Audit Under GST
Audit under GST law, requires the examination of records, returns and other documents maintained or furnished by the registered person - to verify the correctness of turnover declared, taxes paid, refund claimed and ITC availed and to assess the compliance of the entity with the provisions of GST Act.
All Entities require GST Auditing services whether it is a Company, Proprietorship, Partnership firm, Limited Liability Partnership, Society etc. PAN India turnover across all GSTIN exceed the prescribed limit is required to get his records audited by a CA(Chartered Accountant) or a CMA(Cost and Management Accountant) under GST. The different types of audits under GST are:
- Annual audits (Turnover based audit)
- Audit by tax authorities (Normal audit/general audit)
- Special audits
We at VKC with professional have insight into tax laws and administrative audit policies, as well as industry knowledge. We assist companies with managed indirect tax audits. Managed audits allow the taxpayer to perform the tax audit in conjunction with the state within guidelines laid out by the state’s tax auditors.
We also provide the representational services for audits conducted by the department under VAT, Service Tax and GST, provide the assistance on audit observations reports received from department audit teams, etc.