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Applicability of GST Audit

Audit under Central Goods and Service tax Act, 2017

As per section 35(5) of Central Goods and Services Tax Act, 2017 ("The Act"), Every registered person whose aggregate turnover during a financial year exceeds two crore rupees shall get his accounts audited by a chartered accountant or a cost accountant and shall submit a copy of the audited annual accounts, the reconciliation statement under sub-section (2) of section 44.
As per Section 44(2) of the Act, Every registered person who is required to get his accounts audited in accordance with the provisions of sub-section (5) of section 35 shall furnish, electronically, the annual return under sub-section (1) along with a copy of the audited annual accounts and a reconciliation statement, reconciling the value of supplies declared in the return furnished for the financial year with the audited annual financial statement, and such other particulars as may be prescribed.
As per rule 80 (3) of the Rules "Every registered person whose aggregate turnover during a financial year exceeds two crore rupees shall get his accounts audited as specified under sub-section (5) of section 35 and he shall furnish a copy of audited annual accounts and a reconciliation statement, duly certified, in FORM GSTR-9C, electronically through the common portal either directly or through a Facilitation Centre notified by the Commissioner".

Scope of work as per report format under GSTR 9C

The scope of services we propose to provide in relation to the GST Audit Report is as follows:

Assistance in preparation of GST Audit Report, in the format as may be prescribed under the Central GST Act 2017 and/ or Relevant State GST Acts;
Assistance in getting the GST Audit Report duly verified/ certified; and
Submission/ filing online as well as manual (if required)] of the GST Audit Report with the GST Authorities.

The scope of work covers the following:

Reconciliation of sales and output tax payable

Review of monthly sales and services and respective output tax schedule as disclosed in audited financials.
Review of monthly sales and services and output tax as disclosed under each respective GST return.
Review the reconciliation of sales and services and output tax schedule as per audited financials and sales and services and output tax as per each respective GST return.
Review of reconciling items and obtaining the rational for the same
Review of respective clauses under GST Act to validate the rational for the reconciling items.
Communication of the reconciling items in the report.

Reconciliation of Purchases and Input tax credit

Review of monthly Purchases and respective Input tax credit as disclosed under each respective GST return.
Review the reconciliation of Purchases and respective Input tax credit schedule as per audited financials and sales and services and output tax as per each respective GST return.
Review of reconciling items and obtaining the rational for the same
Review of respective clauses under GST Act to validate the rational for the reconciling items.
Communication of the reconciling items in the report.

Net Input tax credit claimed

Review of tax credit claimed under Transitional provision (Trans-1) in the books and as per each respective GST return.
Review of monthly input tax credit schedule claimed in the books and Review of monthly input tax credit as claimed in respective GST return
Review of reconciliation for the differences in tax credit claimed as per respective GST return and as per books.
Review of respective clauses under GST Act to validate the rational for the reconciling items.
Communication of the reconciling items in the report

Others

Review of refund claimed as per GST return and as per books.
Other items of sales of goods and services on which No output tax is payable (exempt, nil rated, non taxable, outward reverse charge supplies, etc.)
Other items of purchases of goods and services on which no input tax credit has been taken (supplies on which input tax credit is ineligible, exempt, nil rated, non-taxable supplies etc.