What is the period within which the audit is to be completed? – Question 15 – Draft-Bills-Reports – Assessment and Audit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 15 – Q 15. What is the pe
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Whether any prior intimation is required before conducting the audit? – Question 14 – Draft-Bills-Reports – Assessment and Audit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 14 – Q 14. Whethe
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Question 13 – Draft-Bills-Reports – Assessment and Audit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 13 – Q 13. Who can conduct audit of taxpayers? Ans. There are three types of audit prescribed in the GST Act(s) as explained below: (a) Audit by Chartered Accountant or a Cost Accountant: Every registered person whose turnover exceeds the prescribed limit, shall get his accounts audited by a chartered accountant or a cost accountant. (Section 35(5) of the CGST/SGST Act) (b) Audit by De
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Question 12 – Draft-Bills-Reports – Assessment and Audit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 12 – Q 12. Is summary assessment order to be necessarily passed against the taxable person? Ans. No. In certain cases, like when goods are under transportation or are stored in a warehouse, and the taxable per son in respect of such good s cannot be ascertained, the person in charge of such goods shall be deemed to be the taxable person and will be assessed to tax (proviso to Section 6
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Question 11 – Draft-Bills-Reports – Assessment and Audit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 11 – Q 11. Other than appellate remedy, is there any other recourse available to the taxpayer against a summary assessment order? Ans. A taxable person against whom a summary assessment order has been passed can apply for its withdrawal to the jurisdictional Additional/Joint Commissioner within thirty days of the date of receipt of the order. If the said officer finds the order erroneo
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Question 10 – Draft-Bills-Reports – Assessment and Audit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 10 – Q 10. Under what circumstances can a tax officer initiate Summary Assessment? Ans. As per section 64 of CGST/SGST Act, Summary Assessments can be initiated to protect the interest of revenue when: a) the proper officer has evidence that a taxable person has incurred a liability to pay tax under the Act, and b) the proper officer believes that delay in passing an assessment order w
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Question 9 – Draft-Bills-Reports – Assessment and Audit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 9 – Q 9. What is the legal recourse available in respect of a person who is liable to pay tax but has failed to obtain registration? Ans. Section 63 of CGST/SGST Act provides that in such a case, the proper officer can assess the tax liability and pass an order to his best judgment for the relevant tax periods. However, such an order must be passed within a period of five years from the
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Question 8 – Draft-Bills-Reports – Assessment and Audit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 8 – Q 8. What is the time limit for passing assessment order u/s 62 (Best Judgment) and 6
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Question 7 – Draft-Bills-Reports – Assessment and Audit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 7 – Q 7. Under what circumstances can a best judgment assessment order issued under section 60 be withdrawn? Ans. The best judgment order passed by the Proper Officer under section 62 of CGST/SGST Act shall automatically stand withdrawn if the taxable person furnishes a valid return for the default period (i.e. files the return and pays the tax as assessed by him), within thirty days of
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Question 6 – Draft-Bills-Reports – Assessment and Audit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 6 – Q 6. If a taxable person fails to file the return required under law (under section 39 (monthly/quarterly), or 45 (final return), what legal recourse is available to the tax officer? Ans. The proper officer has to first issue a notice to the defaulting taxable person under section 46 of CGST/SGST Act requiring him to furnish the return within a period of fifteen days. If the taxable
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Question 5 – Draft-Bills-Reports – Assessment and Audit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 5 – Q 5. What recourse may be taken by the officer in case proper explanation is not furnished for the discrepancy detected in the return filed, while conducting scrutiny under section 61 of CGST ACT? Ans. If the taxable person does not provide a satisfactory explanation within 30 days of being informed (extendable by the officer concerned) or after accepting discrepancies, fails to tak
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Question 4 – Draft-Bills-Reports – Assessment and Audit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 4 – Q 4. Where the tax liability as per the final assessment is higher than in provisiona
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Question 3 – Draft-Bills-Reports – Assessment and Audit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 3 – Q 3. What is the latest time by which final assessment is required to be made? Ans. The final assessment order has to be passed by the proper officer within six months from the date of the communication of the order of provisional assessment. However, on sufficient cause being shown and for reasons to be recorded in writing, the above period of six months may be extended: Ans. The f
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Question 2 – Draft-Bills-Reports – Assessment and Audit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 2 – Q 2. When can a taxable person pay tax on a provisional basis? Ans. As a taxpayer has to pay tax on self-assessment basis, a request for paying tax on provisional basis has to come from the taxpayer which will then have to be permitted by the proper officer. In other words, no tax officer can suo-moto order payment of tax on provisional basis. This is governed by section 60 of CGST/
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Question 1 – Draft-Bills-Reports – Assessment and Audit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 1 – 13. Assessment and Audit Q 1. Who is the person responsible to make assessment of tax
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Question 24 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 24 – Q 24. Whether the amount of credit detected by the system on account of mis-match between GSTR-1 and GSTR-2 and recovered as output tax can be reclaimed? Ans. Yes, once the mismatch is rectified by the supplier by declaring the details of the invoices or debit notes, as the case may be, in his valid return for the month/quarter in which the error had be
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Question 23 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 23 – Q 23. What happens if ITC is taken on the basis of a document more than once? Ans. In case the system detects ITC being taken on the same document more than once (duplication of claim), the amount of such credit would be added to the output tax liability of the recipient in the return. [section 42(6)] – Statutory Provisions, Acts, Rules, Regulations, Ta
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Question 22 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 22 – Q 22. What is the consequence of not filing the return within the prescribed date? Ans. A registered person who files return beyond the prescribed date will have to pay late fees of rupees one hundred for every day of delay subject to a maximum of rupees five thousand. For failure to furnish Annual returns by due date, late fee of Rs. One hundred for ev
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Is it compulsory for a taxpayer to file return by himself? – Question 21 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question
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Question 20 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 20 – Q 20. What precautions, a taxpayer is required to take for a hassle free compliance under GST? Ans. One of the most important things under GST will be timely uploading of the details of outward supplies in Form GSTR-1 by 10th of next month. How best this can be ensured will depend on the number of B2B invoices that the taxpayer issues. If the number is small, the taxpayer can upload all the information in one go. However, if the number of invoices is large, the invoices (or debit/ credit notes) should be uploaded on a regular basis. GSTN will allow regular uploading of invoices even on a real time
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suppliers have uploaded invoices pertaining to them. The GSTN system will also provide the track record about the compliance level of a tax payer, especially about his track record in respect of timely uploading of his supply invoices giving details about the auto reversals that have happened for invoices issued by a supplier. The Common Portal of GST would have pan India data at one place which will enable valuable services to the taxpayers. Efforts are being made to make regular uploading of invoices as easy as possible and it is expected that an enabling eco- system will be developed to achieve this objective. Taxpayers should make efficient use of this ecosystem for easy and hassle free compliance under GST. – Statutory Provisions, Acts
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Question 19 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 19 – Q 19. How can taxpayers file their returns? Ans. Taxpayers will have various modes to file the statements and returns. Firstly, they can file their statement and returns directly on the Common Portal online. However, this may be tedious and time consuming for taxpayers with large number of invoices. For such taxpayers, an offline utility will be provide
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Question 18 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 18 – Q 18. If a return has been filed, how can it be revised if some changes are required to be made? Ans. In GST since the returns are built from details of individual transactions, there is no requirement for having a revised return. Any need to revise a return may arise due to the need to change a set of invoices or debit/ credit notes. Instead of revisin
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Question 17 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 17 – Q 17. Is an Annual Return and a Final Return one and the same? Ans. No. Annual Return has to be filed by every registered person paying tax as a normal taxpayer. Final Return has to be filed only by those registered persons who have applied for cancellation of registration. The Final return has to be filed within three months of the date of cancellation
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Question 16 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 16 – Q 16. Which type of taxpayers need to file Annual Return? Ans. All taxpayers filing return in GSTR-1 to GSTR-3, other than ISD s, casual/non-resident taxpayers, taxpayers under composition scheme, TDS/TCS deductors, are required to file an annual return. Casual taxpayers, non- resident taxpayers, ISDs and persons authorized to deduct/collect tax at sour
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Question 15 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 15 – Q 15. How does a taxpayer get the credit of the tax deducted at source on his behalf? Does he need to produce TDS certificate from the deductee to get the credit? Ans. Under GST, the deductor will be submitting the deductee wise details of all the deductions made by him in his return in Form GSTR-7 to be filed by 10th of the month next to the month in w
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