Audit means the examination of records, returns and other documents maintained or furnished by a registered person under Goods and Services Tax Act are the rules made thereunder any other law for the time being in force to verify the correctness of turnover declared, taxes paid, refund claim and input tax credit availed, and...
Continue readingTypes of audits conducted by the Comptroller and Auditor General of India
Financial audit An audit is primarily conducted to express an audit opinion on a set of financial statements so as to enhance the degree of confidence of intended users. Audit opinion expressed as to whether the financial statements are prepared, in all material respects, in accordance with the applicable financial reporting framework or whether...
Continue readingSPECIAL AUDIT [SECTION 66]
When Special Audit may be directed and from whom? If at any stage of scrutiny, inquiry, investigation or any other proceedings before him, any officer not below the rank of Assistant Commissioner, having regard to the nature and complexity of the case and the interest of revenue, is of the opinion that – the...
Continue readingScrutiny of returns under GST
Verifying the correctness of the return The return furnished by a registered person may be selected for scrutiny by a proper officer to verify its correctness. Where any return furnished by a registered person is selected for scrutiny, the proper officer shall scrutinize the same with reference to the information available with him. Issue...
Continue readingAUDIT BY TAX AUTHORITIES [SECTION 65]
Who may conduct the audit? The Commission For any officer authorized by him, by way of a general or a specific order, may undertake an audit of any registered person at the place of business of the registered person or in their office for a financial year. Where it is decided to undertake the...
Continue readingGST compensation to states
INTRODUCTION One of the biggest challenges while introducing the Goods and Services Tax (GST) Act in India was that states were opposing the Goods and Services Tax (GST) Act, because of their fear of losing revenue after the introduction of Goods and Services Tax (GST) Act. That is major because earlier the states independently...
Continue readingTaxation of Educational Institutions under GST
Types of services Services provided by an educational institution to its students, faculty, and staff; by way of conduct of entrance exam against consideration in the form of an entrance fee; to an educational institute, by way of, – transport of students, faculty, and staff; catering service including any mid-day meals scheme sponsored by...
Continue readingExemption on Agriculture Service under GST
Agriculture-related services Type of services The following services are exempted from GST. Services by way of: – loading, unloading, packing, storage or warehousing of rice, etc. warehousing of minor forest produce. purify in a warehouse of agricultural produce. to the cultivation of plants and rearing of all life forms of animals, except the rearing...
Continue readingIMPACT ON STOCK TRANSFER UNDER GST
Meaning of Stock Transfer and Supply It is very common in a business having PAN transactions to transfer its stock to its other units, warehouses to provide timely delivery orders from Various Geographical Locations. Under the Current Tax situation, interstate or intra-state stock transfers are subject to levy of Excise Duty on the removal...
Continue readingEXEMPTIONS FROM GST
SERVICES PROVIDED BY CHARITABLE/RELIGIOUS TRUST Services by a person by way of- conduct of any religious ceremony; renting of precincts of a religious place meant for the general public, owned or managed by an entity registered as a charitable or religious trust registered under section 12AA of the Income-tax Act, 1961 or a trust...
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