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Audits of businesses under the indirect tax regime from this financial year are jointly conducted by Central and state goods and services tax (GST) officials, a relief for taxpayers since it will remove duplicate notices and dual investigations. According to industry assessments, there are approximately 11,000 such cases of dual investigation by both the central […]
GST Audit under Section 65 of the Central Goods and Service Tax (CGST) Act, 2017 cannot be conducted after business closure, and can be performed only on registered entities, Madras High Court in a ruling witnessed. The applicant, Tvl.Raja Stores is a partnership firm doing business in the name and style of Raja Stores, which […]
Since the plan of the tax authorities is deep dive into their business exercise to fetch the potential of a raft tax associated irregularities and thus the insurance companies might face GST audits. On the basis of fictitious invoices created by their channel partners and intermediaries, several insurance businesses are being investigated for improperly claiming […]
A Model All India GST Audit Manual 2023 has been made for use via the Centre and state tax officials in an action that is anticipated to help companies and decrease litigation. The manual, which outlines standard guidelines for the selection of audit cases, preparation, and execution of audits, as well as the post-audit follow-up, […]
Central Board of Indirect Taxes and Customs (CBIC) made the system for online GST audit tracking via tax officials all over the country for proper audit procedures. GST audits would start in the same year and would be managed by the tax authority mentioning a proper process for ensuring satisfactory tax returns while the same […]
A GST expert CA Sunil P Jain mentioned that the traders and the tax consultants are suffering from the issues in CGST departmental audit as towards the GST law various discrepancies are there, and in other cases, it is found even in the departments. Various meanings are assumed, and the business found it difficult to […]
The Central Board of Indirect Taxes and Customs (CBIC) would ensure that the rising number of GST audits has the purpose to rectify the quality of GST returns furnished does not load on the businesses. Audit of the books of accounts and the other major documents of the businesses beneath GST law has gained speed, […]
GST department audit parameters towards the selection eligibility, required documents which could be obliged for the and proactive steps to be undergone. GST is the biggest tax improvement in our country and to a larger extent it has been stable now but the assessee is still struggling with some problems and compliances needed to be […]
ICAI President CA. Nihar N. Jambusaria said in a meeting held yesterday that GST Audit by the chartered accountant is not avoidable compliance as it ensures check and balances thus detecting the inconsistencies, errors, lapses, and ambiguities that creep in and rectifying the same. Moreover, ICAI submitted that Audit should be perceived as an investment […]
