GST Audit Services
Gst Audit
With more than three years since the implementation of goods and services tax, taxpayers have been discharging their duties by complying with the requirements of the GST Act.
Registered businesses must ensure timely input and output tax reconciliation and prepare and file their annual returns under GST. Additionally,
GST regulations mandate an independent audit for taxpayers whose turnover exceeds ₹2 crores. In certain situations, GST laws also require a
special audit conducted by a Chartered Accountant or Cost Accountant. At Beetaone Fintax LLP our experienced team of Chartered Accountants
is equipped to provide comprehensive GST audit services in Guntur, ensuring compliance and accuracy in all aspects of GST reporting and audits.
What is GST ?
The primary objective of auditing under GST is to ensure that Input Tax Credit (ITC) refunds claimed, taxes paid, and turnover declared align accurately with the company’s financial records. A GST audit involves a meticulous examination of records, returns, invoices, and other relevant documents furnished by the business. This comprehensive review helps identify discrepancies, ensures adherence to GST laws, and validates compliance with regulatory guidelines.
GST Audit Form GSTR-9c
As per the central goods and services tax (CGST) act, 2017, the taxpayer is required to file form GSTR-9C on or before 31st December of the subsequent financial year. Form GSTR-9C comes in two parts viz., Part A and Part B.
Part A is the reconciliation statement with five sections requiring the following information:
Basic details
Reconciliation of the turnover
as per the audited annual
financial statement with the
one declared in the annual
return (GSTR-9)
Tax Payment Reconciliation
Input Tax Credit (ITC)
Reconciliation
Auditor’s recommendation on
additional liability due to non-
reconciliation
Auditor issues certificate under Part B certifying the correctness of part A and the details submitted in the annual return.
The form ensures that the financial statements and GST returns filed by the taxpayer align, providing assurance to the authorities about the correctness of tax
computations and compliance with GST regulations. Filing GSTR-9C accurately is crucial to avoid penalties and legal complications.
At Beetaone Fintax LLP, we are always here to provide you with exceptional accounting, auditing, and financial
advisory services tailored to your unique business needs. Whether you’re looking for expert guidance in GST
compliance, transfer pricing, RBI/FEMA regulations, or accounting outsourcing, our team of dedicated professionals
is just a call or email away.
Gst audit procedure that we follow:
We follow the following procedures and checklists to carry out the audit:
Study of internal controls
At Beetaone Fintax LLP our auditors meticulously evaluate the internal controls and checks
implemented by the management to ensure GST compliance. This includes assessing the
effectiveness of processes for managing key transactions like sales returns, sales on approval,
and job work, ensuring their completeness and proper execution. We also review the adequacy
of GST-related records and provide expert recommendations to strengthen internal systems,
ensuring compliance and operational efficiency.
Records verification
Our GST auditors thoroughly verify the GST registration certificate, the classification of goods and
services under GST, and compliance with reverse charge provisions. They meticulously review key
records, including the purchase register, sales register, stock register, expense ledgers, and monthly
or quarterly returns. This ensures that all documentation and processes align with the requirements
of GST law, promoting accuracy and compliance.
Cross verification of GSTR-3B to GSTR-1 AND 2A
We conduct a detailed cross-verification of GSTR-3B with GSTR-1 and GSTR-2A to ensure the proper
claiming of Input Tax Credit (ITC). Our auditors check the arithmetical accuracy of the figures and
identify any mismatches or discrepancies. Based on our findings, we provide actionable
recommendations to the management to make necessary corrections and ensure compliance with
GST regulations.
Invoice verification
We thoroughly examine outward invoices to ensure they comply with the prescribed format under GST
law, verifying their arithmetical accuracy and the correctness of tax rates applied based on the goods or
services supplied. Similarly, we scrutinize purchase invoices to determine eligibility for Input Tax Credit
(ITC) and confirm that the total ITC matches the credit claimed in the GST return, ensuring accuracy and
compliance with GST regulations.
ICt non-payment reversals
Our GST auditors verify whether Input Tax Credit (ITC) has been appropriately reversed for invoices that
remain unpaid for more than 180 days, as mandated by GST regulations. This ensures compliance with
the law and accuracy in ITC claims.
E-way bills compliance check
We ensure that an e-way bill is generated for every supply exceeding ₹50,000 in value and for supplies
made using motorized vehicles, as required by GST regulations. Additionally, we verify that the details
on the e-way bill match those on the corresponding invoice, ensuring compliance and accuracy.
Industry-specific check
Certain GST provisions are tailored to specific industries, and our GST auditors conduct a detailed
examination of records to ensure compliance with these industry-specific regulations. This focused
review ensures that businesses adhere to all applicable requirements and maintain regulatory accuracy.
Stay ahead in a rapidly changing world. Subscribe to Beetaone Fintax LLP Newsletter
