GST Audit
Audit is the process of examination of books and records of a business to determine their accuracy and validity in accordance with law. Almost each and every law has provisions for auditing in its Sections. Goods and Service Tax Act is no exception. With its introduction in 2017, GST Act transformed the Indirect tax regime in India altogether. Since it is a new law, we get to see many amendments every year. However, one fixed compliance has been GST Audit, although its threshold limit has been altered multiple times.
What is GST Audit?
GST Audit, as the name suggests, is the thorough examination of books of accounts from the perspective of GST Law. In general, the threshold limit for GST Audit is Rs. 2 crores. However, due to recent amendments in law, the threshold limits to be eligible for GST Audits has been changed considerably:
- A registered taxpayer, whose turnover exceeds Rs. 2 crores but is less than Rs. 5 crores during a financial year, needs to file Annual Return in Form GSTR 9 and a self-certified reconciliation statement between GST liability as per books and as per GST Returns in Form GSTR 9C.
- Other taxpayers, whose turnover exceeds Rs. 5 crores, need to get their books audited by a practicing Chartered Accountant or a Cost Accountant.
The main purpose of doing GST audits is to verify the accuracy of GST turnover, output liability paid, input credit and refunds claimed in GST returns.
Documents to be furnished in GST Audit
Following documents are required to be filed under a GST audit:
- Audited Financial Statements
- Annual Return in Form GSTR 9
- Reconciliation Statement in Form GSTR 9C
What We Offer?
Aplite offers a comprehensive audit service at best prices in the industry. Our GST audit services includes:
- Monthly comparison of books with returns
- Identification of ITC mismatches and reversals
- Reconciliation between value of supplies as per annual return with audited financial statement
- Recommendations on efficiency and effectiveness of internal control related to GST
- Filing of Annual Return and GSTR 9
- Other statements and reports as mandated timely by GST law
Why Us?
GST is a sensitive issue for many businesses. Even after 3 years of its introduction, people are still coping up with challenges that GST Act has bring along. While it was already difficult to keep a match between input and output GST liability, other GST provisions like reverse charge, exemptions etc. further complicate the game.
This is where Aplite steps in. We offer error-free GST audit services after thoroughly checking the important audit check-points. We also give suggestions to help you build a strong GST control environment and streamline the processes. Our aim is to make GST simple for you and its compliances a cake-walk. We have always been praised by our clients for our conceptual-clarity and experience that we bring along with our services.
What are you still waiting for? Call us today and we will take it from there !