If you’re looking for the top GST Audit consultants in Delhi for your company, you’ve come to the right place. Many individuals and businesses have relied on CAC to relieve them of their financial documentation load by entrusting us with the task. If you’re curious about what itentails and what complexity it includes, we’ll go into what makes it required in India’s current circumstances. And go over a checklist that we use to correctly conduct GST audits, in this blog.
What exactly is a GST Audit?
An inspection of statements, records, returns, and related documents provided by registered people is referred to as a GST audit. A GST audit’s goal is to see if the sales, output tax paid, input tax refund claimed, and ITC claimed in his annual report are correct and fair. A GST audit is a statement that compares the audited financial accounts to the annual return filed. GST Audit consultant in Delhi also assists in determining whether the taxpayer is complying with the GST regulations.
Who is required to participate in a GST Audit?
Every registered person whose revenue in a financial year exceeds Rs. 2 crores is required to have his accounts audited by a CA or CMA, according to Section 35(5) of the CGST Act, 2017. He must provide the following information with his GST Annual Return:
- 1) A copy of the financial statement that has been audited;
- 2) A statement of reconciliation (Form GSTR-9C); and
- 3) Other documents that must be submitted
The term ‘turnover’ is not defined under the GST Act. However, aggregate turnover is defined under section 2(6) of the CGST Act. Accordingly, aggregate turnover refers to the value of all outward supplies (taxable + exempt + exports + inter-state) of a person with the same PAN. It excludes any taxes levied under the GST Act itself. Also, inward supplies on which RCM is applicable are not taken into account for calculating aggregate turnover.
What is the GST Audit Checklist?
While conducting a GST audit, an auditor should pay attention to the following points:
- Registration Certificate
- Invoicing and related Documentations
- Time of Supply
- Input Tax Credit
- Classifications
- Input Service Distributor
- Returns
- GST collections and payments
- Reverse Charge
- Value of Supply
- Place of Supply
- Refunds
- Inward Supplies
- Maintenance of Books of Accounts
- General
Conclusion
Its primary goal is to ensure that you or your company follows the tax requirements established by the Income Tax Act of India. The tax audit, once completed, makes it simple for you to file tax returns. By checking into your books of accounts, a tax audit catches any problems or anomalies early on and ensures that you’re disclosing the information you’re expected to.
Hire the top GST Audit Consultants in Delhi to make any future audits a breeze for your company. CAC’s specialists can help you right now.