GST Audit Checklist FY 2022-23

The GST Council has regulations laid down for the course we preserve journals, how we introduce invoices and how we register the purchases and sales, and eventually, the manner we expend our surcharges and file returns.

What is GST compliance?

The GST Council has regulations laid down for the course we preserve journals, introduce invoices, and register the purchases and sales. Eventually, the manner we expend our surcharges and file returns. In simple terms, compliance with these rules and restrictions levied by GST laws. Not complying with it can bring a financial penalty to the company.

What is the GST compliances checklist?

To comply with the GST compliance checklist, follow these:
Compliance One: It is necessary to find out whether the entity is responsible for compulsorily reporting under GST.

According to the GST registration procedures, if the annual turnover is more than 20 lakhs in certain category states and 40 lakhs in other states, it is important to register under GST. Also required to take compulsory GST enrollment if the entity falls under any of the following classifications of suppliers:

  • Interstate suppliers
  • Persons taxable under the reverse charge basis
  • Casual Taxable persons
  • Individuals instructed to deduct TDS under GST
  • Non-resident taxable persons
  • Online Service Providers provide service from outside India to a non-registered person in India.
  • Persons required to deduct TCS under GST
  • Input Service Distributors
  • Every E-commerce operator provides a platform for suppliers to make supplies through it.
  • Persons are making a sale on behalf of someone else, whether as an Agent or Principal.
  • Suppliers who supply goods through E-commerce operator who is liable to collect tax at source.

Compliance Two: Issue and Receive GST compliant Invoices

The GST compliance includes two significant steps – identifying the HSN/SAC codes of the supplies and the relevant tax rates, and nourishing and following GSTIN while negotiating with your sellers and buyers.

Compliance Three: File your GST Returns on Time
Filing convenient returns is an essential factor of GST compliance. Returns require to be filed even if there is no trading movement for the specified recovery period, and all returns must be filed online. Once filed, the elements cannot be changed, but changes can be made in succeeding filings.

Not required to mention, performing this assignment without the benefit of the exemplary technology is going to be next to inconceivable.

Compliance Four: Select the right GST Compliance software
As discussed, the number of returns a trade must file, and the timelines for accomplishing so are tough. It is inconceivable to do all of this manually without causing mistakes. Hence, it is appropriate for enterprises little and extensive use of compliance software to facilitate the return filing method. Compliance software can also help with effortless reconciliation and precaution to potential mismatches, which must be rectified immediately. Selecting the right GST compliance software thus becomes essential, or hiring the right expert for compliance is important.

What is an audit checklist?

The checklist for audit compliance are as follows:

Compliance One: Initial Audit Planning
All internal audit assignments should start with a clear understanding of the project on the audit plan. 

Compliance Two: It is necessary to check the tax levied as per the goal of goods. The HSN/SAC code is required for efficient bookkeeping. It is monitoring the credit notes issued effects in GST returns. It is essential to know the cause for issuing a credit note.

The experts from Quickcompany can assist you in understanding and filing for statutory and audit compliance.

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