GST AUDITORS FOR SOFTWARE INDUSTRY
Introduction
Software industry is a major business sector in India. Almost all big software giant companies have opened their branches in India. In India every sector is being computerized and there is more demand for software company services. Software industry is thriving with demand.
All businesses require comprehensive GST knowledge. It assists good decision making. Software industry is not an exception. A Software company has to identify impact of GST on long-term contracts.
Our GST experienced auditors offer best GST Audit and Advisory service for Software industry. We offer our GST services to both international and domestic software companies in India. Our GST team has huge experience in indirect tax and audits. We specialize in GST Audit services for software industries amongst others.
We guide our clients every step of the way in recognizing, analyzing and addressing various challenges of GST and its compliance.
What is GST Audit?
GST audit is a compliance under GST law. It is mandatory to conduct GST audit provided your turnover crosses Rs. 2 crore.
GST audit is a process of examination of records, returns and related documents of taxable person. The main purpose of GST audit is to verify the correctness of turnover, tax, refund and input tax credit. GST audit is also conducted to assess GST compliance.
Types of GST Audit
GST Audit is of three types as prescribed in GST law
GST Audit by CA or CMA
It is mandatory for a person registered with GST, whose turnover during a financial year exceeds Rs. 2 crores, to get his books of accounts audited by a Cost & Management Accountant (CMA) or Chartered accountant (CA).
Every registered person under GST whose turnover crosses GST audit limit has to file the following documents electronically:
To facilitate smooth GST audit every registered person who exceeds GST audit limit has to books of accounts for determining correct value pertaining to:
Audit by Tax Authorities
Obligations of Taxable person
On completion of this GST audit by tax officers, Within 30 days, they will inform the taxable person about their findings, reasons and taxable person’s right and obligations. If any short payment of tax is found a demand notice will be raised by the officers.
Special GST Audit – GST Audit by CA or CMA on GST Officer’s directions
An order for special audit can be passed by Assistant Commissioner even your books are already audited. An Asst. Commissioner can decide on special GST audit depending on nature and complexity of case or interest on revenue. During scrutiny/investigation/ enquiry if he feels the value declared is not correct then the assistant commissioner can order a special audit
With prior approval from commissioner, an Assistant Commissioner is authorized to order for special GST audit.
Special GST audit can be conducted by a chartered accountant or a cost accountant nominated by commissioner.
GST auditor should submit report within 90 days. It can be further extended to 90 more days by GST officer on request from registered person or auditor.
All expenses regarding verification, audit process and remuneration will be worked out and paid by the commissioner.
Findings of this audit are disclosed to the taxable person. In case tax short payments or wrong input tax credits, demand notice is raised.
Bottom Line
Thus GST Audit is mandatory for a software company when your turnover exceeds Rs. 2 crores in a year. Our team of expert GST Auditors will help you remain GST complainant. We assure you the best of our services at all times. Contact us with your enquiries today!