As per provisions of section 35 of CGST Act, 2017, GST audit is mandatory for all assessees having turnover of more than Rs. 2 crores. The annual return along with GST audit report needs to be filed before 31st Dec 2018 for the year 2017-18.
The annual return & audit reports formats have recently been notified by the Government. The preparation of annual return will require compiling accurate data from various sources (i.e. GSTR 1, GSTR 3B or books of accounts).
Further, the process of the audit of records will involve verification of many aspects including reconciliation, valuation, cross charge etc. A reconciliation between Annual return filed by assessee and sales as per books of accounts need to be certified by the auditor and demands of GST can be raised based on such reconciliation statement.
The process of filing annual returns & conducting audit involves equal participation from the company as they need to gear up with the necessary information in timely manner.
The Workshop will explain the preparations required for filing the reconciliation statement (i.e. in GSTR-9C) and the annual return (i.e. GSTR-9A & GSTR-9B).
Course Content :
Legal provisions relating to GST Audits
Who has to furnish GST Audits?
What is the due date?
What are the contents of the Audit Report?
Other Related provisions
Impact of errors and omissions on Annual Return and Audits.
Books of accounts to be maintained in view of GST Audit Report.
Common areas of Non-compliance having a high-risk exposure where auditees are likely to default
Guidance on how to quickly pick the details from the financial statements.
Reconciliation of GSTR, Annual Return and Books of Accounts as per Section 35(5) of the CGST Act, 2017