What Benefits Can Your Business Get by Voluntary GST Audit for FY 2017-18

What Benefits Can Your Business Get by Voluntary GST Audit for FY 2017-18

We have embarked on the first financial year of GST. While businesses are busy preparing accounts and getting ready to file their first GST, they need to keep something in mind – errors.

There is a scope of error in most carefully made accounts. What can be done prevents errors and mistakes in your very first GST financial year?

Audit. Yes, the audit is an effective way to prevent errors and mistakes ensuring that you are correct in your GST filing. When it comes to auditing, compulsory auditing is relaxed for many organizations & businesses operating under GST act. However, you can conduct a GST audit and annual returns voluntarily even though it is not mandatory for your business.

GST Audit and Accounts services in Delhi NCR

Why Should I Conduct A Voluntary GST Audit?

Voluntary GST audit comes with a wide set of benefits. These are:

  1. The voluntary audit allows recording of the correct time of supply. This reduced the instances of pre-paid and post-paid taxes. As your pay taxes on time, you can avoid the interest cost (both on pre-payment and post-payment) and penalty (on post-payment).
  2. GST Audit allows you to determine the correct place of supply (such as IGST, SGST, CGST). Although you pay full taxes, you can get a penalty for paying it under an incorrect place of supply.
  3. Even if you have the correct time and place of supply, you must charge and pay taxes under correct GST rates. You must also keep up with the reduction or increase in GTS rates.
  4. If the tax is over-collected, it must be disclosed in your accounts and paid to the Government. You might get a huge penalty if you fail to disclose the over-collected tax in your book. Similarly, under-collection of tax is paid out of pocket which is not preferable for any business. A GST audit and account services in Delhi NCR can help you avoid both the situations.
  5. Voluntary audit helps you to check if the HSN Codes have been correctly determined and filed in GSTR 1 return or not.
  6. GST auditor in Delhi NCR also ensures that your books of accounts are maintained in the manner laid down under the GST act.
  7. You can check whether your Invoices have been raised correctly raised or not through GST (i.e. with all the necessary information).
  8. By conducting a voluntary audit, you can match your GST returns to your Books of Accounts.
  9. The audit allows you to match Electronic GST cash and credit ledgers with your books.
  10. The voluntary audit allows you to identify any unclaimed input tax credit under GST including those on bank charges and sundry expenses.
  11. Audit helps in maintain a record of fixed assets purchased and also allows you to avail GST input tax credit correctly and fully. It also helps you to set of depreciation of fixed assets.
  12. If you conduct regular GST audits, you can claim correct refunds for tax paid on inputs or for the experts.
  13. You can reverse any input tax credit that has been wrongly claimed or is liable to be reversed in future.

GST Audit Company in Delhi NCR

These were some of the common benefits of GST Audit for FY 2017-18 for business enterprises. Businesses can do away with the errors and penalties in subsequent years. The voluntary audit will add authenticity to the financial records and books of accounts of your business enhancing the value in this process.

If you conduct an audit for the financial year 2017-18, you can avoid the last-minute rush. Preparing tax audit and return filing will be ready beforehand under the Income Tax Act. You can also avoid late filing penalties of ITR u/s 234F which can be up to Rs.10,000/-

As it is the first financial year after GST implementation, there are new issues and amendments coming up every day. The audit will help you to keep track of things.

Businesses which aim to have clear compliances, accounts, results and returns hire a GST audit expert. GST audit company in Delhi NCR helps business enterprises to avoid litigations. Business must opt for Audits (whether mandatorily or voluntarily) for smooth business operations.

GST Audit and Accounts services in Delhi NCR
GST Audit and Annual Returns
GST Auditors in Delhi NCR
GST Audit Company in Delhi NCRPhysical Verification of Stock, Delhi NCR
Physical Verification of Fixed Assets, Delhi NCR
Inventory control in Retail Store
Inventory and supply chain consultancy services, Delhi NCR
Audit Firms in Delhi NCR
Retail Supply Chain Audit Services, Delhi NCR
Internal Audit and Financial Advisory Firm, Delhi NCR
Internal Audit and Enterprise Risk Services, Delhi NCR

NOTE:  Inventory Control and Management Tips for Apparel Industry

Summary
What Benefits Can Your Business Get by Voluntary GST Audit for FY 2017-18?
Article Name
What Benefits Can Your Business Get by Voluntary GST Audit for FY 2017-18?
Description
Audit. Yes, the audit is an effective way to prevent errors and mistakes ensuring that you are correct in your GST filing. When it comes to auditing, compulsory auditing is relaxed for many organisations & businesses operating under GST act. However, you can conduct a GST audit and annual returns voluntarily even though it is not mandatory for your business.
Author
Publisher Name
VGNC Business Solutions PVT. LTD.
Publisher Logo

Post A Comment

YOUR CAPTCHA HERE