GST Audits and Annual Return

 Overview

The Goods and Service Tax GST is a significant taxation reform in India which is set to create a single unified Indian market. GST is a comprehensive tax levy on manufacture, sale and consumption of goods and services at a national level. International experience suggests that GST would improve tax collections in a seamless manner. Importantly, GST is expected to eliminate the litigations arising out of the predicament of dual levies of VAT and Service tax.

GST is a destination based taxed. Its main objective is to consolidates all indirect tax levies into a single tax, except customs (excluding SAD) replacing multiple tax levies, overcoming the limitations of existing indirect tax structure, and creating efficiencies in tax administration.

Objectives

• This Seminar is intended to enlighten the participants on the events of the past and the events in the future.
• To prevent the evasion of tax.

Content

Legal provisions relating to GST Annual Return

• Who has to furnish?
• What is the due date?
• What are the contents of Annual Return?
• Other related provisions.

Legal provisions relating to GST Audits

• Who has to furnish GST Audits?
• What is the due date?
• What are the contents of Audit Report?
• Other Related provisions

Impact of errors and omissions on Annual Return and Audits.

How to correct and/or amend errors and omissions.

Discussion on important aspects such as –

• Related party transactions
• Transactions relating to Fixed Assets
• Input Tax Credits
• Records and documents to be maintained
• Reverse Charge Implications
• Treatment of advances
• Proposed Return Filing process
• Recent amendments in GST Law