GST audit Services in Mumbai Thane

GST audit Services in Mumbai Thane

   Table of contents

Abouts What is GST Audit?

Required Documents for GST Audit

GST Audit at Aga & Associates

GST Audit Frequently Asked Questions

What is GST Audit?

The GST regulation requires a review of their month-to-month compliances by way of an audit associated with the yearly Return. It's essential for taxpayers to begin focusing on the audit of compliances below GST regulation enforcement and enter signal and output reconciliations kind an essential region of the GST audit certificate. The audit of yearly return (also called GST audit) sets the base for the first outside confirmation/assessment beneath the GST legislation

We at Aga & Associates have confidence in providing qualitative worth extra services surrounding an all-inclusive summary of most GST documents together side your guidelines on strengthening internal controllers for proper data entry, data recording, data evaluation and information demands such as compliance.

Required Documents for GST Audit

  1. Offer letter including the scope and objectives of the auditor.
  2. The Engagement Letter and also appointment letter.
  3. Data of the Audit plan
  4. A sample Copy of invoices or agreements, etc.
  5. A written copy of the representation letters received from the management.
  6. A copy of GST Return
  7. The important matters identified during the audit and deficiencies in internal controls which have been communicated to management.
  8. The risk assessment process applied for areas of high risk, and also areas of low risk must be noted.
  9. Sufficient and suitable audit evidence received during the audit.
  10. All working papers must be in electronic form such as Excel, CSV, PDF, JPEG.

You can call us for GST Consultants in India. We will always be here to support you

GST Audit at Aga & Associates

Our team can deliver following in GST Audit:

  • Monthly comparison of Input Tax Credit between returns and books of accounts
  • Finding mismatch or discrepancies in ITC
  • Consultancy on eligibility, reversals or re-claim of ITC
  • Monthly review of output tax liability
  • Reconciliation of value of supply declared in annual returns with audited financial statements
  • Applicability and treatment of transactions covered under Reverse Charge Mechanism(RCM)
  • Recommendations on better internal controls for increasing efficiency
  • Providing cost of non-compliance matrix
  • Timely providing of reports or statements mandated under GST law

GST Audit FAQ
1What is GST Audit?

GST audit means an examination of statements, records, returns and related documents furnished by the registered persons. GST Audit is conducted to verify whether the sales, output tax paid, input tax refund claimed, and ITC availed stated in his annual report are true and fair or not. GST audit is a reconciliation statement of audited financial statements with the annual return furnished. Further, a GST audit also assists in assessing whether the taxpayer is obedient with provisions of GST.

2For whom GST Audit is compulsory?

Section 35(5) of CGST Act,2017 provides that every registered person whose turnover in a financial year exceeds the amount of Rs. 2 crores, is required to get his accounts audited by a CA or CMA. He shall submit following with the GST Annual Return filed by him:

  1. Copy of audited financial statement;
  2. Reconciliation statement (Form GSTR-9C); and
  3. Other prescribed documents
The term 'turnover' is not defined under the GST Act. However, aggregate turnover is defined under section 2(6) of CGST Act. Accordingly, aggregate turnover refers to the value of all outward supplies (taxable + exempt + exports + inter-state) of a person with the same PAN. It excludes any taxes levied under the GST Act itself. Also, inward supplies on which RCM is applicable is not taken into account for calculating aggregate turnover.

3How is GST Auditor appointed?

A registered person can appoint a GST auditor at the beginning of the year. Auditors can be selected by the following:
Proprietor - In case of sole-proprietorship
Partner - In case of Firm or LLP
Board of Directors - In case of Companies

4What are the records examined by a GST Auditor?

Below are the records and documents examined by the auditors while performing audit procedures:

  1. Register of Outwars Supplies
  2. Register of Inward Supplies
  3. Inventory Register
  4. Ledgers of expenses
  5. Register of Input tax credits
  6. ITC claimed and utilized
  7. GST payables and actual payments
  8. Generation of e-way bills
  9. Any other necessary documents or records for the period relevant to the audit

5What is the penalty for not filing GST Audit Report?

GST Act does not specify a specific penalty for not submitting GST audit report. However, as per general provisions, a general penalty of Rs 25,000 is applicable.

6Comments required by an Auditor

n case auditor discovers any mismatch in the accounts and records, he shall add comments on such a mismatch in the reconciliation statement in Form GSTR-9C.