Ppt on Finalization of Books and Accounts

Ppt on Finalization of Books and Accounts (GST Audit)

The Finalization of Books and Accounts for FY 2017-18 is close and it will be done as soon as soon. The following is the ppt on Finalization of Books and Accounts FY 2017-18:

Challenges in Finalization of Books of Accounts FY 2017-18:

• Year divided between old and new regime
• No Pending balance of Old liabilities
• Transitional entries to be reviewed properly – Special focus on C/F balance, stock as on 30 June, Job Work etc.
• Anti-profiteering – Benefit to be pass on
• Cannot Contradict own Statutory Report, Tax Audit Report, and GST Audit Report
• GST Refund – Recoverability to be check
• Capital Expenditure charged in P&L
• Eligible ITC Reco with GSTR 2A
• Ineligible ITC to be reversed with Interest
• RCM Sec 9(4) applicability
• Credit Note – GST Impact
• Supply against LUT
• Show Cause Notice
• Reversal of Common credit in case of Taxable and Exempt supply

Overview of GST Audit

• Audit Means – Section 2(13)
• Audit of A/c by Chartered/Cost Accountant – Section 35(5)
• The audit by Tax Authorities – Section 65
• Special Audit – Section 66
• Annual Return with Audited A/c with Reco statements – Rule 80(3) 
• Annual Return Composition – Form 9A
• Annual statement- e-commerce operator – Form 9B
• Annual Return with Audited Accounts & Reco – Form 9C
• Statement of Particulars – Form 9D

Download the full Ppt on Finalization of Books & Accounts GST Audit, by clicking the below Image:

The audit by Tax Authorities

Power to Conduct Audit U/S 65(1)

• The Commissioner or any other officer authorized by him may undertake Audit
• Through general or Specific order
• Financial year or Multiples thereof [rule 101]

General Order

• on the basis of pre‐defined parameters for audit

Special Order

• a particular person may be required to be audited in the context of certain transactions/class of transactions
• At Place of Business of the registered person or in their office
• Registered person shall be informed by notice not less than 15 working days (ADT01)
• Complete within 3 Months from Date of G. S. Bhullar & Co. Commencement – Extended 6 Months