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.
Meet Our GST consultants
Don’t wait, just ask. We are just a click away to discuss your business and find out how best we can serve you.
Rajkot | Vadodara | Mumbai |