CII holds awareness meet on GST Departmental Audit

Visakhapatnam GST Departmental Audit is the process of examining a taxable person’s records, returns, and other documentation. The goal is to ensure that the turnover is declared, taxes paid, refunds claimed, and input tax credits claimed are valid, as well as to check compliance with GST regulations, said MRR Reddy, Principal Additional Director General, GST Intelligence, Visakhapatnam Zone.

Speaking at CII Visakhapatnam seminar on GST Department Audit and Enforcement here on Friday to create awareness among its members, Reddy said better understanding of GST law helps to prevent many litigations at the preliminary stage and GST department is user friendly as they were conducting awareness programmes very often for business to understand the problem of other side.

He said that as per section 65 and Rule 101(3) of GST Audit Rules, the Commissioner or an Officer authorized by him can conduct a GST audit to verify the details of the ‘records’ and the ‘books of account’ of the registered person, along with the assistance of the team of officers and officials accompanying him.

In the welcome address, Chairman CII Visakhapatnam Dr P P Lal Krishna said the unified Goods and Services Tax (GST) is seen as an outstanding example of cooperative federalism aimed at taking the country towards a one-nation, one-tax, and one-market regime by streamlining the tax administrations and reducing the taxpayer’s compliance burden.

He also complimented the government for accommodating the diverse interests of stakeholders and making the regime more acceptable to taxpayers by having consultations on the issues faced by the industry and simplifying the formats for return filing. In the sixth year of its GST implementation, the giant tax reform has truly met its key objectives and is on the path of achieving stability in terms of compliance, buoyancy in tax revenues, expansion base and formalization of the economy.