Description
A GST audit entails the review of a GST registered person’s records, returns, and other documents. It also verifies the accuracy of the turnover declared, taxes paid, refunds claimed, and input tax credits claimed, as well as other GST Act compliances that must be verified by an authorized expert.
What is GST reconciliation?
GST reconciliation involves matching of sales and purchase data between different returns as well as sales and purchase registers. The article attempts to explain it in detail.
Audit under GST is the process of examination of records, returns and other documents maintained by a taxable person. The purpose is to verify the correctness of turnover declared, taxes paid, refund claimed and input tax credit availed, and to assess the compliance with the provisions of GST.0
Audit under GST involves examination of records, returns and other documents maintained by a GST registered person. It also ensures correctness of turnover declared, taxes paid, refund claimed, input tax credit availed and assess other such compliances under GST Act to be checked by an authorised expert.
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