GST audit and assessment ensure compliance with GST regulations.

Types of GST Audits

1. Regular Audit (Section 65): Routine audit.
2. Special Audit (Section 66): Investigation-based audit.
3. Audit by Tax Authorities (Section 67): Audit by GST officials.

GST Audit Procedures

1. Notice issuance (Form GST ADT-01).
2. Audit commencement.
3. Submission of documents.
4. Audit report (Form GST ADT-02).

GST Assessment Procedures

1. Self-Assessment (Section 59): Taxpayer’s self-assessment.
2. Provisional Assessment (Section 60): Assessment pending information.
3. Final Assessment (Section 61): Assessment after information submission.

Timeline for GST Audit and Assessment

1. Regular Audit: Completed within 3 months.
2. Special Audit: Completed within 6 months.
3. Assessment: Completed within 3-6 months.

Documents Required for GST Audit

1. GST returns (GSTR-3B, GSTR-1).
2. Financial statements.
3. Invoices and receipts.
4. Bank statements.

Consequences of Non-Compliance

1. Penalty: Up to ₹25,000.
2. Interest: 18% per annum.
3. Cancellation of GST registration.

Best Practices

1. Maintain accurate records.
2. Conduct internal audits.
3. Seek professional advice.

References

1. GST Act, 2017.
2. GST Rules, 2017.
3. CBIC notifications.

Additional Resources

1. GST portal (gst.gov.in).
2. CBIC website (cbic.gov.in).
3. GST consulting firms.

FAQs

1. What is GST audit and assessment?
2. What are GST audit procedures?
3. What are consequences of non-compliance?

GST Audit Checklist

1. Verify GSTIN.
2. Ensure accurate GST returns.
3. Maintain financial statements.
4. Retain invoices and receipts.
5. Conduct internal audits.

GST Assessment Timeline

1. Self-Assessment: Within 3 months.
2. Provisional Assessment: Within 6 months.
3. Final Assessment: Within 3-6 months.

GST Audit Notice Response

1. Respond within 15 days.
2. Submit required documents.
3. Seek professional advice.

For more information on GST & other taxation related topics, visit bizconsulting.io.