GSt Audit and Reviews
With the completion of more than one year since the introduction of GST, it’s critical to start focusing on various compliances such as input and output reconciliations, preparation and filing of annual return and GST audit certification. All of these compliances will form an important basis for the first audit/scrutiny/assessment under the GST law. The law prescribes multiple audits conducted by the authorities, an external auditor appointed by the authorities or audit certification by a person appointed by the company. The following are the audits which companies should be prepared for:
Audit by commissioner under section 65 of the CGST Act, 2017
Special audit in terms of section 66 of the CGST Act, 2017
Audit as part of the annual return process by an external Chartered Accountant (in Form 9C and 9D – draft submitted by the ICAI)
It’s important that companies start preparing for these audits in order to avoid any loss of credits, applicability of interest/penalties, etc.