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. Let’s get to know them more and see how to find the best option.
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
How to Find the Best GST Auditors Near You?
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.
Why Consider PKC’s GST Auditors for Your Business?
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Services Offered by the Best GST Auditors
Top firms like PKC Management Consulting, 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.
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.
