GST Audit(Above 5 Crore Upto 10 Crore)
GST Audit refers to the process of verifying the correctness of the GST returns filed by a taxpayer with the government. The Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services in India. GST Audit is a mandatory requirement for certain taxpayers under the GST Act.
A GST Audit is conducted by a GST Auditor who examines the taxpayer's books of accounts, invoices, and other relevant documents to ensure that the correct amount of tax has been paid and that there are no discrepancies. The auditor also checks whether the taxpayer has complied with the GST laws and regulations.
The GST Audit is conducted for a specific financial year and the taxpayer is required to furnish the audited annual accounts, reconciliation statement and audited tax returns to the government. The audit report must be submitted within a specified timeframe.
The objective of the GST Audit is to ensure that the GST compliance is being followed by the taxpayers and also to identify any non-compliance issues or discrepancies. The audit also helps in improving the efficiency and transparency of the GST system.