GST Audit
Need of GST Audit?
GST Audit Starting at Just Rs.9,999/- onwards (Inclusive of all Govt. Fees).
ADVANTAGES OF GST AUDIT
It’s important that companies start preparing for these audits in order to avoid any loss of credits, applicability of interest/penalties, etc. Some of the key aspects to be considered by companies are as follows:Reconciliations
Ensure reconciliations of output tax/input tax between the books of accounts, returns and e-waybills issued (output side)/tax discharged by the vendors (input side).
Tax positions
Review the tax positions adopted by the company and also whether these are correctly reflected in documentation.
Credits
Review if any ineligible credits have been availed (including review of credits availed) and in the process also ensure completeness of credits.
Other credentials
Applicability of other provisions like free of cost services/goods, valuation, and cross-charges between related persons/distinct persons.
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Type of Return Under GST Audit
GSTR 9C should be filed by the taxpayers whose annual turnover exceeds Rs 2 crores during the financial year. All such taxpayers are also required to get their accounts audited and file a copy of audited annual accounts and reconciliation statement of tax already paid and tax payable as per audited accounts along with GSTR 9C.
Audit under GST
"This form is to be prepared and audited by a chartered accountant or cost accountant. This statement is to be filled for every GSTIN separately and therefore there-can be several reports of GSTR-9C for same PAN. This form is divided into mainly 2 parts- "
RECONCILIATION STATEMENT
The figures in the audited financial statements are at PAN level. Hence, the turnover, Tax paid and ITC earned on a particular GSTIN( or State/UT) must be pulled out from the audited accounts of the organisation as a whole.The Reconciliation Statement is divided into five parts as follows
Basic details
Consists of FY, GSTIN, Legal Name and Trade Name. The taxpayer must also mention if he is subject to audit under any other law
Reconciliation
This involves reporting the gross and taxable turnover declared in the Annual return with the Audited Financial Statements.
Reconciliation of tax paid
It requires the taxpayers to state the additional liability due to unreconciled differences noticed upon reconciliation.
Reconciliation of Input Tax Credit (ITC)
This part consists the reconciliation of input tax credit availed and utilised by taxpayers as reported in GSTR-9 and as reported in the Audited Financial Statement.
Auditor’s recommendation on additional Liability due to non-reconciliation
The Auditor must report any tax liability identified through the reconciliation exercise and GST audit, pending for payment by the taxpayer.
CERTIFICATION
The GSTR-9C can be certified by the same CA who conducted the GST audit or it can be also certified by any other CA who did not conduct the GST Audit for that particular GSTIN. The difference between both is that in case the CA certifying the GSTR-9C did not conduct the GST audit, he must have based an opinion on the Books of Accounts audited by another CA in the reconciliation statement. The format for certification report will vary depending on who the certifier is.
|
Basic
9,999
/-INR (Inclusive of all Govt. Fees). |
| Turnover between 2-3 Cr |
|
Standard
14,999
/-INR (Inclusive of all Govt. Fees). |
| Turnover between 3-5 Cr |
|
Premium
19,999
/-INR (Inclusive of all Govt. Fees). |
| Above 5 Cr |
FAQ OF GST Audit
What is the due date of GSTR-9C?
GSTR-9 due date is on or before 31st December of the subsequent financial year. For instance, for FY 2017-18, the due date for filing GSTR 9 is 31st December 2018.
What is the Penalty for the late filing of GSTR-9C form?
Late fees for not filing the GSTR 9 within the due date is Rs. 100 per day per act up to a maximum of an amount calculated at a quarter percent of the taxpayer turnover in the state or union territory. Thus it is Rs 100 under CGST & 100 under SGST, the total penalty is Rs 200 per day of default. There is no late fee on IGST.
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