GST Special Audit

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Special GST Audit:

What Is an Audit?

Phase 2(thirteen) of the CGST Act, 2017 defines “audit” due to the fact the examination of facts, returns, and other files maintained or provided by a registered character underneath the GST Acts or the standards made thereunder or below every other law in the interim in pressure to affirm the correctness of turnover declared, taxes paid, refund claimed, and enter lower availed, and to evaluate his compliance with the provisions of the GST Acts or the standards made thereunder.

GST may be a trust-based taxation regime in which the assessee is required to self-assess his returns and determine tax liability without tax official intervention. Consequently, a tax regime that relies on self-assessment must implement a strong audit mechanism to measure and ensure taxable person compliance with the provisions of the law.

Types of Audits under GST:

There are three sorts of audits under the GST, and that they are as follows:

Compliance Audit:

Every registered person whose annual turnover exceeds two crore rupees must have his accounts audited by a accountant or a cost accountant and submit a copy of the audited annual accounts and a reconciliation statement in FORM GSTR-9C, duly certified.

Audit by a GST Officer:

This is often a normal audit by the Commissioner or any officer authorized by him, who can audit any registered person for such period, frequency, and manner as could also be prescribed.

Special Audit:

Depending on the complexity of the case, a registered person could also be directed to have his records, including his books of account, examined and audited by an accountant or a cost accountant during any stage of scrutiny, inquiry, investigation, or another proceeding.

Special audits provide a lawful and bonafide means for GST officers to enlist the aid of an accountant or accountant when determining tax liabilities in complex cases. The professional expertise of an accountant or cost accountant will be crucial to ensuring that the revenue’s best interests are always protected.

Special Audit Procedure:

During the scrutiny, inquiry, investigation, or other proceedings of a registered person, the Assistant Commissioner or any officer senior to him, taking under consideration the nature and complexity of the case and the interest of revenue, could also be of the opinion that the value has not been correctly declared or that the credit availed is outside the normal limits.
In such cases, the Assistant Commissioner or any officer senior to him may, with the prior approval of the Commissioner, direct the registered person on FORM GST ADT-03 to possess his records, including his books of account, examined and audited by a specified accountant or cost accountant. The Commissioner will select either a licensed public accountant or a cost accountant.
The accountant or cost accountant so appointed must submit a report of the audit to the Assistant Commissioner within ninety days, duly signed and attested by him.
On the request of the registered person, chartered accountant, or cost accountant, or for any material and sufficient reason, the Assistant Commissioner may extend the aforementioned period by a further ninety days.
The provisions of special audit shall apply whether or not the registered person's accounts have been audited under other provisions of the GST Act or any other law in effect at the time.
The registered person shall be afforded a chance to be heard with respect to any information gathered as a result of a special audit that is proposed to be used against him under this Act or the rules promulgated thereunder.
The Commissioner shall determine and pay the prices of the examination and audit of records, including the compensation of the accountant or cost accountant.
Upon completion of a special audit, the registered person must be notified of the findings using FORM GST ADT-04.
If the special audit reveals tax that wasn't paid, underpaid, improperly refunded, or input decrease that was improperly claimed or utilized, the registered person are going to be subject to demand and recovery.

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