Why Your Business Needs GST Audit in FY 2017-18?
If you are confused about whether or not to get GST audit and account services in Delhi NCR, you should. Why? After the implementation of the Goods & Service Tax Act in India, it will be the first financial year of GST for all the businesses. And having gone through the transition period of GST implementation – which was a quite confusing one. You will certainly want to avoid errors while complying with GST. Especially, in the very early year.
What Are the Common Errors You Can Make?
- Non-payment/Short Payment of Output liability
- The excess claim of Input Tax Credit (ITC)
- Non-reversal of Input Claim
- failure (willingly/unwillingly) to correctly read, understand, check the applicability, and applying the provisions such as Place of Supply, Time of Supply, taxability of goods & services, payment of respective taxes (IGST, CGST, SGST)
- matching of Electronic Cash & Credit ledger with the books
These some of the common errors that can have big financial impacts on our business and its operation. The occurrence such errors can cause payment of Penalties and interest under the GST Act.
Why Should You Conduct a GST Audit?
Having mentioned the errors, let’s talk about how can GST audit and annual returns help you?
GST audit helps in the identification of any errors in the records, operation or process. Detecting the error in advance allows you to correct or remove them on time. This helps in saving business enterprises from heavy penalties and interests. GST Audit, similar to other forms of the audit, is undertaken to check if:
Ø Business Accounts are complying with the applicable laws & rules or not
Ø Any shortcomings or leakages can be identified on time and can be corrected currently or reduced in future
Ø Have a clear picture of the business in respect to GST
Ø Decide future plans and actions
Ø Any deviation from the laws can be identified and rectified within time to avoid penalty.
Within the scope of GST Act, an audit can help your business to detect errors and mistakes providing the opportunity to rectify them. You can be careful in the preparation of accounts and filing of the return as the shortcomings are timely detected.
When makes Audit Compulsory under GST Act
- An audit by a CA / CMA is compulsory if your turnover exceeds Rs. 2 Crores
- Regular Audit by the Commissioner
- Special Audit by CA / CMA on orders of Commissioner
Often small businesses and start-ups take the matter into their hand relying on online material for tax compliance. But this can be costlier than being cost effective. If your business faces a penalty or fine, it can heavily impact your operations.
A GST audit company in Delhi NCR helps you file your GST in the right manner while reducing the errors and mistakes. In conclusion, GST auditors in Delhi NCR can help your business avoid penalties.
Note: “ROLE OF GST IN RENEWED WORK CONTRACTS AND RENTAL INCOME + CORRELATING SUPPLY RULES AND WORK CONTRACTS UNDER GST REGIME”
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