GST Audit Service
Starting from ₹15000 + GST
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GST Audit Service
Goods and Services Tax is an indirect tax applicable to the supply of goods and services in India and came into effect on July 1, 2017. It replaces various indirect taxes levied by the central and state governments, such as VAT, excise duty, services taxes, and many more. One of the main aims behind implementing GST was to bring the entire country under one tax regime. There are four types of GST — CSGT, SCGT, IGST, and USGST, which stands for central, state, integrated, and union territory goods and services tax, respectively. A GST Audit involves verifying the records, returns, and documents maintained by a taxable person to ensure information about the declared turnover, payment of taxes, refund claimed, and input tax credit or ITC availed are accurate. The audit promotes compliance with the provisions of GST — its laws and regulations. The GST Audit is necessary for entities that cross a certain turnover limit during a specific financial year. It is done by a Chartered Accountant or Cost Accountant. The best accounting firm for GST audit service in Pune can assist with the GST audit process to ensure the details are accurate and the entity is in compliance with GST regulations.
Process for GST Audit Service
Appoint a Qualified GST Auditor
The partner, proprietor, or board of directors must appoint an auditor at the beginning of the financial year for the GST Audit in accordance with Section 35 of the GST Act. The chosen individual must be a Chartered Accountant or Cost Accountant in active practice. You can consult Patron Accounting with a team of experienced Chartered Accountants for an efficient audit procedure.
Initial Audit Planning Meeting
A meeting with the Chartered Accountant or Cost Accountant appointed as the GST auditor will allow you to understand the audit process, its scope, and the main objectives to be achieved.
Review of Records & Internal Controls
The auditors will hold a review to ensure the entity’s internal checks and controls are good. The appointed GST auditor will review various records and books such as stock register, sales register, purchase register, input tax credit availed, e-Way bills of the audit period, e-Invoices, and so on to ensure they are accurate and updated.
File & Review GSTR-9C
The GSTR-9C form has to be filed for annual returns and GST audits. This form is applicable for companies with a turnover of more than INR 5 crore. The form needs to be filed and submitted with relevant details. The auditor is responsible for reporting any potential tax liability of the company based on the GST audit. Taxpayers can settle the taxes based on the auditor’s recommendation to ensure compliance.
Certification & Final Audit Report
The Form GSTR-9C needs to be certified. The final step of the GST audit is for the auditor to present a report and certify details such as if the necessary records are up to date, the financial statements are prepared according to the book of accounts, the GSTR-9C is accurate, and so on. The auditor will list any other observations they have in the audit report.
Documents Required for GST Audit Service
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Annual Returns in Form GSTR-9
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Audited Financial Statements based on PAN Card
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Annual Reconciliation Statement in Form GSTR-9
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Books of Accounts
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Copy of Balance Sheet
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Copy of Profit and Loss Account
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Copy of Invoices, Sales Bills, Purchase Bills
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Debit and Credit Notes
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Annual Report
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Income Tax Audit Report
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Tax Invoices
Frequently Asked Questions
Have a look at the answers to the most asked questions.
