Govt to set up online audit mechanism under GST, - arliamentary panel
PrintListen to this Article
“The ministry has accepted the recommendation concerning the establishment of an online audit mechanism. The committee would expect the ministry to earnestly pursue this issue with the objective of further streamlining the GST audit process. The committee desires to be apprised of the results of this undertaking at the time of furnishing the final action taken statement,” the standing committee on finance said in its report.
The Central Board of Indirect Taxes and Customs has published the GST Audit Manual, which provides the list of documents required to conduct audit, timelines for audit and other standard formats. The copies of documents and records required to be submitted for conducting audit may be submitted through email. Subsequently, if any clarification is sought from the taxpayer, it may be submitted through email.
“From the systems perspective, the current audit functionality provides the feasibility for conducting the audit online wherein the required documents can be uploaded by the taxpayer as well as the tax officer for further examination,” the corporate affairs ministry said in its reply to the recommendation of the panel.
The recommendation was made in view of the concern with respect to audit in GST under which a large number of documents are being sought from taxpayers for conducting an audit. Besides, the assesses are also being called to the GST offices for physical appearance, which consumes a lot of time of assesses and officials alike.
The online audit mechanism under GST was suggested by the panel to make the process more efficient and less intrusive.
The parliamentary panel has asked the government to prepare a white list of documents required to conduct an online audit which would act as a guidance note for officers as well as assessee.
In order to prevent harassment of honest taxpayers during searches and seizures, the committee has recommended some measures along with installing CCTV cameras in the interrogation room. The corporate affairs ministry has instructed CBIC to do so, the report said.
Category : GST | Comments : 0 | Hits : 366
TEST
Dear Taxpayers, 1. GSTN is pleased to inform that an enhanced version of the GST portal would be launched on 3rd May 2024. The effort is to improve user experience and ensure that the information you need is accessible and easy to navigate. 2. Key Enhancements Include (PDF with screenshots attached): i. News and Updates Section: We have introduced a dedicated tab for all news and updates. This section now includes a bet...
The Supreme Court on Friday issued notices to the central government, the Central Board of Indirect Taxes and Customs (CBIC), the Goods and Services (GST) Council and the National Anti-Profiteering Authority (its functions have been taken over by the Competition Commission of India) on a petition challenging a Delhi High Court verdict, upholding the constitutional validity of anti-profiteering provisions filed by a real estate company. The petition, filed by Swati Realty, says the high court ...
The delectable Malabar Parota will taste even better with the Kerala High Court ruling that the popular flatbread will attract GST at 5 per cent and not 18 per cent. With this the court has turned down order by the State’s Authority of Advance Ruling (AAR) and Appellate Authority for Advance Ruling (AAAR). Disposing a petition by Kochi-based Modern Food Enterprises, a single judge bench of Justice Dinesh Kumar Singh said if key inputs (cereals, flour, starch, etc) and preparations are s...
A businessman from Delhi was taken into custody by the Noida police for his alleged involvement in a massive Rs 15,000 crore GST fraud that was exposed last year, TOI reported. Tushar Gupta, aged 39 and residing in Tilak Nagar, was arrested as the 33rd suspect in this case. The police revealed that Gupta had exploited input tax credit (ITC) using 35 fake companies, resulting in a loss of Rs 24 crore to the exchequer over the past two years. He was reportedly part of a syndicate that utiliz...
Comments