CNN Central News and Network–ITDC India ePress / ITDC News Bhopal: The CICASA Bhopal branch of the Institute of Chartered Accountants of India organized a one-day seminar on GST Audit at Hotel Shubh Inn, Bhopal. The event witnessed the participation of a large number of Chartered Accountants from Bhopal and nearby regions. CICASA Chairperson CA Suchita Goyal and speaker CA Harshal Bhavsar shared practical knowledge on filing GST Forms 9 and 9C, compliance processes, and key audit considerations. Other CICASA Bhopal members also delivered lectures.

Technical Session by Expert Faculty
A technical session on GST Audit was conducted by expert faculty. A GST Audit involves verifying the accuracy of tax liability, correctness of tax payments, and compliance with GST rules and regulations through an examination of the taxpayer’s records, returns, and other documents. Under India’s Goods and Services Tax (GST) system, audits ensure that taxpayers meet their tax obligations as per GST laws.

 

Types of GST Audits:

  1. Turnover-Based Audit:
    • Conducted when a registered taxpayer’s annual turnover exceeds ₹5 crores.
    • Requires filing audited financial statements with reconciliation in Form GSTR-9C by a Chartered Accountant or Cost Accountant.
  2. Departmental Audit:
    • Initiated by GST officials to check taxpayer compliance.
    • Taxpayers are notified at least 15 days in advance.
  3. Special Audit:
    • Ordered by a GST officer if discrepancies are suspected in tax liability.
    • Conducted by a nominated Chartered Accountant or Cost Accountant.

Objectives of GST Audit:

  • Ensure the accuracy of declared turnover.
  • Verify claims of Input Tax Credit (ITC).
  • Confirm the correctness of taxes paid.
  • Ensure compliance with GST rules and regulations.

Required Documents for GST Audit:

  • GST Returns (GSTR-1, GSTR-3B, etc.).
  • Financial statements (Balance Sheet, Profit & Loss Account).
  • Purchase and sales register.
  • ITC ledger and tax payment invoices.

Participation and Coordination:
CICASA Vice Chairperson Anshul Lowlekar, Secretary Anubhuti Agarwal, Joint Secretary Khushi Tekwani, Treasurer Pratik Chandwani, Sports Head Bhavjot Singh, PR and Editorial Head Arin Kaushik, PR team member Vedanshi Mittal, Editorial team member Kalash Prajapati, and team member Aditi Kundu participated in the seminar along with 100 students.

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