GST AUDIT FLOW

GST AUDIT FLOW AS PER REQUISITES / IMP POINTS

  • TURNOVER
  • WHO CAN PERFORM OR INITIATE
  • TIME PERIOD FOR COMPLETION
  • ACTIONABLE /FORMS

Professionals as part of GST Audit need to electronically file:

  1. An annual return as per Form GSTR 9B  appended with the reconciliation statement by 31st December – following Financial Year
  2. Audited Financial Statements
  3. Reconciliation statement stating the value of supplies as per the GST Return with the Financial statements like Balance Sheet & Profit & Loss Accounts
  4. Any other particulars as sought

CA, AUDIT, GST, INCOME TAX

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Comparison between VAT & GST How is GST different from VAT?

Comparison between VAT and GST

VAT – is state specific limit 10 L
GST – GST Registration limit 20 L +

VAT – TIN based Registration
GST – PAN based Registration

VAT – Interstate transactions (CST) no Input Tax Credit
GST – Seamless flow of Input Tax Credit

VAT – Declaration Forms like C, H etc are applicable
GST – No Declaration Forms

VAT – Returns within 45/60 days from end of quarter
GST – Returns by 20th of succeeding month but in a phased manner (Sales by 10th, Purchases by 15th and payment by 20th)

VAT – specific mode of payment Method is not available.
GST – Mode of payment if exceeds 10,000 by e-payment, less than is optional

VAT – Immediately after filling avail Input Tax Credit
GST – Once the Supplier pay tax then the only seller gets ITC

VAT – No rating for the Business
GST – GST rating based on the timely filing of returns & payments…

VAT and GST

Central GST (CGST) and State GST (SGST)

Goods and Service Tax is an indirect tax which the Government of India planned to levy on all goods and services apart from those exempted by the GST law. The GST taxation laws will put an end to multiple taxes which are levied on different products, starting from the source of manufacturing to reaching the end consumer.

The GST is a dual taxation regime, where the only two components will be Central GST (CGST) and State GST (SGST). Under such nomenclature, the total amount of GST for any goods or service will be distributed in both State and Central exchequers.

Differences

At present we have VAT and administration assess which are taken independently as VAT is for products and administration independently for benefit while GST is basic for both making it a less complex tax collection framework.

The present tax assessment offers ascend to a high expense rate as it has a few backhanded duty and that expands the expense rate alongside each state having their own duty rate which builds the measure of assessment rate as the merchandise are being transported from state to state which will never again be an issue when GST is actualized. It will have no different assessment in light of good or administrations and state fringes which will make it less demanding and more affordable for shippers and exporters.

VAT was figured on the estimation of offers of good or administrations which yet with the expense rate that is as of now imposed on the products. In any case, it changed to just paying expense on esteem expansion and independently for the administration. With GST coming into the photo the duty will be gathered together without discrete expense for products and ventures.

All work of tax assessment will accessible on the web. Like enrollment, returns, installments, and so on. This will make everything less complex for citizens and increment the straightforwardness of the considerable number of exercises.

GST will expel everyone of the distinctions in the structure of tax collection in the middle of the states and the backhanded duty this will prompt nonpartisan expense and regular market.

There are a few shrouded expenses of working together that heaps up in the business chain which will be separated while paying assessment with the assistance of GST.

The lessening in the tax assessment and change of duty strategies will prompt better rivalry in exchange business.

Central and state governments

All the Central, state and roundabout duties are supplanted by GST making it all more straightforward to oversee and pay.

How GST and Vat

GST will improve assess assemblage with the consistent exchange of information impose credit starting with one phase then onto the next in the chain of significant worth expansion.

GST will be decreasing the expense accumulation of the administration which will prompt higher incomes.

Buyer

Because of the high duty rate and expense on each thing and esteem being included when it achieves the buyer the sum increments however with GST the shopper will be paying plainly just for one and have an unmistakable perspective of what is her or she paying for.

General taxation rate will lessen and the customer’s weight will diminish counteracting spillages.

The assessments that are being charged by Central and state  Governments are:

• Central

• Central extract obligation

• Service assess

• Additional extract obligation

• Additional custom obligation

• Special extra obligation of traditions

• State

• Taxes required by nearby bodies known as excitement assess

• Central deals charge

• State esteem included assessment or deals impose

• Entry expense and Octroi assess

• Purchase impose

• Luxury assets

• Taxes on lottery and wagering and betting

 

After the GST is actualized there will be the sure measure of effect in every segment. Give us a chance to take a gander at these effects one by one of every a short way. Some of these effects can be impermanent while others may stay perpetual. The effect is normal at a high rate as the sudden change in the round of assessment is going acquire slight or a colossal jump the universe of business relying upon the class of business.

Vehicles

It will bring about 10-17 percent of fall in costs expecting 18 percent GST rate. Lesser advantages may be accumulated by the tractors as these are the charges paid on input. In spite of the fact that looking on the brilliant side, the vehicle area will rise as the duty that this field is paying a significantly higher assessment than the expense that will be gained from it after the GST usage.

It will prompt the simple and direct exchange of vehicles to the merchant. The stock will be exchanged to your own distribution center and further will be exchanged from stockroom to merchant.

Materials

The duty for the material industry is separated into 9 classifications right now that changes from 4 to 12 percent. The material division is will undoubtedly pay expenses to the disorderly players who separate assessment in view of the measure of the business. It relies upon the fiber on the off chance that it is regular or artificial as the manufactured requires high administration and the normal requires no obligation. The factories are saddled at the higher rate more than the power looms which disheartens the combination of creation. The GST usage will help sends out as it will have no entangled plans.

Designing, capital merchandise, and power hardware

GST will positively affect these and it will enhance the possibilities of building, capital products, and power gear (ECPE) division by decreasing every one of the difficulties.

These enterprises are included with both assembling and overhauling of the products which makes the expense rate of these business high due to twofold duty and furthermore makes a baffle ground of structure. This will be separated into the substantially easier structure with help of GST because of normal assessment.

Lodgings

Give us a chance to evaluate that the GST rate will be 18% for this situation the effect will stay unbiased as of now the inns pay 8.7 percent and extravagance assesses at around 8-12%. Eateries pay benefit charge at around 5.6% and VAT at around 12%-14.5%.

Coordination

GST will prompt disposal of focal deals impose and between state esteem included assessment arbitrage conceivable outcomes. This will prompt union of distribution centers and expanded efficiencies in the coordinations chain.

Pharmaceuticals

It could expedite a negative effect this part. The roundabout paid by this division could increment by 60 percent which is a thing to stress over and MRP could increment by 4 percent.

Checklist for filing Income Tax Return

Checklist for filing Income Tax Return – 2017

Income Tax return: Commonly, the due date for documenting the wage assessment form of the past money-related year is July 31. In spite of the fact that you have time close by, it is constantly better to begin getting ready right on time to maintain a strategic distance from the very late scramble. You can utilize an agenda of records that you have to keep inconvenient to maintain a strategic distance from slip-ups in documenting your expense form.

 

 

Here is a 10-point cheat-sheet

  1. If you are a salaried individual, you would require Form 16, which is issued by the business. It contains your compensation unobtrusive components close by the TDS (force deducted at source) for purposes of intrigue. You have to accumulate Form 16 from each one of the organizations you have worked within the cash-related year for which you are recording the landing.
  2. You need your bank statement to report the interest income that you have earned on your savings and fixed deposits.
  3. On the off chance that you have gotten whatever other salaries, for example, profit, lease, or blessing above Rs. 50,000, you have to give insights about it in your government form. A portion of the salary like profit pay is duty excluded however you need to report them on your arrival.
  4. Collect Form 16A which provides details of the TDS deducted on account of any income that you have received. For example, collect the form from the bank if it has deducted TDS on interest income.

  5. If you have rental income and your tenant has deducted TDS on rent, then collect form 16A from there too.

  6. Form 26AS is also an important document that you need to check before filing a return. It is basically your tax credit statement that shows all taxes received by the Income Tax Department. You can download it from the tax department’s website. All tax deductions and high-value transaction get reported in this form
  7. If you have sold any property, shares, and mutual funds during the year, you need to keep details of the transactions for computation of capital gains tax.
  8. To claim deductions, you need to keep handy all the documents related to your investments made during the year. Also, if you have availed of any loans such as home loans and education loans, keep the bank statements to avail deduction for interest and principal repaid.
  9. This year assesses with income over Rs. 50 lakh during the year will have to give details of their movable (such as cash, jewelry, and vehicle) and immovable (land and building) assets in the tax return
  10. You also need to report details of any other income which is derived or earned from outside India plus the details of all the immovable property or any capital asset held at any time during the year outside Indiaincome tax consultant in Banglore