GST stands for Goods and Services Tax. Simply put, it’s a tax people pay when they buy things or use services. To make things easier, different taxes are combined into one called the GST. All businesses must follow the rules of GST.
The auditor confirms all the sales and purchase invoices, taxes paid, input tax credit reclaim and compliance with the GST laws.
The annual return in the form of GSTR-9 of the taxpayer is also looked into and the reconciliation statement in GSTR-9C is also checked. Once the audit is complete the auditor writes a report which includes details of the irregularities or problems which the auditor may have come across.
Sap Tax Hub LLP, as a leading CA firm in Delhi NCR offers full assistance in the preparation of the required papers as well as responding to issues arising from the audit.
An audit under GST thus signifies that the government would verify whether the business is adhering to all of the provisions in the act of the GST. The government will scrutinize the records of a business and see whether they are paying the correct amount of compensation to be provided to the government as GST. It is called compliance under GST.
The GST audit services include the following major areas of GST law compliance:
- Checking computations of the tax liability.
- Verification of the input tax credit claims.
- Checking of tax invoices, receipts, and sales/purchase documents.
- Linkage between the turnover and tax paid with the company’s financial statements.
- Check compliance with reverse charge mechanisms as well as e-way bills.
At Sap Tax Hub LLP, the Best CA Firm in Delhi, we review every aspect of the GST audit services, ensure the businesses are GST compliant, reduce the chances of getting penalized, and increase the accuracy of financial reporting.
There are many benefits of choosing Sap Tax Hub LLP for GST Audit Services. We give you a thorough examination of your books of accounts. In order that all of the GST related transactions are correctly entered or recorded in the books of account.
This way, chances of errors or discrepancies are minimized, and the risk of attracting penalties is reduced to a significant extent. We review input tax credit claims for optimizing your tax liability while ensuring complete compliance with GST regulations. This way, while working with us, the businesses will ensure all the taxes are filed correctly, avoid legal wrangles, and will continue growing in business, without any concern for the complexity involved in GST audits. Our expert Chartered Accountant in Delhi is dedicated to providing top-notch service.
What are different Types of GST Audit?
| TYPE OF GST AUDIT | DESCRIPTION | PURPOSE |
| Turnover-based Audit | Conducted when a business has a turnover of more than ₹2 crore in a financial year. | Ensures businesses with high turnover have complied with GST regulations and declared taxes accurately. |
| Special Audit | Ordered by tax authorities when there are inconsistencies or doubts regarding the accuracy of the records. | Provides a deeper investigation into a business’s records to resolve concerns about discrepancies. |
| Departmental Audit | Performed by the GST department to verify the accuracy of the returns filed by the business. |
