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Types of Audit under GST. Part 2
Types of Audit under GST. Part 2
In my previous article, I told you about audit to be conducted by the department under section 63. But there is a twist in the tale, If during scrutiny or investigation it is found that the case is of complex nature or there is significant revenue at stake... then what will happen ? Read on
If during scrutiny or investigation it is found that the case is of complex nature or there is significant revenue at stake, any officer not below the rank of Deputy/Assistant Commissioner may direct such taxpayer to get his accounts audited by a practicing Chartered Accountant or a Cost Accountant.
This means in certain cases, the department can direct a tax payer to get his audit done by a practicing professional.
Such Chartered Accountant or Cost Accountant shall submit his duly signed audit report to the Deputy/Assistant Commissioner within a period of 90 days mentioning therein such other particulars as may be specified.
If thereafter proceedings are initiated against the taxpayer based on the findings of special audit, he should be given an opportunity of being heard.
If conduct of special audit results in detection of tax not paid or short paid or erroneously refunded, or input tax credit erroneously availed, the proper officer may initiate action under relevant sections.
Thus, this is a great opportunity for all Chartered Accountants and Cost Accountants and we encourage them to avail this golden opportunity and use it to maximum potential.
