GST streamlines tax, promotes interstate trade, and GST audits confirm accurate record-keeping and compliance.
HOW IT WORKS
Goods and Service Tax (GST) is structured for efficient tax collection, eliminates cascading of taxes, easy inter-state movement of goods and a lot more. Audit under GST is the examination of records maintained by a registered dealer. The aim is to verify the correctness of information declared, and taxes paid and to assess compliance with GST. Every registered person having a turnover of more than Rs. 5 Crores is liable for a GST audit conducted by a Chartered Accountant or Cost Accountant. It involves:
Vouching and verification of invoices and supporting documents
Reconciliation of income as per Profit/ Loss account and income reflected in GST returns
