GST Audit Service
GST Audit Service
A GST audit is a comprehensive examination of a taxpayer’s GST records, returns, and other relevant documents. It aims to verify the accuracy of the taxpayer’s declared turnover, taxes paid, refunds claimed, and input tax credit availed, ensuring compliance with the provisions of the Goods and Services Tax (GST) Act.
The Central Board of Indirect Taxes and Customs (CBIC) is responsible for administering the GST audit process. The CBIC has issued various guidelines and notifications to ensure that GST audits are conducted in a fair and transparent manner.
Who is Eligible for a GST Audit?
Mandatory GST audits apply annually to GST-registered businesses (GSTIN) with a turnover exceeding Rs. 2 crore in the preceding financial year. These audits are governed by Sections 35(5) and 44(2) of the CGST Act.
In addition to mandatory audits, the CBIC may also conduct random audits of any GST-registered taxpayer, regardless of their turnover. These audits may be conducted to assess overall compliance with GST regulations or to investigate specific concerns.
Preparing for a GST Audit
To ensure a smooth and successful GST audit, businesses should:
- Maintain accurate and organized records of all GST-related transactions.
- File GST returns promptly and accurately.
- Keep a copy of all invoices, e-way bills, and other relevant documents.
- Seek professional guidance from a chartered accountant or cost accountant if needed.