Audit is the meticulous examination of the books and records of a business to ascertain their accuracy and compliance with the law. Virtually every law incorporates provisions for auditing in its sections. The Goods and Service Tax (GST) Act, introduced in 2017, has significantly reshaped the indirect tax landscape in India. Despite the frequent amendments in this new law, one consistent compliance requirement is GST Audit, albeit with alterations to its threshold limit on multiple occasions. K K Baranwal & Associates is well-versed in navigating the nuances of GST audits and stays updated on the evolving regulatory landscape.
What Is GST Audit?
K K Baranwal & Associates specializes in providing comprehensive GST Audit services, involving a meticulous examination of books of accounts from the perspective of GST Law. While the standard threshold limit for GST Audit is Rs. 2 crores, recent amendments in the law have brought about significant changes to the eligibility criteria:
- For registered taxpayers with a turnover exceeding Rs. 2 crores but less than Rs. 5 crores during a financial year, K K Baranwal & Associates ensures seamless filing of the Annual Return in Form GSTR 9, accompanied by a self-certified reconciliation statement between GST liability as per books and as per GST Returns in Form GSTR 9C.
- For taxpayers surpassing a turnover of Rs. 5 crores, K K Baranwal & Associates offers expertise in conducting thorough audits of books by engaging practicing Chartered Accountants or Cost Accountants.
The primary objective of GST audits undertaken by K K Baranwal & Associates is to validate the accuracy of GST turnover, output liability paid, input credit, and refunds claimed in GST returns. Our specialized services ensure compliance with the evolving regulatory landscape in GST Law.
Documents To Be Furnished In GST Audit
Following documents are required to be filed under a GST audit:
- Audited Financial Statements
- Annual Return in Form GSTR 9
- Reconciliation Statement in Form GSTR 9C
What K K Baranwal & Associates Offers?
K K Baranwal & Associates stands out in the industry by providing a thorough and cost-effective GST audit service. Our comprehensive GST audit services encompass:
- Regular monthly cross-verification of books with returns
- Identification and rectification of Input Tax Credit (ITC) mismatches and reversals
- Reconciliation between the value of supplies as per the annual return and audited financial statements
- Expert recommendations on the efficiency and effectiveness of internal controls related to GST
- Timely filing of Annual Return and GSTR 9
- Preparation of other mandatory statements and reports as required by GST law
Why Us?
Navigating through the complexities of GST remains a challenge for businesses, even three years after its introduction. K K Baranwal & Associates understands the intricacies involved, especially in reconciling input and output GST liability. Provisions like reverse charge, exemptions, and other aspects of the GST Act add further layers of complexity to the landscape. K K Baranwal & Associates is well-equipped to assist businesses in effectively managing these challenges and ensuring compliance with GST regulations.
K K Baranwal & Associates excels in providing meticulous GST audit services, meticulously examining crucial audit checkpoints to ensure error-free processes. Our expertise extends beyond mere compliance, as we offer valuable suggestions to fortify your GST control environment and streamline operations. Simplifying GST complexities is our forte, and our services are tailored to make compliance with GST regulations effortless for your business. Clients consistently applaud K K Baranwal & Associates for our conceptual clarity and extensive experience, which we bring to the forefront of our services.
What are you still waiting for? Call us today and we will take it from there !