THE MUNICIPAL CO-OP. BANK LTD., MUMBAI
Ref. No. MCB/
Date : 13 JUN2022
M/s
Sub: Tender for TDS and GST work for the Financial Year 2022-2023
Ours is a Salary Earner’s Urban Co-Operative Bank having working capital Rs. 5012.24 Crores as on March 31, 2022(Unaudited). We intend to appoint registered chartered accountant firm as a consultant for TDS and GST work for the financial year 2022-2023.
The scope of work for TDS and GST is as follows:
SCOPE OF WORK (TDS)
1. Obtaining data related to 15G and 15H from all the branches, 24Q from HO and 26Q from 22 Branches and One Head office for all quarters of F.Y. 2022-2023 to upload the 15G& H copies and filing the TDS Return.
2. Review of the filed E-TDS returns and rectification/ revision of errors reported/ identified by TRACES
3. Furnishing copies of E-TDS provisional Receipts and Form 15G and 15H (Hard and Soft/ Scanned copies to Head Office and respective Branches).
4. Provide the soft copy of Form No. 16 and 16A.
5. Provide Justification reports to all branches and HO.
6. Act as an advisor/ consultant & advice/ guide the bank in case of any query (ies), amendments in TDS by Income Tax authorities and bank may seek advice in writing or verbal opinion for which bank will not pay any separate fees/charges.
Criteria:-
> Chartered Accountant firm should be based in Mumbai
> Must have at least 2 years of experience in the field of TDS and GST work
(A) SCOPE OF WORK (GST)
Monthly / Quarterly/ Half Yearly/ Annual Filing of GST returns
(B) General
i) Regular review of the existing system, policies and procedures relating to Goods and service Tax (GST) of the Bank and submitting timely / updates thereon.
ii) Regularly review, analyze GST implication, identify potential risks and made Changes in operating structure and business transactions under Indirect Tax structure including KYC norms and all other documents required & records to be maintained.
iii) Reviewing the transactions that attract CGST/IGST/SGST even without consideration such as inter-branch transactions, Centralized function of the Bank at HO and branches etc.
iv) Regular review and suggest suitable policies to be framed by each Department of the bank to comply with GST.
v) The bidder would be expected to depute sufficient qualified staff on the payroll of the bidder to carry out the work outlined in this Tender. The deputed qualified staff should be having experience in Indirect tax of more than 2 years. The deputed staff of the bidder shall work under the supervision of senior Indirect tax experts i.e. Partners /Senior Managers who are working as full time employees with the bidder. The deputed staff for this task shall be working at the Head Office, Mumbai premises of the Bank.
vi) Provide Opinions/comment/clarification on queries raised by the Branches/Offices on email / Telephone.
vii) Guidance, vetting and drafting of various circulars and other notifications to be issued by the Bank for the information of the branches/offices in respect of GST/IGST/SGST/UGST and related matters and also suggest suitable circulars to be issued.
viii) To advise the Bank about accounting system & ledgers to comply with GST Rules.
ix) Review of the E-Way bill process being used by the bank and to suggest methods to smoothen the process for avoiding delays and confiscation of goods.
x) Regularly review and implement the system on valuation and taxability of various income streams such as interest charges, commissions and all other type of services like inter branch transfer, removal of capital goods, employee benefits, support function cost etc. with respect to GST/SGST/IGST/UGST, suggest suitable changes if any in compliance with the extant provisions/notifications/role of the GST law as and when notified.
xi) The information received from Bank as well as various reports/information pertaining to the Bank shall be strictly kept confidential and shall not be shared with any other person without written permission of the Bank.
c) Compliance
i) The Bidder is expected to provide end to end services for filing various statutory returns required to be filed under GST. Bidder will be required to validate the entire data to be uploaded on GSTN portal.
ii) Advising in maintenance of statutory registers and details to be maintained under GST law, legal formalities wrt registrations, amendment thereof, and application for refunds on GSTN etc.
iii) Working with GST Cell at Head office to comply with the GST provisions including preparation, deposit and filing of GST returns centrally at HO level for GST registrations in the state, Review/Assist/provide/monitor filing of all GST returns centrally through Head office for the state on monthly basis.
iv) Assistance in all aspects of GST including annual return
v) Advising the Bank in calculation and payment of GST liability based on the GST payable register and the ITC register of the Bank.
Input Compliance
i) Verification of Input Tax Credit (ITC compiled by the Bank Expense Payable Unit as per the provisions of Central goods and services Tax (CGST) rules, 2017 and other GST Act/Laws/Rules/Notifications/Press releases etc.
ii) To undertake and review of GST Inputs and Input Service including RCM working (Both Domestic & Foreign) of the Bank at its Head office located at Mumbai.
iii) Verification and reporting to Taxation Cell of the eligible ITC attributable to fixed assets of the Bank in accordance with Notified ITC provision on Capital Goods under GST law including reversals if any. Firm shall guide Bank with inputs for developing necessary reports on safeguards/ monitoring tools to be adopted by the respective dealing groups for proper availment of ITC on eligible Capital goods.
iv) Your team would be based at the Bank’s premises at HO Mumbai or such other place where the Bank’s payment booking teams will be located.
v) Your team would be reviewing the GST eligible ITC documents and based on the evidences the verification would be conducted.
vi) You would be allowed access to the Bank’s financial System (view mode) and based on the data as provided by the the Bank, which could be in excel format. You shall be submitting the Compliance Report (hand copy duly signed by the authorized signatory) for the Cenvatable inputs (ITC Credits) available as per the law and liability under RCM both for Notified Services as well as Unregistered Dealers (URD) purchase- if applicable based on the prevalent notification/rules/Laws issued by CBIC latest by 10th of the subsequent month to which it relates with.
vii) Advice Reversal of ITC as per the ITC rules including in the event of nonpayment as may be applicable.
viii) To guide the officials of the Bank on capturing, accounting and maintenance of ITC records/Bills/Invoices etc. for optimum availment and utilization of ITC.
ix) All bills/Tax invoices (online or physical) and related documents shall be verified by the Retainer on materiality basis i.e. all bills > or equal to Rs 25,000/-shall be fully checked, bills less than Rs 25,000/- shall be checked on sampling basis with assumptions duly recorded in their report.
x) To update Bank on recent changes in Law in related areas and its impact on the GST ITC related workings. You shall report to Bank’s obligation on account of Bank’s RCM and interest thereon (if any). Review the existing Systems for full compliance with CGST/IGST/SGST/UGST laws/rules/notifications and suggest changes if any.
xi) Guide & Validate the existing / proposed software developers/vendors/IT department to ensure that the software developed is in full compliance with GST/IGST/SGST/UGST laws/rules/notifications and such software takes the existing data from CBS / any other solution and provides the data in the format required to be uploaded in the GSTN with required validations with the help of Techno Functional resource.
xiii)Review and implement checks to ensure integrity of data being received at the centralized platform, suggest suitable changes if any.
xiv)Regularly review the documents and record maintained by the bank under GST regime.
Other term and conditions
1. Fee payment shall be made after completion of each quarter subject to satisfactory work.
2. Bank shall not pay any out of pocket or other expenses incurred other than fees/price quoted in the quotation
Interested Chartered Accountant Firms may give separate fee quotes (inclusive of all charges and Taxes) for TDS and GST work in response to this mail in a sealed cover super scribed as “Tender for the work of TDS and GST for the F.Y 2022-2023” and to be deposited in the tender box kept for this purpose at our Head Office Municipal Bank Bhavan, 245, P.D’Mello Road, Fort, Mumbai 400001 upto 3.00 p.m of 21/06/2022.
Yours faithfully,
General Manager
