1. GST Audit

2. Audit in GST

3. Finalization……..What is so special !
++ This is the first year end in GST
++ First 3 months in old law, Balance 9 months in GST law.
++ Even after 15 months, GST Law is still in a fluid stage.
++ Fundamental Changes in Return filing and ITC is in the pipeline.
++ GST Return filings are incomplete and filed Returns are with lot of errors.
++ Revision of Returns not allowed……….. Correction in next period only.
++ Trading & Profit & Loss Account…………..relevance in GST.
++ Compliance with GST law by Regd Person ………………… made known to the public.

4. Important points to Note
++ Books of Accounts to be maintained in GST.
++ Accounting Entries to be passed in the Books of Accounts.
++ Transitional Entries to be passed.
++ Rectification of Errors in Return filing.
++ Finalization of Accounts.
++ Reconciliation of GST Return with Books of Accounts & Financial Statements.
++ Year end provision Entries.
++ Registration wise Books of Accounts and Audit.
++ State wise Books of Accounts & Audit.

5. Important points to Note
++ VAT turnover…………. Whether to be included in Aggregate turnover in GST.
++ Checking Profitability in FY as compared to Preceeding Year……. Anti profiteering.
++ Verification of GSTR 2 A Data with 3B data for ITC purposes.
++ Drs & Crs……confirmations.
++ Fine for delay in filing Annual Return with audited Financial Statement.
++ Payment of RCM liability u/s 9(3).
++ Payment of RCM liability u/s. 9(4) till
++ E Way Bill generation.
++ Usage of Delivery Challans.

6. Important points to Note
++ Raising of Tax Invoices for all outward supplies.
++ The forms in use are as per GST Law.
++ Maintenance of Fixed Asset Register for ITC purposes.
++ ITC Reversal per Rule 42 & 43.
++ Payment to suppliers within 180 days; ITC Reversal.
++ Maintenance of Stock Register.
++ ITC – Personal / Ineligible items.
++ Comply with Section 18(1) and 18(4)……new regn & Cancellations…
++ Accounting of Transactions ………… without consideration …………taxable in GST.

7. Important points to Note
++ Transactions with other state branches/ Separately regd branches.
++ Transactions with related parties.
++ Rate of tax ………………….. Verify to see that they are correct as per GST Rate Schedule.
++ Changes in rate of tax ………….. Whether Section 14 applied correctly.
++ Transitional Provisions ……… Section 142(11) ……….. Verify the correctness.
++ Errors in filing return …………… rectify as per Circular No: 26.
++ Classification of supplies ………. Whether intra state or inter state.
++ Advance Received ………………… taxable.
++ Sale of used assets ……………….. Raise tax invoice, apply correct tax rate.

8. Important points to Note
++ Composition scheme………. Fulfillment of all conditions.
++ Time of Supply …………………… especially, works contractors…
++ Credit Notes and Debit Notes ……. With taxes & without taxes ……
++ Blocked Credit ………. Ineligible …..Section 17(5)
++ Transfer of Business ………… Procedures
++ Cancellation of Registration ……… Procedures

9. Accounting in GST

36. Annual Return in GST

37. Annual Return – Normal

54. Annual Return – Composition

65. Reconciliation Statement in GST

66. Reconciliation Statement

94. Thank You