Audit under GST

GST Audit under sec 13(2) of CGST Act, 2017 is the process of examination of records, returns and other documents maintained by a taxable person and also verifying the completion of compliances within the time frame allowed.

  • Audit under GST Starting from ₹6,000/-
  • Maintained the records, returns and other documents of a taxable person
  • Supporting you with the GST Audit
  • For matching of GST returns with books of accounts
  • Filing forms as prescribed
  • Assistance from professionals
  • Verifying after the completion of compliances
How It Works

Get started with Audit under GST

Free consultation with a CA. No obligation.

Overview

Introduction of Audit under GST

GST Audit under sec 13(2) of CGST Act, 2017 is the process of examination of records, returns and other documents maintained by a taxable person and also verifying the completion of compliances within the time frame allowed. The purpose is to verify the correctness of turnover declared, taxes paid, refund claimed and input tax credit availed, and to assess the compliance with the provisions of GST.

This is basically a reconciliation between the GST returns filed by a business and books of accounts maintained by them. This Audit is mandatory for all the taxpayers having a turnover more than Rs. 2 crores in a FY. This Audit is done by a Practicing CA or a Cost Accountant.

Legal Window can help you with the GST Audit just by following certain steps by providing the best assistance, timely delivery and guaranteeing the highest customer satisfaction. You may get in touch with our team on 072407-51000 or email [email protected] for GST Audit.

Illustration: a receipt and a calculator
Advantages

Advantages of Audit under GST

Recording of correct time of supply

The voluntary audit allows recording of the correct time of supply. This reduced the instances of pre-paid and post-paid taxes. As you pay taxes on time, you can avoid the interest cost (both on pre-payment and post-payment) and penalty (on post-payment).

Verification of correctness of GST return

GST audit helps to verify the trueness and correctness of GST filling and Tax paid.

Matching of GST returns with Books of Accounts

In preparing the Reconciliation Statement the Books of accounts should be matched with GST returns.

In depth Checking of Unclaimed Input Tax Credit

Many times we don’t claim the GST input available from sundry expenses like bank charges and small petty exp done, GST Audit helps them to check and claim in next return.

Reversal of ITC

Any ITC we have claimed during the year which is not given by the dealer can be reversed in next return.

Details

Types of Audit under GST in Jaipur

Every registered person having turnover during financial year is more than Rs. 2 crores u/s 35(5).

Order passed by Deputy/Assistant Commissioner with prior permission of Commissioner u/s 66.

Order by Commissioner u/s 65.

Documents

Documents Required for Audit under GST in Jaipur

Checklist
  • Sale Purchase bill
  • Data of Earlier Returns Filed
  • Registers Maintained
  • GSTIN User ID password
  • E-way Bill Entries
How it works

Procedure of Audit under GST in Jaipur

1

Complete the Application Form

You are requested to first fill the simple questionnaire provided by our expert team which will enable us to know the status of books of accounts of GST.

2

Document Processing

At the second step you will be required to produce the documents in accordance with the questionnaire filled based upon which case will be dealt so that we can arrange them as per the requirement and for further processing.

3

Preparation of form filing

After arranging the documents we will begin with the preparation of financial statements and analyse the accuracy of the documents.

4

Submission of GST Audit Report

After verification of all the data provided, the practicing professional will provide the observations and comments, if any and submit the GST Audit Report with reconciled statements.

5

Information to Client

After submitting all the documents, the acknowledgement will be provided to the client via mail.

Details

Additional Information of Audit under GST

Legal Window carries out the audit process in a very smooth and transparent manner with the team of expert professionals. While we conduct the audit there are few things to be kept in mind.

Calculation of Aggregate Turnover under GST

For computing the aggregate turnover, following sale shall be included -

Value of all intra-state taxable supply

Value of all intra-state taxable supply

Value of all exempt supplies

Value of all export supplies

Job work supplies on principal to principal basis

Zero rated supplies

Any supply to agent/ job work on behalf of principal

For computing the aggregate turnover, following sale shall be excluded

Taxable supply on which reverse charge is applicable

All taxes and cess paid under GST

Goods supplied and received back from job work

Books to be examined under GST Audit:-

Purchase Register

Sales Register

Stock Register

GST Returns

Statement of ITC or Electronic Credit Ledger

Electronic cash Ledger

E-Way Bill Statements

Amendments made during the period

Annual Accounts maintained under Income Tax Act, 1961

Details

GST Audit Form

GSTR 9C is an annual audit form for all the taxpayers having the turnover above Rs. 2 crores in a particular financial year. The GSTR 9C form has a reconciliation statement for reconciling turnover, input tax credits and tax payments.

Details

Contents of GSTR 9C

Part-A: Reconciliation Statement - This is further divided into 5 parts

  • Basic Details
  • Reconciliation between Turnover declared under the 2 Acts
  • Reconciliation of Taxes paid
  • Reconciliation of ITC availed
  • Auditor comments on Reconciliation and Additional Liability if arises

Part-B: Certification By Chartered Accountant/Cost Accountant

Details

Due dates

  • Due date for filing annual return and GST audit is 31st of December of subsequent financial year.
  • Dates are subject to change according to the official notification from central Government.
Details

Penalty

Penalty for not getting GST accounts audited as per act is Rs. 200 per day (Rs. 100 for CGST and Rs. 100 for SGST). Maximum penalty will be 0.25% of total turnover declared.

Details

Auditor Qualification for GST Audit

As per Section 35 of GST Audit, audit can be performed by a Chartered Accountant or a Cost Accountant. But there are exceptions in the provisions.

  • An Internal Auditor cannot be appointed as a GST Auditor.
  • GST practitioner is also not allowed to perform GST Audit.
Questions

FAQs on Audit under GST

If taxpayer is having turnover during previous year more than Rs. 2 crores then GST audit is required.

The late fee for not filing the GSTR 9 within the due date is Rs. 200 per day, per act. That means late fees of Rs. 100 under CGST and Rs. 100 under SGST will be applicable in case of delay. Thus, the total liability is Rs. 200 per day of default.

No, an internal auditor cannot certify Form GSTR-9C.

The Government can do so by way of issue of notification specifying the circumstances but, no such notification has been issued yet.

Annual return is required to be filed by all registered taxpayers under GST irrespective of the turnover of an entity.

Yes, because the limit is PAN based and if both business are running on same PAN no then you are in the ambit of GST Audit, need to carried out by a practicing CA.

The GSTR-9 is an annual return which has to be filed by all taxpayer under GST. And the GSTR-9C is the GST reconciliation Statement for a particular FY on or before 31st December. The reconciliation must also be certified by a CA.

No, GSTR-9C can be filed only after filing GSTR-9.

No, Every registered person except as specified in section 44(1) needs to file an annual return for every Financial Year.

Annual return is required to be filed by all registered taxpayers under GST irrespective of the turnover of an entity.

Audit under GST

Talk to our team before you begin.

072407-51000 Request a Callback