Audit by Tax Authorities under GST – 7 Important Questions Answered

Audit by Tax Authorities under GST– 7 Important Questions Answered: This short article describes Audit by Tax Authorities according to Goods & Service Tax Act2017 Deep analysis for Auditing in GST Regime based on CGST Act 2017, Who is authorised to undertake the audit of a taxable individual, What is the time limit for conclusion of the audit, What action will be started when the audit conducted and so on. Here you might also check GST Applicability date, Impact of GST, Updates associated to Audit by Tax Authorities under GST Regime. Lets comprehend what is the Audit by Tax Authorities under GST, Applicability of GST in GST Regime, GST rates, its effect on your company and latest updates about GST Act2017 Now examine more information for Audit by Tax Authorities under GST Regime according to CGST Act 2017 …

Audit by Tax Authorities under GST

Q1. Who is authorised to carry out the audit of a taxable individual?

Ans. The Commissioner of CGST/Commissioner of SGST or any officer authorised by him, by way of a basic or a specific order, may carry out audit of any registered person for such period, at such frequency and in such way as might be prescribed.

Q2. Whether any factor to believe or proof is needed for initiate audit under Section 65?

Ans. No, Section 65 does not define any such requirements. Commissioner can initiate audit on any taxable individual for such period, at such frequency and in such manner as may be prescribed.

Q3. Should the signed up individual be informed beforehand, prior to perform of audit?

Ans. The registered person shall be informed, by method of a notification, adequately in advance, not less than fifteen working days, prior to the conduct of audit in the manner prescribed.

Q4. What is the time limit for conclusion of the audit under Section 65( 1) and whether the very same can be extended?

Ans. The audit under Section 65( 1) will be completed within a period of three months from the date of beginning of audit. The duration of conclusion of audit can be further extended by a period not surpassing 6 months by the Commissioner for reasons tape-recorded to be in composing.

Q5. What are the powers of the authorised officer in the course of audit?

Ans. Throughout the course of audit, the authorised officer may require the taxable person, (i) to manage him the needed center to validate the books of account or other files as he might need and which might be available at such place, (ii) to furnish such details as he may need and render help for timely completion of the audit.

Q6. What will be the repercussions if registered individual does not offered required information throughout the audit?

Ans. If signed up individual does not co-operate throughout the audit, the authorities might start action under Section 67.

Q7. What action will be initiated when the audit performed u/s 65( 1) results in a demand?

Ans. Where the audit u/s 65( 1) results in detection of tax not paid or short paid or mistakenly reimbursed, or input tax credit wrongly availed or utilised, the appropriate officer may start action under Section 73 or Section 74.

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