IRISGST
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Audits under GST - Overview and TypesAn #audit is a term that is generally used for official inspection and verification of #documents by an Independent body, usually for #financial accounts.#GST Audit, as defined under Section 2(13) of #CGST Act is as an examination of records, returns and other documents maintained or furnished by the registered person under this Act or the rules made thereunder or under any other law for the time being in force to verify the correctness of1) Turnover declared,2) Taxes paid,3) Refund claimed and4) Input tax credit availed and to assess his compliance with the provisions of this Act or the rules made thereunder.Primarily, there are 3 types of audit as mandated by the #GSTlaw.1) Statutory GST Audit: A statutory audit is a legally required review of the accuracy of a company's financial statements and records. Under GST, initially, all the registered taxpayer with an aggregate turnover exceeding Rs. 2 crores in a financial year were required to get their account books and returns audited by a professional chartered accountant and submit GSTR 9C for the same. However, from FY 2020-21 onwards, this has been removed and form GSTR-9C is now to be self-certified and submitted by taxpayers with a turnover of more than Rs.5 crore.2) Departmental Audit/Audit by Tax Authorities : Departmental Audit is conducted by the tax authorities to check the authenticity of the #records maintained by the #taxpayer.3) Special Audit : Where an authorised officer (not below the rank of Assistant Commissioner)at any stage of scrutiny, enquiry or investigation may avail the services of a #CA or #CMA (by considering the nature & complexity of the business) to issue the direction for the audit in Form GST ADT-03, wherein the registered dealer shall be required to get his records including his books of accounts to be examined and audited by the specified #professional CA or CMA within a period of ninety days from the day of passing such an order.Preparing for an Audit requires a lot of tasks to be ticked-off the #checklist like - tracking things, referring case laws, collecting and maintaining proper evidence of the transactions, etc. If you are very well done with the basic preparation, then answering the auditor’s queries becomes an easy job. Which among the preparation tasks seem the most daunting to you?Tell us in the comments.#charteredaccountant #compliance #business #tax #taxes #law
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