Here are some basic provisions related to Audits under GST. Good thing (or for some very bad thing) is as under current tax system Jab chahe jabki chahe date le lo, jab bhi comfortable ho, reply ya information submit karo. In proposed system of GST it will completely bring an end to all these practices. As there is duration of each activity from sending notice to furnishing audit report has been fixed. There will be three types of Audit.
1. Routine Audit [Sec35 (5)]: Applicable for Big Taxpayers whose turnover will exceed prescribed limit. It would be like Audit conducted under Income Tax. Registered Person has to get his books audited by Chartered/Cost Accountant and Submit Audited Accounts along with Reconciliation Statement for declared value of supply and value according to audited annual accounts.
2. Department Audit [Sec (65)]: Just like scrutiny case, Proper Officer will conduct/lead audit.
3. Special Audit [Sec (66)] : Under Special Circumstances, where department has reasons to have doubts on Registered Person for tax evasion, can get special audit conducted by Chartered/Cost Accountant nominated by Commissioner.
Thanks. [GstSutras8] [GSTAAA2] #SukhF_GST
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