GST Audit program – Relevant information required for the audit

GST Audit program: In the lack of any prescribed format for reporting of details to be provided after the audit, preparation of the GST audit program would not be complete. However, based on past experience in audits, and considering the relevant provisions of the GST laws, one can begin preparing the audit program and settle the very same once the reporting requirements are alerted. take a look at in-depth gst audit plan from listed below …

GST Audit program

The audit program may be prepared thinking about the different aspects to be covered in the report, i.e., checks to be carried out to confirm the following:

  • Whether the books of account and related records preserved suffice for confirmation of the accuracy, efficiency and accuracy of the returns;-LRB-
  • Whether the yearly return filed shows the appropriate figures and includes all the deals effected throughout the year that need disclosure;-LRB-
  • Whether the value of external products, and inward supplies stated in the annual return consists of all the outward materials and inward materials, respectively, effected during the year;-LRB-
  • Whether the inclusions and exemptions to/ from the value of supply remain in accordance with the provisions of the law;-LRB-
  • Whether the exemptions declared in the yearly return are in conformity with the provisions of the law;-LRB-
  • Whether the amount of ITC determined as qualified and ineligible have actually been identified in accordance with the arrangements of the law;-LRB-
  • Whether the category of outside products, rate and amount of tax thereon, and nature of tax, is right;-LRB-
  • Whether the other details given up the return is correct and complete

Further, other appropriate details which the audit program must cover are listed as follows:

  • General profile and brief nature of the market/ business of the assessee;-LRB-
  • GST Registration details, additional workplaces, registrations in other States, details of authorized signatories/ persons in charge;-LRB-
  • List of accounts and records preserved, and info on software used;-LRB-
  • Details of outward materials, exports, supply to SEZ, tax paid under RCM, products without factor to consider, etc.;-LRB-
  • Details of outside products involving works contracts, composite supplies, combined supplies and continuous supplies;-LRB-
  • Provisions of time and place of supply of all outside supplies of the auditee;-LRB-
  • Determination of transaction worth and value of supply in accordance with the Valuation Rules;-LRB-
  • Compliance with the conditions for availment of credits, proportional credit availed, ineligible credit reversal, payment to suppliers, etc.
  • Details of goods sent for job work and invoice of the same along with details of the process/ treatment performed throughout the task work;-LRB-
  • ISD and cross charging;-LRB-
  • Details of exemptions declared and compliance of the conditions therein;-LRB-
  • Payment of taxes and refunds declared, compliance with related conditions;-LRB-
  • Departmental correspondences, notifications and related compliances;-LRB-
  • Relevant suitable requirements/ assistance notes as offered; and
  • The major analytical ratios