The introduction of the multi stage Goods and Services Tax (GST) has replaced multiple indirect taxes and brought about a uniformity in India’s tax structure. However, the ever-evolving GST regulations make it challenging to stay on top of the compliance requirements. In this context, the role of GST auditors is indispensable. These professionals have the knowledge and expertise to review a business’s GST compliance and ensure that it is in line with the latest laws and regulations.
PKC Management Consulting has a team of highly skilled professionals that can help you navigate through the complexities of GST compliance. Our auditors can assist you with all GST related matters be it maintaining accurate records, file timely returns or adhere to various rules and regulations. By doing so we ensure that we mitigate your risks of penalties and fines, and also identify tax savings opportunities.
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Understanding GST Audit & Responsibilities of GST Auditors
The Goods and Services Tax (GST) Act, 2017 makes it compulsory for the registered taxpayers to get their account books audited. GST auditing is a process of verifying the accuracy and compliance status of GST returns filed by businesses. This audit is conducted either by GST auditors who are appointed by the taxpayer or by the GST department.
The GST Auditor carefully reviews and reports on financial documents.Their main responsibilities include verifying:
- Accuracy of GST returns filed by businesses.
- Eligibility of input tax credit claimed by businesses.
- Compliance of businesses with GST rules and regulations.
- Reporting any discrepancies or non-compliance to the GST department
Important Pointers for Finding Reliable GST Auditors
With so many claiming to be the best, finding the best auditor can become tedious. For a reliable auditor here are a few things you need to consider:
- Research: Start by searching the different GST audit firms in your area. Visit their website to look for their track record. Also, try to find out if they have experience working with a business in your industry.
- Reputation: Look for online reviews and ratings of the GST auditors or firms you are considering. See if they have a positive reputation in the industry and are known for providing good GST audit services.
- Qualification: Make sure the auditors you are considering are registered with the Institute of Chartered Accountants of India (ICAI) or the Institute of Cost Accountants of India (ICMAI). Remember, only registered CAs or CMAs can be appointed as GST auditors.
- Communication: Hire auditors who have good communication skills, They should be able to explain GST regulations and compliance requirements to you and your team in a clear manner.
- References: Ask the chosen GST auditors for references from past clients. Reach out to these clients and ask about their experience working with the auditors. This will give you an idea of the auditors’ expertise, professionalism, and quality of work.
- Availability: Ensure they are available to work with you when you need them. Their support is especially important during the GST return filing season to ensure that your returns are filed accurately and on time.
- Cost: The cost of GST audit services can vary significantly depending on the complexity of your business operations. So, make sure to get quotes from multiple auditors and compare them to find the best option.
What Makes GST Auditors from PKC Management Consulting the Best Pick for Your Business?
GST auditing is a crucial process and hiring trustworthy auditors is of extreme importance. Here are a few reasons why PKC Management Consulting would make a great fit for your requirements:
Qualified Professionals
Our team of GST auditors comprises some of the most talented and highly ranked Chartered Accountants. This enables them to provide high-quality audit services that are tailored to your unique needs.
Timely & Accurate
PKC’s auditors are available to work with you during the GST return filing season to ensure there are no delays. We also offer ongoing support throughout the year to help you stay on top of your GST compliance requirements.
Industry-specific Expertise
We understand that businesses in different industries may have different GST requirements. Our team of experts have experience working with different kinds of businesses. So, they can offer the best services as per your industry standards.
Technology Capabilities
Our auditors leverage technology to provide accurate audits. They are skilled in the use of automated tools and software to review your GST returns and filings and identify any errors or discrepancies.
Communicative & Supportive
Our auditors excel in explaining complex GST concepts in a clear and concise manner. We work with you to ensure that you understand the audit process and are able to make informed decisions about your business.
Value For Money
We understand that cost is an important consideration for businesses when selecting a GST auditor. Therefore, we price our services competitively and are dedicated to providing value to our clients.
Services Offered by PKC’s GST Auditors
At PKC Management Consulting, we provide a wide range of GST auditing services that cater to various industries and business types. Some of our services include:
- Compliance Review: We review your business’s financial statements, records, and transactions to ensure that they comply with the GST regulations.
- Audit & Certification: We conduct a comprehensive GST audit and provide certification that your business complies with the GST regulations.
- Refunds & Claims: We assist businesses in claiming GST refunds and provide end-to-end solutions to ensure a smooth process.
- Advisory & Consultancy: We provide expert advice and consultancy on GST-related matters to help you make informed decisions.
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Frequently Asked Questions (FAQ)
GST audit is a review of a business’s GST returns and filings by a qualified auditor to ensure that they are in compliance with the GST laws and regulations. This helps businesses avoid any penalties or fines levied by the tax authorities for non-compliance.
Only qualified professionals – Chartered Accountants (CAs) and Cost Accountants can conduct GST audits.
The frequency of hiring GST auditors depends on factors such as business size, frequency of GST filings, and changes in GST regulations. Businesses with an annual turnover over INR 5 crore are required to undergo a GST audit at least once a year. However, businesses with lower turnovers can also benefit from hiring auditors.
Our auditors are experts in the field. They can help you be fully compliant with the GST laws and regulations, mitigate the risks of penalties and fines, identify tax savings opportunities, and save money in the long run.
The cost of an audit will differ with the scope of the audit, the size and complexity of the organization, and the auditor’s fees. PKCs auditors provide competitive pricing and will provide a detailed estimate of the costs involved before commencing the audit.
