The GST Audit File program is used to produce a data file to submit information for a letter from the Royal Malaysian Customs Department and this kind of audit is specific taxable year and period relevant to auditors, in response to an audit request for information under GST and it is the process of examination of records, returns and other the compliance with the provisions of GST.
Suppose documents maintained by a taxable person and the purpose is to verify the correctness of turnover declared, taxes paid, refund claimed an input tax credit availed, and to assess you are a registered member and your turnover during a financial year exceeds the prescribed limit shall get their accounts audited by a chartered accountant or a cost accountant, and one will have to submit or deposit a copy of the audited annual accounts, the reconciliation statement under sub-section (2) of section 44 and such other documents in such form and manner as may be prescribed.
Benefits of GST Audit: With the end of the 1st (First) Financial Year of Goods & Service Tax Act being implemented in India, we would certainly be trying to avoid errors on the GST Compliance Part. One of the biggest benefits of Goods and service tax is that most of us feel that after the introduction of GST we are able to cop up with the errors like Non-payment / Short Payment of Output liability.
Member Since: 05 Feb 2019 | Total Articles Contributed:2
About Author : CA. Praveen Tawania is a practicing Chartered Accountant and a faculty member, teaching subjects of Accounting, Financial Reporting, AS/IFRS for CA and CWA & CS in Northern Region of the Country.
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