Tag Archives: Audit under GST

GST-India

Understanding GST concepts

Since the introduction of Goods and Services Tax (GST), early-day jitters have given way to general acceptance that this may not be the most perfect single tax system, but with each passing day the alterations and modifications introduced in GST regime has made it feasible to be accepted with open arms by the people. However, understanding the diversified provisions inculcated in this Act can be challenging for some. Two such provisions are explained in detail as follows:

Place of Supply (PoS)
A comprehensive, destination based tax, GST was introduced as an indirect tax on the supply of goods or services … Read more

Audit under GST

GST Audits- An overview

Section- 2(13) of the CGST Act defines Audit as the examination of records, returns and other documents maintained or furnished by the registered person under the Act / rules made there under or under any other law for the time being in force to verify the correctness of turnover declared, taxes paid, refund claimed and input tax credit availed, and to assess his compliance with the provisions of the GST Act or the rules made thereunder.

*No audit is required for businesses with turnover less than INR 2 crore.

Types of GST Audit
There are 3 types of GST audits:… Read more