Special Audit in GST

GST was implemented from 1st July, 2017 and since then up till now we are still in the process of adopting the change. Now, Government has implement Audit for the same as described below.

In GST, the assesse is required to self-assess his returns and determine tax liability without any intervention by the branch official.

Therefore, to ensure the genuinity and correctness of compliance relating to GST, Government is introducing audit under GST.

Special Audit in GST

“Audit” has been defined in Section 2(13) of the CGST Act, 2017 and it means the examination of records, returns and other documents maintained or furnished by the registered person under GST Acts to verify the correctness of turnover declared, taxes paid, refund claimed and input tax credit availed and other compliances applicable to such registered person under the provisions of GST Acts or the rules made thereunder.

 

Audit by CA if turnover exceeds 2 Crores

Every registered person whose aggregate turnover during the financial year exceeds Rs. 2 Crores, is supposed to get his accounts audited by a Chartered Accountant/ Cost Accountant and has to submit a copy of Audited Annual Accounts and a Reconciliation Statement, duly certified, in Form GSTR-9C.

Normal Audit

Under this audit, the Commissioner or any branch official authorized by him can voluntarily undertake audit of any registered person for such period, at such frequency and in such manner as may be prescribed.

Special Audit

During any stage of scrutiny, inquiry or any type of investigation, a registered person can be directed by commissioner to get his accounts audited by a chartered accountant/ cost accountant.

Procedure for Special Audit:

Other Matters:

  1. Expenses of Chartered Accountant/ Cost Accountant appointed by Commissioner shall be payable by commissioner.
  2. The period of 90 days for submitting special audit report can be extended by Assistant Commissioner in case where Auditor present any material reason for further extension.
  3. The Registered person shall be given opportunity of being heard in respect of any material information gathered on the basis of special audit.

For Any Queries or suggestion please reach to Mr. Prabhat Goyal.

Ajoy Goyal & Associates

Chartered Accountants

011-45081867

 

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