GST Audit

GST Audit-In the current dynamic tax landscape, it is essential for businesses to remain fully compliant with Goods and Services Tax (GST) regulations to ensure smooth and uninterrupted operations. A GST audit serves as a key tool in maintaining compliance and avoiding unnecessary legal or financial complications. However, understanding and managing the audit process can be challenging, particularly for businesses that are not well-versed in the complexities of tax laws.

A GST audit involves a thorough examination of a taxpayer’s financial records, tax returns, input tax credit claims, applicable tax rates on goods and services, and other relevant documentation. The audit process ensures that the revenue declared, taxes paid, input credits availed, and refunds claimed are all accurate and in compliance with the GST Act. Such verifications must be conducted by qualified professionals like chartered accountants.

As an experienced CA firm in Pune, we are dedicated to helping businesses navigate GST regulations effectively. Our team of skilled GST consultants ensures that your GST returns are accurate, potential compliance gaps are addressed, and input tax credits are optimized. Through our comprehensive audit process, we aim to support businesses in meeting all GST-related obligations confidently and efficiently.

At Jitesh Telisara & Associates LLP, a Chartered Accountancy firm based in Pune, we offer specialized GST audit services designed to align with the unique requirements of your business.

With the ever-evolving nature of GST laws, it’s essential to have a team of experts who understand the nuances of the system. Here’s why partnering with Jitesh Telisara & Associates LLP for your GST audit is a smart choice:

1. Expertise in GST Compliance: Our team consists of highly skilled professionals with years of experience in handling GST audits. We keep ourselves updated with the latest changes in GST laws, ensuring your business remains compliant with the current provisions.
2. Tailored Solutions: We understand that each business is unique, so we offer customized GST audit services that fit your specific needs. Whether you’re a small business or a large enterprise, we ensure the audit is designed to reflect your operations.
3. Transparency and Accuracy: We pride ourselves on providing accurate and transparent audit services. We conduct a thorough review of your records and ensure that all discrepancies are resolved, giving you peace of mind.
4. Timely and Cost-Effective: We understand that time is money. Our team ensures that the GST audit is completed on time, with no disruptions to your business operations. Additionally, we focus on providing cost-effective solutions without compromising on quality.

Planning is the key to ensuring a smooth and efficient GST audit. Here’s how we plan and execute every GST audit to meet the highest standards:

1. Initial Assessment: We begin with an in-depth understanding of your business and its financial transactions. This allows us to gauge the complexity of your GST filings and identify any potential areas of concern.
2. Document Collection and Review: Our team ensures that all necessary documents, such as sales and purchase invoices, GST returns, and accounting records, are collected. We then perform a detailed review of these documents to ensure their accuracy and completeness.
3. Reconciliation: We reconcile your GST returns with your books of accounts to identify discrepancies, if any. This step is crucial in ensuring that the data provided to the authorities aligns with your business records.
4. Verification of Input Tax Credit (ITC): We carefully verify the Input Tax Credit claimed by your business to ensure it is legitimate and correctly reported. We also check that ITC has been claimed only on eligible purchases and services.
5. Auditing GST Returns: We examine your GST returns (such as GSTR-1, GSTR-3B, and GSTR-9) for any discrepancies in the amounts reported versus what is reflected in your books of accounts.
6. Final Reporting: Once the audit is complete, we provide you with a detailed audit report, including any discrepancies, errors, or areas of improvement. This report also includes recommendations for rectifying any issues and ensuring future compliance.
7. Support for Filing: After the audit is complete, we assist you in filing any necessary adjustments or returns with the tax authorities to ensure everything is in order.

1. GSTR-9 – Annual Return
   GSTR-9 is an annual return that needs to be filed by regular taxpayers registered under GST. It includes consolidated details of outward and inward supplies, input tax credit (ITC), tax paid, and other related information for the entire financial year. As per current GST law and CBIC notifications below are important points which must be kept in mind
   • Mandatory for all registered taxpayers (normal taxpayers) whose aggregate turnover exceeds ₹2 crore during FY 2023-24.
   • Taxpayers with turnover up to ₹2 crore are exempted from filing GSTR-9 but can file it voluntarily.
   • The due date to file GSTR-9 is 31st December, unless extended by CBIC.
   • Late filing attracts a late fee of Rs.200/- Per day Subject to a maximum of 0.25% of turnover in the respective state/UT
   • GSTR 9 not applicable to Composition taxpayers (they file GSTR-9A instead), Casual taxable persons, Non-resident taxable persons, Input Service Distributors (ISD), Persons liable to deduct TDS/TCS
2. GSTR-9C – Reconciliation Statement
   GSTR-9C is a reconciliation statement that matches the data filed in GSTR-9 with the taxpayer’s audited financial statements. It’s a critical compliance requirement for certain categories of taxpayers under GST. As per current GST law and CBIC notifications below are important points which must be kept in mind
   • Mandatory for all Registered persons whose aggregate turnover exceeds ₹5 crore in the financial year.
   • The reconciliation statement must be self-certified by the taxpayer (audit by a CA/CMA is not required anymore).
   • The due date to file GSTR-9C is 31st December unless extended by notification.
   • GSTR 9 not applicable to Composition taxpayers, Non-resident taxable persons, Input Service Distributors, TDS/TCS deductors