Skip to main content

GST Audit and GST Auditor


The GST Audit File program is used to produce a data file to submit information for a letter from the Royal Malaysian Customs Department and this kind of audit is specific taxable year and period relevant to auditors, in response to an audit request for information under GST and it is the process of examination of records, returns and other the compliance with the provisions of GST.
Suppose documents maintained by a taxable person and the purpose is to verify the correctness of turnover declared, taxes paid, refund claimed an input tax credit availed, and to assess you are a registered member and your turnover during a financial year exceeds the prescribed limit shall get their accounts audited by a chartered accountant or a cost accountant, and one will have to submit or deposit a copy of the audited annual accounts, the reconciliation statement under sub-section (2) of section 44 and such other documents in such form and manner as may be prescribed.

Benefits of GST Audit: With the end of the 1st (First) Financial Year of Goods & Service Tax Act being implemented in India, we would certainly be trying to avoid errors on the GST Compliance Part. One of the biggest benefits of Goods and service tax is that most of us feel that after the introduction of GST we are able to cop up with the errors like Non-payment / Short Payment of Output liability.

Labels:

Comments

Post a Comment

Popular posts from this blog

Composition Scheme under GST

                                     Following topics, we will discuss in this blog (GST Registration) ü   What is composition scheme under GST ü   What are the benefits of composition scheme under GST ü   Who can opt for Composition Scheme under GST ü   How can a taxpayer opt for composition scheme? Composition Scheme under GST: According to the section 10 of the Goods and Service tax law contains the provision with respect to the registration of a taxpayer under composition scheme and the basic principle underlying the composition scheme under GST is to reduce the burden of compliance for small taxpayers. There are nearly 8 million taxpayers they may be migrated from the current laws into the GST regime. In India there are many taxpayers and they will have a limited turnover and may not have the requisite resources & expertise to comply with al...
Post a Comment
Read more

GST Penalties

                            What is Goods and Service tax Penalties? Good And Service Tax or GST: In India, it is the biggest applicable all over the country (except J&k and it are also referred to as “One Nation One Tax” and a single product are taxed and it will be the same rate in every corner of the country but not in Jammu & Kashmir this system under. Being a destination based, transaction wise tax, Goods and Services Tax or GST, ropes in strict compliance procedures for all the taxpayers or people falling under the gamut of the same. To have a crystal clear movement of goods intra-state or inter-state, reduce corruption and efficient tax collection system, GST defines strict penalty rules and offenses guidelines, which the taxpayers have to follow. There are twenty-one (21) set offenses have been identified under the GST regime. There is one more offense which can be penalized that of ...
Post a Comment
Read more

GST Notifications, GST Announcements,

There was a lot of outrage recently over two different issues. First was a reduction in monthly GST collection in February 2019 and second was an aspersion over economic growth data. Both these aspersions raised the question of the veracity of economic growth and “vikas” claimed by Prime Minister Narendra Modi. All concerns and aspersions raised may not be fully addressed and some of those concerns on economic growth could possibly be fair and relevant. However, we need a detailed discussion on average daily GST collection data to understand one dimension of economic growth and verify whether the economy is on the right track. Indirect tax collection is a direct indicator of economic activity and a tangible measure of growth. Tax collection data also presents a real understanding of how nominal the economy has grown. Tax collection is a direct reflection of an increase in business activity – be it investment or consumption. On the investment part, with an increase in the pur...
Post a Comment
Read more