GST Audit Services
Examining records, returns, input tax credits, rates applicable on particular goods or services and other documents kept by a GST-registered person is a part of an audit under the GST law. Additionally, it verifies that the amount of revenue reported, taxes paid, refunds requested, and input tax credits claimed are accurate and evaluates other similar compliances with the GST Act to be verified by a qualified professional like a chartered accountant firm.
We are a professional GST expert chartered accountant firm in Gurgaon that specializes in providing GST audit services to businesses. Our team of experienced professionals helps businesses review their compliance with GST laws and regulations, verify the accuracy of GST returns, and identify and address any potential compliance issues. Our goal is to help businesses ensure that they are properly complying with GST rules and maximizing their GST credits and input tax credits. We, a team of GST consultants in Gurgaon perform the GST audit and include the following aspects:
- Review all outward supplies whether taxable or exempted included in the GST return to ensure that all supply is included.
- Reviewing the business’s GST returns to ensure that they are accurate and complete.
- Verifying that the business is complying with the rules for charging and collecting GST.
- Examining the business’s financial records to ensure that GST has been properly accounted for.
- Reviewing the business’s record-keeping practices to ensure that they meet GST requirements.
- Verifying that the business is claiming all eligible GST credits and input tax credits.
- Reviewing the business’s processes for dealing with GST adjustments, such as errors and discrepancies.
- Examining the business’s supplies of goods and services to ensure that they are properly classified for GST purposes.
- Reviewing the business’s processes for dealing with GST on imported goods.
- Identifying any potential GST compliance issues and providing recommendations for addressing them.
- Review GST registration requirements taken at various states in India.
GST Audit Assistance Services
GST audit assistance services are professional services that help businesses review their compliance with GST laws and regulations and prepare for a GST audit. GST audit assistance services may be provided by chartered accountant firms in India, or other GST consulting service providers.
Our GST Audit Assistance Services Include Assistance With:
- Understanding GST laws and regulations and the GST audit process.
- Gathering and organizing the documents and information required for a GST audit.
- Reviewing the business’s GST compliance processes and identifying potential issues.
- Assisting with the preparation of GST returns and other documents required for the GST audit.
- Providing guidance on how to respond to questions and requests from the GST auditor.
- Reviewing the business’s financial records and other documents to ensure that they are accurate and complete.
- Identifying opportunities for the business to maximize its GST credits and input tax credits.
GST audit assistance services can help businesses ensure that they are properly complying with GST rules and are prepared for a GST audit.
What is GST Audit
Goods and services tax (GST) audit is a process of reviewing a business’s compliance with GST laws and regulations. GST is a value-added tax that is applied to the supply of goods and services in many countries, including India. GST audits are typically conducted by tax authorities or independent chartered accountant firms and may be required on a regular basis or on an as-needed basis.
During a GST audit, the auditor will review the business’s GST registration process, financial records, and record-keeping practices to ensure that the business is complying with GST rules. The auditor may also verify that the business is correctly charging and collecting GST, and is claiming all eligible GST credits and input tax credits. The goal of a GST audit is to help businesses ensure that they are properly complying with GST regulations and maximizing their GST credits and input tax credits.
When GST Audit is compulsory
In India, a GST audit is required if a business’s annual GST turnover exceeds INR 5 crore in a financial year. This means that if a business’s gross revenue from taxable supplies (including exports and inter-state supplies) exceeds INR 5 crore during a financial year, the business must undergo a GST audit. The GST audit must be conducted by a chartered accountant or a cost accountant.
It’s important to note that the GST audit requirement is in addition to any other tax audit requirements that may apply to a business. Businesses should be familiar with the GST audit requirements in India and ensure that they are in compliance with these rules.
List of documents for GST Audit
Here is a checklist of items that may be included in a GST audit:
- GST registration documents and details, including the GSTIN (GST identification number) and PAN (permanent account number).
- Financial records, including GST returns, invoices, receipts, and other documents related to the business’s taxable supplies.
- Record-keeping documents, including registers and records of taxable supplies, GST credits and input tax credits, and GST adjustments.
- Documentation of the business’s GST compliance processes, including procedures for charging and collecting GST, claiming GST credits and input tax credits, and dealing with GST adjustments.
- Documentation of the business’s supplies of goods and services, including details of the nature and value of the supplies, the GST treatment of the supplies, and any special GST rules that apply.
- Documentation of the business’s imports and exports of goods, including details of the value, GST treatment, and any special GST rules that apply.
- Documentation of the business’s processes for dealing with GST on imported goods, including customs documents and records of GST paid or claimed on imports.
- Any other documents or information relevant to the GST audit, such as contracts, agreements, or correspondence with tax authorities or GST practitioners.
As a GST audit service provider, we offer assistance to businesses in preparing for and undergoing a GST audit. This may include providing guidance on how to organize their GST records and documents, reviewing their GST compliance to identify potential issues, and representing the business during the audit process to help respond to any queries or issues that arise.
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