Quick Summary
Central Board of Indirect Taxes and Customs (CBIC) has developed a system for online monitoring of GST audits initiated by tax officials across the country for effective oversight of the audit process. GST audits commenced earlier this year and are being seen by the tax authority as an effective tool for ensuring the quality of the tax returns filed but it also does not want any overreach by officials. CBIC held a meeting of commissionerates across the country in charge of audits earlier t
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FAQ :
The CBIC has developed a system for the online monitoring of GST audits initiated by tax officials nationwide.
The system is designed for effective oversight of the audit process, ensuring the quality of tax returns filed and preventing revenue leakage, while also ensuring the process is not burdensome for taxpayers.
A web-based tool and a dashboard have been developed to monitor the progress of audits end-to-end.
Yes, the CBIC has liberalised norms relating to annual returns and reconciliation statements, particularly for small businesses, and previously dropped the mandatory audit of annual returns for businesses with sales of ₹two crore and above, replacing it with self-certification for those with sales of ₹five crore and more.
Tax professionals have reported an increase in businesses seeking advice on issues arising from departmental audits, often triggered by mismatches in reported transactions.
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