Everything You Need to Know About GST Audit

GST Audit is the procedure of examination of records, returns and other files preserved by a taxable person. The function is to validate the accuracy of turnover stated, taxes paid, refund declared an input tax credit availed, and to evaluate the compliance with the arrangements of GST.


Threshold for Audit
Everyone signed up the taxable person whose turnover throughout a fiscal year surpasses the recommended limitation [based on the current GST Rules, the turnover limit is above Rs 2 crore] will get his accounts examined by a chartered accountant or a cost accountant. He will digitally submit:
An annual return utilizing the Form GSTR 9 by 31st December of the next Financial Year,The audited copy of the annual accounts,A qualified reconciliation statement in the form GSTR-9C, fixing up the worth of products stated in the return with the audited annual financial statement,and other details as recommended.

Rectifications to Returns After GST Audit
If any taxable person, after providing a return finds any omission/incorrect information (from outcomes of audit), he can remedy based on payment of interest. Nevertheless, no correction will be enabled after the due date for filing of return for September or second quarter, (as the case might be), following completion of the fiscal year, or the real date of filing o the pertinent annual return, whichever is previously.

For instance, X discovered throughout the audit that he has slipped up in Oct 2017 return. X sent an annual return for FY 2017–18 on 31st August 2018 together with audited accounts. He can correct the Oct 2017 error within 20th Oct 2018 (last date for filing Sep return)or 31st August 2018 (the real date of filing of appropriate annual return).Earlier, ie, his last date for correcting is 31st August 2018.
This correction will not be enabled where outcomes are from scrutiny/audit by the tax authorities. Audit by Tax Authorities audit under GST.

Comments

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