With more than three years since the implementation of goods and services tax, taxpayers have been discharging their duties by complying with the requirements of the GST Act.
Registered Businesses need to be ready with the input and output tax reconciliation and prepare and file an annual return. The law also prescribes an independent audit under GST when the taxpayer’s turnover exceeds Rs. 2 Crore. GST laws also prescribe for special audit by a Chartered Accountant or Cost Accountant on a need basis. Harsh Rajani & Co offers an experienced team of Chartered Accountants to carry out GST audit services.
The basic purpose of auditing under GST is to make sure that the ITC refunds availed and claimed, taxes paid, and the turnover is in line with the one claimed by the company. An audit under GST involves inspection of records, returns, and documents furnished by your firm. The GST audit is undertaken to evaluate whether the business is run in compliance with the GST guidelines and provisions.
It helps in detecting errors like short payment or non-payment of tax and failure to comply with the provisions of law. It helps comply with the provisions related to the taxability of goods and services and identifies excess claim over input tax credit (ITC).
Such errors have a huge and sometimes irreversible impact on your business and loss of revenue to the government. GST audit brings out such irregularities and helps ensure compliance with the law.
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