A common grievance heard across all GST related seminars in the country has been related to GST Audits. In Fact, the complexities in GST audits have been hard to get the head around not just for common taxpayers but CA’s too. The recently concluded GST workshop organized in Panipat also witnessed audit-related concerns raised by taxpayers and CAs alike. Reportedly, the Chartered Accountants present in the seminar also stressed that the online form for the first Goods Service Act (GST) audit must be made available at the earliest.
Naveen Garg, ex-chairman of CA Institute Gurugram, informed that GST Audit would be mandatory for reported annual sales of two crores or more. The audit would be done as per the GST number. In each of the states where GST registration has been done by a PAN number, for each GST audit separate audit has to be done. The last date for GST audit is December 31. Among other matters, the seminar also highlighted details of GST annual returns. The GSTR-9 form must be mandatorily filled by all taxpayers who are registered in GST.
GST Audit: Important Highlights
Not only is the AUDIT process a taxing exercise for the CAs, the normal taxpayers too will find it extremely difficult and time-consuming to give information of HSN Wise Sales and Purchase. While it might be not so difficult to furnish details of sales of purchases from registered dealers via the HSN Codes, there is a cloud of mystery on purchases from unregistered, composition or small traders. HSN details will not be part of invoices of such purchases and hence it will fall upon the taxpayer to provide all details during the GST audit. Those taxpayers who are exempted from GSTR 9 filing include:
- Input Service Distributor,
- Casual Taxable Person (TCS)
- TDS deductees
- Non-resident Taxable Person.
Composition dealer will have to fill GSTR-9A. This form is the total of returns filed by the taxpayers from July -2017 to September 2018. It will have to give total turnover, tax, ITC, late fees, fines, HSN summaries to everyone.
