Ppt on Finalization of Books and Accounts (GST Audit)

The Finalization of Books and Accounts for FY 2017-18 is close and it will be done as soon as soon. The following is the ppt on Finalization of Books and Accounts FY 2017-18:

Challenges in Finalization of Books of Accounts FY 2017-18:

Year divided between old and new regime
No Pending balance of Old liabilities
Transitional entries to be reviewed properly – Special focus on C/F balance, stock as on 30 June, Job Work etc.
Anti-profiteering – Benefit to be pass on
Cannot Contradict own Statutory Report, Tax Audit Report, and GST Audit Report
GST Refund – Recoverability to be check
Capital Expenditure charged in P&L
Eligible ITC Reco with GSTR 2A
Ineligible ITC to be reversed with Interest
RCM Sec 9(4) applicability
Credit Note – GST Impact
Supply against LUT
Show Cause Notice
Reversal of Common credit in case of Taxable and Exempt supply

Overview of GST Audit

Audit Means – Section 2(13)
Audit of A/c by Chartered/Cost Accountant – Section 35(5)
The audit by Tax Authorities – Section 65
Special Audit – Section 66
Annual Return with Audited A/c with Reco statements – Rule 80(3)
Annual Return Composition – Form 9A
Annual statement- e-commerce operator – Form 9B
Annual Return with Audited Accounts & Reco – Form 9C
Statement of Particulars – Form 9D

Download the full Ppt on Finalization of Books & Accounts GST Audit, by clicking the below Image:

The audit by Tax Authorities

Power to Conduct Audit U/S 65(1)

The Commissioner or any other officer authorized by him may undertake Audit
Through general or Specific order
Financial year or Multiples thereof [rule 101]

General Order

on the basis of pre‐defined parameters for audit

Special Order

a particular person may be required to be audited in the context of certain transactions/class of transactions
At Place of Business of the registered person or in their office
Registered person shall be informed by notice not less than 15 working days (ADT01)
Complete within 3 Months from Date of G. S. Bhullar & Co. Commencement – Extended 6 Months

Kuldeep Sharma

Ppt on Finalization of Books and Accounts