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GST Annual Return & Audit Services

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  • GST Annual Return & Audit Services
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  • GST Annual Return & Audit Services

GST Audit

GST Audit is the procedure of inspection of records, returns, and other documents retained by a taxable person. The objective is to authenticate the accuracy of turnover declared, taxes paid, refund claimed and input tax credit availed, and to evaluate the compliance with the provisions of GST. GST Audit report is to be filed in the GSTR-9C. GSTR-9C is a statement that reconciles the information from the yearly returns filed under GSTR 9 (Annual Return) for a given financial year with the data from the taxpayers audited annual financial statement.

GST Annual Return

GSTR 9 is an annual return to be filed yearly by taxpayers registered under GST. It contains details concerning the outward and inward supplies made/received during the relevant previous year under various tax heads i.e. CGST, SGST & IGST, and HSN codes.It is a consolidation of all the monthly/quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed in that year. However complicated, this return assists in the extensive reconciliation of data for 100% transparent disclosures.


Essentials of GST Annual Return & GST Audit

Every registered person whose turnover exceeds INR 2 crore in a financial year is required to file GSTR-9. If turnover exceeds INR 5 crore in a Financial Year then the registered person is required to file GSTR-9C along with GSTR-9.  GST annual reconciliation statement is filed in the form GSTR-9C. Statement of reconciliation between GSTR-9 and the audited annual financial statement is analyzed, while GSTR-9A is the annual return to be filed by those who have opted for the Composition Scheme under GST An audit involves an examination of records, returns, and other documents maintained by the registered person. It also ensures the correctness of turnover declared, taxes paid, and refunds claimed. A proprietor, partner, or Board of Directors in the case of a business should engage a GST auditor at the commencement of the financial year. GSTR-9C statement of Reconciliation between the annual return in GSTR-9 filed for the financial year and the figures as per the audited annual financial statements of the taxpayer.

We prodie all supports in the complete reconciliation of data for 100 percent transparant disclosure. We provide end to end support in preparation and submission of GST Annual Return and GST Audit.

How INDTAX BUSINESS ADVISORS LLP Helps?

Assistance in downloading the desired forms GSTR-1, 2A, 2B, and 3B and comparing them with books of accounts to check mismatches.

Audit trail of GSTR-9\9C to GSTR-1, 2A, and 3B at the invoice level

Preparation of a Checklist to identify mismatches & compute the net tax payable.

Provide technical assistance and representative services during departmental audits.

Preparation and filing of annual returns through FORM GSTR-9 & 9C.

Input Tax Credit Reconciliation of GSTR 2A

Verification of Accounting Data

Verification of GST Return Filings

Preparation of Audit findings and provide the solutions

Submission of Report to the authorities.