The GST audit process is a time-consuming activity; especially the data collation and reconciliations. Hence, the earlier one starts, the better it becomes to close the audits within the stipulated timeline. A taxpayer must prepare and furnish GST audits for all registrations across before the due date. It should also be kept in mind that there are no provisions to revise the GST audit return as yet; this makes it all the more imperative to file accurate and correct returns to avoid any consequences. Another vital point is that the late fees for not filing GSTR 9 within the stipulated timeline are INR 100 per act, per day, i.e. 200 per day of default subject to the maximum of 0.25% of turnover.
Cygnet offers an Audit Tool that can be totally automated with your ERP Systems. It helps you with a 3-Way Reconciliation between the GL, Purchase & Sales Register, and your GSTN data. It provides insightful reports like turnover reconciliation, Missing Invoices, Unavailed and Incorrect ITC, Tax and ITC comparisons, and many more that will help you file GSTR 9C. To know more – click here.
It is often said ‘The earlier you start, the earlier you succeed’, thus, the time to begin the GST audit exercise NOW!