How does the GST act define the term "Audit"?
How does the GST act define the term "Audit"?
The CGST audit has a new approach of defining audit than the companies act, 2013. However, it only includes the tax audit related to GST and thus, may not have as broad purview as that of the Companies act.
To quote the CGST act, Audit means the examination of records, returns and other documents maintained or furnished by the registered person under this Act or the rules made thereunder or under any other law for the time being in force.
Audit is performed to verify the correctness of turnover declared, taxes paid, refund claimed and input tax credit availed, and to assess his compliance with the provisions of this (CGST) Act or the rules made thereunder.
