Audit in GST Law
By: – Sanjeev Singhal
Goods and Services Tax – GST
Dated:- 26-3-2017<\/p>\n
Under the Central Excise and Service Tax laws, there is no requirement for audit of accounts and furnishing reconciliation statement by an accountant except special audit. However, several State VAT laws stipulate audit of records by a Chartered Accountant and filing of VAT audit reports. Threshold limits are prescribed for such audits.
\nReconciliations between the tax records and audited statements of accounts are generally sought for at the time of assessment, audit or investigation by the Revenue authorities. There is no statutory requirement to furnish such reconciliation statements under the present laws.
\nIn India, the tax compliances<\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n * Audit shall be completed within three months from the date of commencement. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n another 90 days on sufficient reason. Author is practicing chartered accountant in Gurgaon and having specialization in Service Tax and Haryana VAT. He can be reached at sanjeev.singhal@skaca.in. WWW. ska<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Audit in GST LawBy: – Sanjeev SinghalGoods and Services Tax – GSTDated:- 26-3-2017 Under the Central Excise and Service Tax laws, there is no requirement for audit of accounts and furnishing reconciliation statement by an accountant except special audit. However, several State VAT laws stipulate audit of records by a Chartered Accountant and filing of … Continue reading “Audit in GST Law”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-2252","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/2252","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2252"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/2252\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2252"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2252"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2252"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\n * For any reason if the commissioner is satisfy that audit can not be completed with in three months , for reason to be recorded in writing , may extended it for further period of six months.
\nCommencement date of audit for the above sub section shall be , the date of record and other document called and submitted by RTP or Start of audit at RTP office which ever is later.
\n * Within 30 days from the conclusion of audit, the proper officer will inform the RTP of audit finding and reason of the same.
\n * Where the audit result in detection of tax not paid, short paid or erroneously refunded or ITC wrongly claimed or utilized , the officer may start action under <\/p>\n
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\n * The expenses and fees of audit shall be determined and paid by commissioner.
\n * Where the special audit result in detection of tax not paid, short paid or erroneously refunded or ITC wrongly claimed or utilized , the officer may start action under section 66 or 67 i.e. under chapter Demand and Recovery.
\nPOWER OF CAG FOR AUDIT
\nThe proper officer shall, upon request made in this behalf, make available to the comptroller of Auditor General of India any information , record and return under the act for conduct of audit as required.<\/p>\n
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