GST Audit

At Faucone Accounting, we believe in providing high-quality value-added services, including a comprehensive analysis of all GST records and our recommendations to strengthen internal control over data entry, data recording, data analysis, and compliance with reasonable data requirements. Annual returns must be audited by way of a monthly compliance audit. Taxpayers should focus on the compliance audits of GST law, as inputs and outputs are also critical to GST audit certifications. As part of the GST law, the annual return is audited by the GSTR (also known as GST audit).
A GST Audit involves the examination of records maintained by a registered dealer. GST compliance is assessed by checking the accuracy of the tax information declared and the taxes paid.

In Simple terms…

A GST audit is the process of reviewing taxpayers’ records, documents, and statements in accordance with GST laws. The main purpose of a GST audit is to verify the accuracy of bills, tax payments, reimbursement applications, and the use of preferential tax credits. According to the Goods and Services Tax regulations set by the central government, at Faucone Accounting, we will conduct a comprehensive analysis of all your Goods and Services Tax records, analyze our sales, pay taxes, apply for refunds and use the tax credits received.

Who is responsible for the GST audit?

Individuals are registered taxpayers whose sales exceed the consumption tax limit of Rs. 20 crore in a given fiscal year is responsible for checking GST. These people must have their accounts checked by a certified accountant or cost accountant.