GST Audit is used to verify the account information or account of a registered person. This means that we can take the help of GST Audit in Delhi to get our GST returns checked. GST Audits are applicable every year for GST Registered Businesses (those who have a turnover of more than Rs 2 crore made from the sale of goods or services during a financial year).
The word “audit” denotes an assessment of GST returns and other documents filed by a person registered under the Act or for the time when the GST rules are in force.
The GST Audit is said to be a multi-level tax that is charged with each addition on the value of a good or service.
Need for GST Audit?
You must be wondering why GST Audit in Delhi is needed at all? An audit under the GST law involves examining the records of bills, GST returns, and other documents maintained by a GST registered person.
It assesses the accuracy of the declared turnover, payment of GST taxes, claim for refund, input tax credit and such other compliance under the GST Act to be examined by an approved officer. You are aware that the GST is a taxation concept under which the taxpayer is mandated to pay tax and file GST returns.
Thus, to find out whether the registered person is self-verifying his tax obligation or not, the government has implemented several rules for the appropriate application of GST, one of which includes an audit.
It is necessary to understand that if a company is selected for a GST audit, it does not mean that the company has made a mistake or has been wrongly declared GST.
GST Audit in Delhi is done to verify the accuracy of the information furnished in your GST tax returns. This includes making sure your business complies with tax laws and helping to educate and assist you with your tax obligations. Your company may be subject to GST audit in the following circumstances:
- If you have a high sales or input tax credit.
- If your company has been selected in the random selection process.
Issuance of GST Audit Report
As per GST, the audit is required to issue a report for audit. Only after this, any taxable person can get his accounts audited. Under this, some of the following steps are required by us. Let us try to understand in detail one by one.
1. Appointment of GST Auditor
Under the Goods and Services Tax Act, in the case of any company, either the owner, partner or the board of directors should appoint an auditor at the starting of the financial year.
2. Accounts to be reviewed by Audit in GST
The audit process under the Goods and Services Tax requires vital accounts or records for evaluation. If your company undergoes a GST audit and you find it complicated to file returns each month on your own, then you can contact CA firms in Delhi and transfer this responsibility to someone who knows this work better.