Introduction

1. The Industrial Finance Corporation of India was established on July 1, 1948, as the first Development Financial Institution in the country to cater to the long-term finance needs of the industrial sector. The name of the company was subsequently changed to IFCI Ltd (IFCI). IFCI is now a Government of India Undertaking under the aegis of the Department of Financial Services, Ministry of Finance, GOI, primarily a non- Deposit taking Systematically Important NBFC.

2. IFCI offers a wide range of products to the target customer segments to satisfy their specific financial needs. The product mix offering varies from one business / industry segment to another. IFCI Ltd customizes the product-mix to maximize customer satisfaction. Its domain knowledge and innovativeness make the product-mix a key differentiator for building, enduring and sustaining relationship with the borrowers.

3. IFCI is engaged in the business of providing financial assistance in the form of loans & equity participation or in any other form or scheme as may be deemed expedient. Besides above, IFCI is also investing, financing, deploying funds into quoted/ unquoted Shares, Bonds, Mutual Funds and other securities and undertakes the sale & purchase of securities on regular basis. The investment/ financing through securities and trading thereof constitutes a major part of the business operations of IFCI. It is also engaged in consultancy and advisory services. IFCI has six subsidiaries and seven step-down subsidiaries.

Scope of Work

A. Advisory services

i) To provide opinion/advice on various queries/ issues concerning indirect tax matters pertaining to IFCI supported with legal provisions and case law precedents. It shall, inter-alia, include various aspects:

a. Valuation and taxability of various income streams
b. Input Tax Credit
c. Reverse charge mechanism
d. Accounting aspects (Including Ind AS)
e. Point of Taxation
f. Commercial contracts such as AMC contracts, service contracts, etc.

ii) To provide timely analysis and advice on the amendments in Indirect tax laws relevant to IFCI for ensuring adherence to the amended provisions;

iii) To advise on minimizing the tax burden, effective utilization of available Input Tax Credit (ITC). Provide guidance to ensure availing of maximum eligible tax benefits under the GST regime;

iv) To assist IFCI in tax planning and advising on various tax efficient options considering business model of IFCI;

v) Prior advice on monthly and annual GST compliances to be undertaken by IFCI and its subsidiaries and preparation of compliance schedule;

vi) Advice on the classification of goods and services, rate of taxes, HSN code, SAC code etc.;

vii) Advice on the changes that may be required in forms and procedures to comply with GST Laws such as but not limited to:

a. Invoice, delivery challan and voucher format (customized based upon SGST, CGST & IGST);
b. Format of reports required for returns;
c. Computation of taxes; and
d. Statutory records, etc.

viii) Draft communication with vendors, supplier and customers on GST;

ix) Updating management regarding changes in GST laws, rules, and circular/notifications issued during the financial year having any bearing/impact on the company; and

x) Providing Opinion on queries raised/clarification sought by IFCI and its subsidiaries.

Eligibility Criteria

Eligibility Criteria for Pre-Qualification of the Bidders:

The firm applying for the assignment as mentioned in the scope of work shall fulfill the following Technical Eligibility Criteria:

1. The Bidder should be a CA Firm registered with ICAI with minimum experience of 10 Years and based in Delhi NCR Area. (9 years in case of MSEs)