Ever Wondering - How And When You Might Get Audited By Tax Officers For GST?
Here is the answer from GST Auditing Consultants Delhi - Goods and Service tax or GST will be one tax to subsume all taxes. It will bring in the "One nation one tax" regime. To maintain a check and examine whether correct GST is being paid and the refund is claimed, certain taxable persons will be subject to audit under GST.
GST is a trust based taxation regime wherein the assesses is required to self-assess his returns and determine tax liability without any intervention by the tax official. Therefore a tax regime that relies on Self-assessment has to put in place a robust audit mechanism to measure and ensure compliance of the provisions of law by the taxable person.
Goods and Service Tax (GST) is structured for efficient tax collection, reduction in corruption, easy inter-state movement of goods and a lot more. The GST Law provides for self-assessment to facilitate easy compliance and payment of taxes. It also explains the notices, the demand and recovery provisions when the taxes are unpaid, short paid and/or returns are not filed.
Broadly, the GST Auditing Firm New Delhi defines the GST Procedures as listed below:
- Demand and Recovery
- Advance Ruling
"GST Audit" is defined under section 2(13) of the CGST Act, 2017. It includes as mentioned below for special audit:
- Examination of records;
- Returns maintenance and;
- Other documents maintained (or furnished) by the registered person under the GST Acts.
- Correctness of turnover declared;
- Taxes paid;
- Refund claimed and;
- Input Tax Credit (ITC) availed and to assess their compliance with the provisions of the GST Acts.
Purpose of Special Audit by GST Auditing Firm in New Delhi:
Special Audit helps the GST officers to take the assistance of chartered accountant (or cost accountant) to determine tax liabilities in complex cases.
The professional expertise of a chartered accountant (or cost accountant) ensures the government interest in the lawful and legal way for safety.
In Special Audit, the registered person can be directed to get their records that include Books of Account (BOA) examined and audited by a chartered accountant or a cost accountant. This examination can take place during any stage of scrutiny, inquiry, investigation or any other proceedings. This totally depends on the complexity of the case.
Time limit of GST Audit:
The chartered accountant has to submit a report of the audit within 90 days, duly signed and certified by a chartered accountant to the Assistant Commissioner. The Assistant Commissioner can also extend the period over 90 days for the application made by the registered person (or the chartered accountant or cost accountant) for any sufficient reason.