the shoes of the Client and then provide solutions
4. We would be the bridge between the existing system and the proposed VAT-compliant system that would give comfort for the clients to better communicate for modification of the existing system.
5. We can provide “hands-on” training to your team at affordable cost

Proposed Scope of Services - Time frame for Implementation

Subject to effective commencement date of  VAT legislation

Weeks

      1        2            3             4                 5                   6                      7                   8                     9                       10-12

      Planning and Organizing (Testing) ⇒

                                                                              Directing and Controlling (Quality)⇒

                                                                                                                                         Go-Live (Realization) ⇒

Discussion, Reporting, Monitoring, Correcting, Training, Trial run, Workshops, etc

Proposed Scope of Services

1. Supervision of  VAT Registration Process to get VAT registration number
2. Prepare the current activity flow chart to identify how VAT is affecting which type of activity
3. Prepare the proposed activity flow chart documents after incorporating VAT
4. Advise on the implication of VAT in terms of Cost to be incurred in the entire process
5. Monitor, supervise and advice the Systems Personnel for smooth implementation of VAT
6. Propose and recommend Journal Entries for VAT transactions (Input Tax, Output Tax, Net VAT liability) in line with IFRS standards
7. Coordinate with Systems Personnel to generate the required output in the Books of Accounts as per VAT legislation
8. Coordinate with Systems Personnel to generate periodic returns in the prescribed format
9. Train the company personnel about the procedures to follow in preparation of Sales invoice, accounting for purchases, services provided/received, preparation of Vouchers for expenses which have VAT implications ,etc.
10. Supervise and provide support for the preparation and submission of Periodic Report by the Company Personnel
11. Coordinate with Company Personnel for making payment of correct VAT to the Government before the due date
12. Provide VAT procedure manual for the employees to follow
13. Provide VAT support during the first year of operation of VAT