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Sec 35 (5) of the CGST requires the accounts to be audited under the CGST Act once turnover in a particular financial year crosses the prescribed limit, by a Chartered Accountant or a Cost Accountant. A report shall be required to be submitted in prescribed format. This is similar to provisions under the erstwhile VAT act. This means, irrespective of the taxable business, be it manufacturing, trading, services, renting, one shall have to get the audit done for GST, if he crosses the prescribed turnover.
Going with a team which has a good domain understanding, have seen different business models and possess deep auditing skills, would help corporates and multinational companies get early alerts about the issues, status of compliance and can help adopt to industry best practices. The audit exercise can also bring tax planning angle which was missed out while doing the routine compliance. One needs to identify a GST auditor who carries industry specific understanding, domain knowledge and capable hands to handle the audit on ground.
We at APMH, have a full fledged specialized audit team. This team has been doing corporate VAT audits while VAT was prevalent. This team is backed up by expert GST consultants so as to make available updated GST knowledge as and when need be. Inhouse groups having specialized experience with specific industries verticals like SAAS, construction, banking, manufacturing, hotel, transport, staffing, etc., shall also be made available to the audit team while they have to handle niche business models. Apart from this, the GST audits PAN India, if so need be can be handled with help of advisor network spread across more than 40 important metro and small towns.
• Conducting GST Audit
• Conducting special audit under GST
• Consultancy for preparation of Annual summary for the purpose of submitting to auditors
• Issuance of Various Certificates required under GST laws.
• Access compliance with the Act & Rules
• Verify correctness of tax payment, refund claims, input tax credit availed, turnover declared
• Examine ( statutory) records, returns and other documents
maintained under the Act
Please feel free to get in touch with us if you have any questions or would like more information on our services.