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AUDIT UNDER MODEL ‘GST’ LAW

Goods and Services Tax - GST - By: - Mr. M. GOVINDARAJAN - Dated:- 3-2-2017 Last Replied Date:- 3-2-2017 - A taxable person is required to furnish proper explanation to the officer in case any discrepancy is detected in the return filed under model GST law ( law for short). Such information is required to be furnished within 30 days of being informed. Such date may be extended further by the officer if sufficient cause is shown. If a taxable person does not furnish the required information withi .....

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79 of the law; or To initiate proceeding for determination of tax under Section 66 of the Act. Audit under Section 63 Section 63(1) provides that the Commissioner of CGST/Commissioner of SGST or any officer authorized by his Commission by a general or specific order may conduct audit of the business transactions of any taxable person for such period at such frequency and in such manner as may be prescribed. The manner of conducting audit will be given in the rules by the Board. The threshold li .....

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dit is required to be completed within three months from the date of commencement of audit. If the audit cannot be completed within three months from the date of commencement of audit the Commissioner may, if he is satisfied, extend the period of audit for a further period not exceeding six months. The reasons for such extensions shall be reduced in writing. The term commencement of audit is important because audit has to be completed within a given time frame in reference to the date of commenc .....

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nd to furnish such information as he may require and render assistance for timely completion of audit. Section 63(6) provides that the proper officer must inform the taxable person without delay about his findings in the course of audit, the reasons for such findings and also the rights and obligations for the taxperson. Section 63 (7) provides that where the audit conducted results in detection of tax not paid or short paid or erroneously refunded, or input tax credit erroneously availed, the p .....

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of Deputy/Assistant Commissioner, having regard to the nature and complexity of the case and the interest of the revenue, is of the opinion that the value has not been correctly declared or the credit availed is not within the normal limits, he may, with the prior approval of the Commissioner, direct such taxable person by notice in writing to get his records including books of account examined and audited. The special audit shall be carried out by a Chartered Accountant or the Cost Accountant .....

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