Goods and Services Tax - Audit under GST is the process of examination of records, returns and other documents maintained by a taxable person. GST Audit will apply every year for those GST registered business (GSTIN) having turnover more than 5 crores, by the sale of goods or services in the financial year.
We help our clients by guiding in GST Audits on following criteria.
- Verification of the accuracy of the turnover declared, taxes paid, refunds claimed, and input tax credits claimed, as well as other GST Act compliances.
- Reconciliation with GSTR 1 & 3b and ensuring that monthly or quarterly returns are in sync with books of accounts.
- Verification of Taxes payable on Reverse Charge Mechanism (RCM) .
- ITC availed and bifurcation of ITC in purchases and different kind of expenses . Also Reversal of Input Tax Credit for non payment in 180 days Date of invoice of supply and Date of payment .
- Interest calculations on Late payment of GST liability and timely deposit of the same .
- Verification of E-way bill and checking whether the same is tallying with invoices issued.
- Goods which was sent on approval basis, should be offered to tax in case of exceeding the time limit of 6 months .
- Matching GST Audit Turnover with Income Tax Turnover .
- Stock transfer In case of multiple branches, reconciliation of stock transfers among branches The stock held as per books of accounts and the GST annual return must be the same.
- Checking both the inward supplies and outward supplies are charged with applicable rate or not. Also inward or outward supplies are exempted supplies or not.
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