Audit under GST is the examination of records maintained by the taxable person to verify the correctness of information declared, taxes paid and to assess the compliance with the provisions of GST.
Every registered taxable person turnover during a financial year exceeds the prescribed limit must get his accounts audited by a CA or a CMA.
Tax authorities can conduct audit of the taxpayer if authorised by the Commissioner of CGST/SGST.
Special audit can be initiated based on the opinion of the tax authorities that the value has not been correctly declared or the wrong credit has been availed. It will be initiated if during any stage of investigation, the proper officer considers the nature and complexity of the case and interest of revenue and has an opinion that it is required.
Assessment means determination of tax liability under GST. It covers-
Under GST, every registered taxable person shall assess the taxes payable by them on their own, and furnish a return for each tax period.
An assessee can request the officer for provisional assessment if he is unable to determine value or rate of tax. The proper officer can allow the assessee to pay tax on a provisional basis at a rate or a value specified by him.
The proper officer can scrutinize the return to verify its correctness. It is a pre-adjudication process. The officer will ask for explanations on any discrepancies noticed in the returns.
If the registered taxable person does not file his return even after getting a notice, the proper officer will assess the tax liability to the best of his judgement using the available relevant material.
This is concerning a taxable person who fails to obtain registration even though he is liable to do so. The officer will assess the tax liability of such persons to the best of his judgement. The taxable person will receive a show cause notice and an opportunity of being heard.
This is done when the assessing officer comes across sufficient grounds to believe any delay in showing a tax liability can harm the interest of the revenue. To protect the interest of the revenue, he can pass the summary assessment with the prior permission of the additional/joint commissioner.
We helps you in filing Appeal with the concerned appellate authority against the erroneous Assessment order passed by the Lower authority in the most professional and befitting manner.