Special Audit under GST
Analysis on Special Audit under GST --------------------------------- Introduction GST is a trust-based taxation regime wherein the assessee is required to self-assess his returns and determine tax liability without any intervention by the tax official. Therefore a tax regime that relies on self-assessment has to put in place a robust audit mechanism to measure and ensure compliance of the provisions of law by the taxable person. Definition “Audit” is defined under section 2 (13) of the CGST Act, 2017. It includes as mentioned below for special audit: 1. Examination of records; 2. Returns maintenance and; 3. Other documents maintained (or furnished) by the registered person under the GST Acts. It also requires verifying the certain things mentioned below: 1. The correctness of turnover declared; 2. Taxes paid; 3. Refund claimed and; 4. Input Tax Credit (ITC) availed and to assess their compliance with the provisions of the GST Acts . Purpose of Special