CA Loan Bajaj Finserv
CA Final Online Classes
CA Classes

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Audit under Goods and Services Act

Shobhit Gupta 
on 22 June 2017

LinkedIn


Types of Audit

Audit by Tax Authorities

  • Under What circumstances: Not Specific, means order can be given under any circumstances.
  • Who can order: Commissioner or any officer authorised by him.
  • What kind of order: General or Special  in GST ADT-01.
  • Period of audit: Such period as prescribed in order. It shall be a financial year or multiple thereof.
  • Frequency of audit: as given in order.
  • Manner of audit: as prescribed. (Rules)
  • Place of Audit: Registered office of the taxable person or office of the proper officer.
  • Notice period: not less than 15 days .
  • Time Limit of Completed Audit: three months from the date of commencement.
  • Extension of Time Limit of completed Audit: extend to further period of 6 months
  • Who can extend: Commissioner
  • How can extend: The Commissioner should record the reason in writing.
  • What is the date of commencement of Audit: Date when the documents or other information is made available or Actual institution of Audit at the place of business whichever is later.

Information for Audit: A.O. may require the registered person

  1. Afford the facility for the audit
  2. To furnish such information and render assistance for timely completion of audit.
  • Time Limit of giving findings: within 30 days of completing the audit.
  • What will be included in findings: Findings, Right, obligation and the reason of the findings. (GST ADT-02).
  • Results of Audit: In case of tax not paid, short paid , erroneously refund or wrong tax credit availed or utilised, action under section 73 or section 74.

​​​​​​​Special Audit:

  • Who can direct for special audit: Officer not below the rank of assistant commissioner with prior approval of commissioner to the registered person to  get his account audited . (GST ADT-03).
  • When such direction shall be made: At the stage any  scrutiny, inspection, inquiry or any  proceedings before him, having regard to the nature and complexity of the case and the interest of revenue.
  • Value has not been correctly declared.
  • Credit availed is not within the normal limit.
  • Who will conduct the special audit: Chartered Accountant, Cost Accountant or person nominated by the commissioner.
  • Time Limit of Completion of special Audit and submit the report: within 90 days
  • Extension of special audit: further period of 90 days.
  • Who can apply for extension: Registered person or Auditor
  • Opportunity of being heard: The registered person shall be given the opportunity of being heard before the final audit report being submitted.
  • Who will pay the cost of special audit: Expenses including remuneration shall be determined and paid by commissioner and such determination shall be final.
  • Results of Special Audit: In case of tax not paid, short paid , erroneously refund or wrong tax credit availed or utilised, action under section 73 or section 74. (GST ADT-04).

Tags :



Category GST
Other Articles by -
Shobhit Gupta 

Report Abuse

LinkedIn



Comments


update