Transcription of GST AUDIT (SEC: 65-66) - ICSI
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GST AUDIT (SEC: 65-66) - ICSI
GST AUDIT (SEC: 65-66) From GSTPNSec 2(13): AUDIT AUDIT meanstheexaminationofrecords,returnsando therdocumentsmaintainedorfurnishedbyther egisteredpersonunderthisActortherulesmad ethereunderorunderanyotherlawforthetimeb einginforcetoverifythecorrectnessofturno verdeclared,taxespaid,refundclaimedandin puttaxcreditavailed,andtoassesshiscompli ancewiththeprovisionsofthisActortherules madethereunder;SEC 35 ACCOUNTS AND OTHER RECORDSI ntroduction1. This Section mandates the upkeep and maintenance of records, at the place(s) of business in electronic or other Power is vested with the Commissioner for relaxation as well as for prescribingadditional records for certain classes of taxable Furnishing of an audited statement of accounts and reconciliation statement is also contemplated for persons having turnover exceeding prescribed Failure to maintain records or accounts may entail payment of tax as determined by a proper officer in respect of unaccounted Every owner or operator, of a place of storage, or every transporter whether such owner or operator or transporter is registered or not, shall maintain records and other relevant details as may be of business -Section 2 (85) of The CGST Bill, 2017 defines place of business toinclude -a)a place from where the business is
‘Principal place of business’ - Section 2(89) of defines to mean the ... accountant or a cost accountant Accounts and other records and shall submit a copy of the audited annual accounts, the reconciliation statement ... way of a general or a specific order, may undertake audit
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