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Audit and Assurance

GST Audit

Understanding GST Audit:

In the realm of taxation, GST Audit serves as a meticulous examination ensuring businesses' adherence to GST regulations. Introduced under the Goods and Services Tax (GST) Act of 2017, it validates the accuracy and compliance of GST records. At Kanumuri & Co, we specialize in delivering comprehensive GST Audit services tailored to meet the intricate requirements of businesses.

Eligibility Criteria for GST Audit:

While the standard threshold for GST Audit stands at Rs. 2 crores, recent amendments have introduced variations:

For businesses with turnovers between Rs. 2 crores and Rs. 5 crores, Kanumuri & Co facilitates the filing of Annual Returns (Form GSTR 9) and reconciliation of GST liabilities.
For businesses exceeding Rs. 5 crores in turnover, we conduct thorough audits, engaging practicing Chartered Accountants or Cost Accountants.

Objective of Our GST Audit Services:

Our primary objective with GST audits is to ensure the accuracy of GST turnover, tax payments, input credits, and refunds claimed in GST returns. By meticulously examining these aspects, we ensure compliance with the dynamic regulatory framework governing GST.

Essential Documents for GST Audit:

To conduct a GST audit effectively, businesses need to furnish essential documents, including:

Audited Financial Statements
Annual Return (Form GSTR 9)
Reconciliation Statement (Form GSTR 9C)

Comprehensive Services Offered by Kanumuri & Co:

At Kanumuri & Co, our GST audit services encompass:

Regular monthly cross-verification of books with returns
Identification and rectification of Input Tax Credit (ITC) discrepancies
Reconciliation between annual return values and audited financial statements
Expert advice on internal controls pertaining to GST compliance
Timely filing of Annual Return and GSTR 9
Preparation of mandatory statements and reports mandated by GST regulations

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