GST Audit

Nearly GST has completed 2 year and it’s the t ime to focus on GST audit and its reconciliation, filling of annual return and other various compliances as it will be the base for scrutiny and other audit assessment. We have carried out +400 GST Audits and still counting.GST Act provides for various types of audit which are described below of which few are mandatory and other can be conducted by revenue department.

Requirements of GST Audit :

1. Sale purchase details bill wise with respective classification.
2. GSTR-1, GSTR-3B and reconciled 2A of each and every month or of each quarter as the case may be
3. Audited financial statements for respective year.
4. HSN Codes of Inward and Outward supplies.
5. Ledger of freight expenses for verification compliance with RCM provisions.
6. Classification of outward supplies (rate-wise,Nil rated, exempted, etc)
7. ITC claimed on expenses, capital goods etc.
8. Ledger of URD purchases for verification of compliance with RCM provisions.

Why Kaloti and lathiya :

1. +400 audit till date and still counting
2. Specialised team of highly qualified professionals
3. A majestic and specifically dedicated team of +20 including FCA and ACA’s for timely completion of Audit..
4. +15 years experience in same filed.

Statutary limit :

As per section 35(5) of CGST Act if the annual turnover of a registered taxpayer is more than Rs. 2 crores in a financial year , he is required to get his accounts audited and report should be furnished before 31st December (Currently for F.Y 2017-18 audit report is to be furnished by 31st August’2019)

Items included while calculating turnover :

• All taxable (inter-state and intra-state) supplies other than supplies on which reverse charge is applicable
• Supplies between separate business verticals
• Goods supplied to/received from job worker on principal to principal basis.
• Value of all export/zero-rated supplies.
• Supplies of agents/ job worker on behalf of the principal.
• All exempt supplies. E.g. Agricultural produce supplied along with branded ready-to-eat food.
• All taxes other than those covered under GST Eg: Entertainment Tax paid on the sale of movie tickets.

Items excluded while calculating turnover :

• Inward supplies on which tax is paid under reverse charge.
• All taxes and cess charged under Goods and Service Tax like CGST, SGST or IGST, Compensation Cess.
• Goods supplied to or received back from a Job Worker.
• Activities which are neither supply of goods nor service under schedule III of CGST Act.

Forms for Annual return and GST Audit :

Penalty :

Penalty may be levied of Rs. 25000 for non compliance of audit.

Advantages :