GST Audit

Overview

In this the records are tested by a registered dealer and their motive is to confirm the information like taxes paid and to approach the compliance with GST. All the registered dealers whose turnover exceeds more than 2crore in a financial year  are required to get their account audited by chartered accountant

Command and improvement

When the registered user has paid wrong tax or are failed to pay tax or when ITC is claimed by the dealer then command and improvement provisions are applied. A proper notice will be given together with the demand for payment of the tax and some penalty in case of any fraud.

If the commands are not fulfilled then GST authority start improvement procedure.

Requirements

1. Audited copy of annual accounts.
2. Some necessary papers in electronic form.
3. A sample of agreements.
4. A thorough checklist for GST Audit.
5. An offer letter is required including the objective of the auditor.

Need of GST audit

Under GST, a person need to check out his returns himself and also evaluate his tax liability and there will be no interruption of any tax officials in this matter. This all frames GST which is based on trust as self assessment leads to mistakes and frauds that’s why audits are prepared to check and examine the tax liability by the person and to make sure that tax rules are followed.

You should contact the top GST Audit Firm in Delhi NCR, where they help the person to check out his returns himself and also evaluate his tax liability, and there will be no interruption of any tax officials in this matter.

If the commands are not fulfilled, then the GST authority starts the improvement procedure. Consult with a reliable organization that provides GST Related Services in Gurgaon to assist you.

Proper notice will be given together with the demand for payment of the tax and some penalty in case of any fraud. Discuss all with the best organization that is notorious as GST Audit in Noida.

Types of GST audit

1. Compulsory Audit- The business which are registered and have a annual turnover which exceeds more than 2crore are required to get their account audited by chartered accountant.
2. Special Audit- Under this audit the accounts of registered business can be asked anytime to get checked and audited by the chartered accountant.
3. Departmental Audit- It is a normal type of audit where any registered business can be audited by an authorized officer at any time.