We could expect regular developments in the new GST law as GST council would be considering the interests of various stakeholders from time to time. The level and need of compliance is also high in GST and entity may need help of professionals to ensure compliance with changing law. We may provide assistance in ensuring compliance by conducting GST compliance review on periodical basis covering all functions having impact in GST. This could include sales, procurements, inventory, finance etc. Such review would also be helpful for GST annual audit which is mandatory as per GST provisions for assessee with turnover of more than Rs.2 crore in a financial year. Periodical review could help the organization to ensure compliance, take benefits of credits, update with changes in rate of taxes etc. Broadly, this would cover the following:
- Review of GST outward supplies, tax rates applied, concessions, exemptions claimed, fulfillment of related conditions, export benefits claimed etc.
- Review of GST input tax credits claimed to assess eligibility, ineligibility, completeness, documentation for credits etc.
- Review of procedural compliances including GST registrations obtained, payment of taxes, filing of returns, disclosure of ITC & outward supplies in returns, movement of goods for job work, carry forward of credits etc.
- Review of reverse charge compliance by reviewing the expense ledgers on sample basis, payments made, availment of re-credit after payment, eligibility of such credits, rate and abatements if any claimed including documentation.