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GST Audit for FY 2019-20: Takeaways for Filing GST Annual Return by Anjali Devri





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GST Audit for FY 2019-20: Takeaways for Filing GST Annual Return by
Article Posted: 04/10/2021
Article Views: 413
Articles Written: 73
Word Count: 412
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GST Audit for FY 2019-20: Takeaways for Filing GST Annual Return


 
Business,Business News,Business Opportunities
As we know a businessman having a turnover of further 2 crores for FY for filing GST Annual Return. Taxpayers who have an annual turnover of additional than 2 crores in a year have to fill GSTR 9C form along with reconciliation proclamations and certificate of audit in every financial year. In this article, we will discuss the GST Audit for FY 2019-20.

Notification on GST Audit for FY 2019-20

GSTR 9C form is an annual audit form and audit under GST" comprises inspection of documents, returns and other related documents that are conserved by a person registered under GST Act.

This whole mechanism is accompanied to assure that exact evidence is disclosed with respect to turnover, input tax credit availed, taxes compensated, refund contended and assessment of the other related compliances as per GST Act that is to be verified by an approval expert.

Additional Implementation by Finance Ministry

As we Compare GSTR-3B with GSTR-1 before the filing of GSTR-9 It is significant for every taxpayer to "correlate GSTR-3B with GSTR-1" for assuring that there is a shortage of gaps or deviations like Unwanted issues and the issuance of demand notices from tax authorities

Payment of Tax in Cash as per "Reverse-Charge Basis"

In section 49(4) of the CGST Act 2017, "Input Tax Credit" (ITC) can be used for payment of output tax only. Accordingly, under Reverse Charge Basis (RCM), Tax has to be paid in cash only and benefits of ITC cannot be served.

Interest charged in case of Untimely/Late Payment of GST

It is the duty of the taxpayer to compensate GST timely. In the possibility of late fee of GST Registration interest shall have to be compensated. Moreover, the notices issued by tax authorities have to be precisely adhered to. And if excess ITC is claimed, the rate of interest to be spent shall be 24% on the "tax amount" that is in excess.

E-way Bill

In case of transportation of goods from one place to another, the transporter should maintain an e-way bill that must tally with the declarations published.

GST Audit Turnover" in tune with "Income Tax Turnover"

As per the recent update, both the districts - Department of Income Tax and Department of GST- shall market related data with each other.

Know more about GST Audit for FY 2019-20: Takeaways for Filing GST Annual Return.

Related Articles - GST Audit for FY 2019-20, GST Registration, GST Return Filing,

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