GST Audit

Audit in GST

Finalization……..What is so special ! ++ This is the first year end in GST ++ First 3 months in old law, Balance 9 months in GST law. ++ Even after 15 months, GST Law is still in a fluid stage. ++ Fundamental Changes in Return filing and ITC is in the pipeline. ++ GST Return filings are incomplete and filed Returns are with lot of errors. ++ Revision of Returns not allowed……….. Correction in next period only. ++ Trading & Profit & Loss Account…………..relevance in GST. ++ Compliance with GST law by Regd Person ………………… made known to the public.

Important points to Note ++ Books of Accounts to be maintained in GST. ++ Accounting Entries to be passed in the Books of Accounts. ++ Transitional Entries to be passed. ++ Rectification of Errors in Return filing. ++ Finalization of Accounts. ++ Reconciliation of GST Return with Books of Accounts & Financial Statements. ++ Year end provision Entries. ++ Registration wise Books of Accounts and Audit. ++ State wise Books of Accounts & Audit.

Important points to Note ++ VAT turnover…………. Whether to be included in Aggregate turnover in GST. ++ Checking Profitability in FY 2017-18 as compared to Preceeding Year……. Anti profiteering. ++ Verification of GSTR 2 A Data with 3B data for ITC purposes. ++ Drs & Crs……confirmations. ++ Fine for delay in filing Annual Return with audited Financial Statement. ++ Payment of RCM liability u/s 9(3). ++ Payment of RCM liability u/s. 9(4) till 13.10.2017. ++ E Way Bill generation. ++ Usage of Delivery Challans.

Important points to Note ++ Raising of Tax Invoices for all outward supplies. ++ The forms in use are as per GST Law. ++ Maintenance of Fixed Asset Register for ITC purposes. ++ ITC Reversal per Rule 42 & 43. ++ Payment to suppliers within 180 days; ITC Reversal. ++ Maintenance of Stock Register. ++ ITC – Personal / Ineligible items. ++ Comply with Section 18(1) and 18(4)……new regn & Cancellations… ++ Accounting of Transactions ………… without consideration …………taxable in GST.

Important points to Note ++ Transactions with other state branches/ Separately regd branches. ++ Transactions with related parties. ++ Rate of tax ………………….. Verify to see that they are correct as per GST Rate Schedule. ++ Changes in rate of tax ………….. Whether Section 14 applied correctly. ++ Transitional Provisions ……… Section 142(11) ……….. Verify the correctness. ++ Errors in filing return …………… rectify as per Circular No: 26. ++ Classification of supplies ………. Whether intra state or inter state. ++ Advance Received ………………… taxable. ++ Sale of used assets ……………….. Raise tax invoice, apply correct tax rate.

Important points to Note ++ Composition scheme………. Fulfillment of all conditions. ++ Time of Supply …………………… especially, works contractors… ++ Credit Notes and Debit Notes ……. With taxes & without taxes …… ++ Blocked Credit ………. Ineligible …..Section 17(5) ++ Transfer of Business ………… Procedures ++ Cancellation of Registration ……… Procedures

Accounting in GST

Annual Return in GST

Annual Return – Normal

Annual Return – Composition

Reconciliation Statement in GST

Reconciliation Statement

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