Subsuming all other indirect taxes like VAT, service tax, central tax, entertainment tax, etc., under a single Goods and Services Tax, the implementation of GST in India has certainly brought a tax reform. To ensure that the information declared, returns filed, input tax credit claimed, and taxes paid by the registered taxpayer are complying with the provisions of GST, GST audits are performed. As per the GST law, GST audit needs to be done in two cases. In both the cases, the taxpayers need to furnish a copy of the audited annual accounts and a reconciliation statement duly certified in Form GST9C. The two cases are:
- Any taxable person who has a turnover of more than 2 crores needs to get his/her accounts audited by a Chartered Accountant or a Cost Accountant. This needs to be filed by the 31st of December of the next financial year.
- The next type of GST audit is the one done by the GST tax authorities. A general GST audit can be done by the Commissioner or there could be a special audit done by the Chartered Accountant who is nominated by the commissioner.
The Chartered Accountant, Cost Accountant, or the GST officer needs to ensure compliance and verify the account books, financial statements, etc., to make sure there is no discrepancy in the numbers mentioned as the taxes paid, income declared, and returns filed. This is where Registration Karwalo Services India Private Limited comes in service. Our GST auditors and Chartered Accountants evaluate your financial statements and create the audited certificate required for various operations.
Backed by a team of experienced Chartered Accountants, Registration Karwalo Services India Private Limited has emerged as one of the most trusted organizations for GST audits. Our dedicated CA goes through your financial statements and account books to verify them and prove their authenticity. We not only check all your financial statements for the month, quarter, and even year, but also rectify if any omission or incorrect details are found.
With our CAs evaluating and assessing your book of accounts, you can rest assured that you would not have to incur any applicability of interest/penalties, loss of credits, etc. By assessing the key aspects like output/input taxes, tax positions, credits, etc., as per the provisions of the law, our Chartered Accountants also ensure your company is well-prepared and in compliance with all laws if there is an audit conducted by the higher authority.