What is a GST Audit?

A GST audit is an examination of a business’s records, returns, and other documents to verify the accuracy of the turnover declared, taxes paid, refunds claimed, and input tax credit availed. It ensures that your business complies with GST laws and that there are no discrepancies in your tax filings.

Under the GST regime, businesses with an annual turnover exceeding ₹2 crore are required to have their accounts audited by a qualified Chartered Accountant or Cost Accountant. This audit is essential to ensure that your GST filings are accurate and complete.

Why is a GST Audit Important?

Conducting a GST audit offers several benefits:

• Compliance Assurance: Ensures that your business complies with GST laws, reducing the risk of penalties or legal issues.
• Accuracy Verification: Identifies any errors or discrepancies in your GST returns, allowing you to correct them before submitting the final audit report.
• Input Tax Credit Verification: Helps verify that the input tax credits claimed are legitimate, avoiding potential disputes with tax authorities.
• Risk Mitigation: By identifying potential compliance issues early, a GST audit helps mitigate risks and avoid costly penalties.
• Enhanced Credibility: A clean audit report enhances your business’s credibility with stakeholders, including customers, suppliers, and financial institutions.

Our GST Audit Services

We offer a full range of GST audit services designed to meet the specific needs of your business. Our services include:

• Detailed Review of GST Returns: We conduct a thorough review of your GST returns to ensure all transactions are accurately reported and in compliance with GST regulations.
• Reconciliation of Financial Statements: We reconcile your financial statements with your GST returns to identify any discrepancies or errors.
• Verification of Input Tax Credit: Our experts carefully verify your input tax credit claims to ensure they are valid and supported by appropriate documentation.
• Compliance Check: We assess your business’s overall compliance with GST laws, including checking for timely filing of returns and proper maintenance of records.
• Audit Report Preparation: We prepare a comprehensive audit report as required under GST law, highlighting any issues and providing recommendations for corrective actions.
• Post-Audit Support: We provide ongoing support to address any queries or issues that may arise during or after the audit process.

Get in Touch

Ensure your business is fully compliant with GST regulations. Contact us, today to learn more about our GST audit services and how we can help safeguard your business from potential risks.