- Shobhit Gupta
- | Goods and Services Tax - Articles |
- 22 Jun 2017
- 4,371 Views
- 1 comment
Types of Audit
1. Audit by Tax Authorities
2. Special Audit
Audit by Tax Authorities
1. Under What circumstances:- Not Specific, means order can be given under any circumstances.
2. Who can order:- Commissioner or any officer authorised by him.
3. What kind of order:- General or Special in GST ADT-01.
4. Period of audit:- Such period as prescribed in order. It shall be a financial year or multiple thereof.
5. Frequency of audit:- as given in order.
6. Manner of audit:- as prescribed. (Rules)
7. Place of Audit:- Registered office of the taxable person or office of the proper officer.
8. Notice period:- not less than 15 days .
9. Time Limit of Completed Audit:– three months from the date of commencement.
10. Extension of Time Limit of completed Audit:- extend to further period of 6 months
11. Who can extend:- Commissioner
12. How can extend:- The Commissioner should record the reason in writing.
13. What is the date of commencement of Audit:- Date when the documents or other information is made available or Actual institution of Audit at the place of business whichever is later.
14. Information for Audit:– O. may require the registered person
Afford the facility for the audit
To furnish such information and render assistance for timely completion of audit.
15. Time Limit of giving findings:- within 30 days of completing the audit.
16. What will be included in findings:– Findings, Right, obligation and the reason of the findings. (GST ADT-02).
17. Results of Audit:- In case of tax not paid, short paid , erroneously refund or wrong tax credit availed or utilised, action under section 73 or section 74.
Special Audit
1. Who can direct for special audit:- Officer not below the rank of assistant commissioner with prior approval of commissioner to the registered person to get his account audited . (GST ADT-03).
2. When such direction shall be made:- At the stage any scrutiny, inspection, inquiry or any proceedings before him, having regard to the nature and complexity of the case and the interest of revenue.
♦ Value has not been correctly declared.
♦ Credit availed is not within the normal limit.
3. Who will conduct the special audit:- Chartered Accountant, Cost Accountant or person nominated by the commissioner.
4. Time Limit of Completion of special Audit and submit the report:- within 90 days
5. Extension of special audit:- further period of 90 days.
6. Who can apply for extension:- Registered person or Auditor
7. Opportunity of being heard:– The registered person shall be given the opportunity of being heard before the final audit report being submitted.
8. Who will pay the cost of special audit:- Expenses including remuneration shall be determined and paid by commissioner and such determination shall be final.
9. Results of Special Audit:- In case of tax not paid, short paid , erroneously refund or wrong tax credit availed or utilised, action under section 73 or section 74. (GST ADT-04).
Author Bio
My Published Posts
Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.
Join us on Whatsapp
GROUP LINK
Join us on Whatsapp
GROUP LINK
Join us on Whatsapp
GROUP LINK
Join us on Whatsapp
GROUP LINK
Join us on Whatsapp
GROUP LINK
Join us on Whatsapp
GROUP LINK
Join us on Whatsapp
GROUP LINK
Join us on Whatsapp
GROUP LINK
Join us on Whatsapp
GROUP LINK
Join us on Whatsapp
GROUP LINK
Join us on Telegram
GROUP LINK
Review us on Google
More Under Goods and Services Tax
One Comment
Leave a Comment
Latest Posts
- Appeal Under GST- Appeal to Appellate Authority
- Where unexplained income cannot be entangled in clutches of Section 69 family
- Clarification regarding GST rate and classification of ‘Rab’
- Cessation of ‘Abu Dhabi Commercial Bank PJSC’ as a banking company
- Regulatory updates for the Month of March 2023
- Finance Bill 2023 as Passed by Lok Sabha on 24.03.2023
- The Mega Merger of T-mobile & Sprint in US
- Conversion of ECB into Equity Shares
- Understanding Zero-rated supplies under GST in India
- Key GST Compliances for Year End 2022 & New Financial Year 2023
Popular Posts
- Rectification of Errors Under GST Laws
- Govt extends deadline for linking of Aadhaar to Voter ID
- How to file TDS Correction Statements on TRACES for FY prior to FY 2011-12?
- Leaving Audit Trail Is Mandatory For All Companies From 1st April 2023 – Random Thoughts
- Tax planning while setting up of a business with reference to location
Featured Posts
- Appeal Under GST- Appeal to Appellate Authority
- Important Things from GST Aspect To Remember This March 2023 ending!
- Choice of Tax Regime for Better Tax Planning
- Long Term Tax benefits removed from Debt Mutual Funds & its consequences
- Amendments w.r.t. GST in Finance Bill 2023 passed by Lok Sabha
IS RCM will attract if single expense head exceeds Rs.5000/- per day or aggreate of the whole expense heads exceeds Rs.5000/- per day ????