Ppt on Finalization of Books and Accounts
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
