GST Audit Explained: Applicability, Process, and Benefits
Understand what GST audit is, who must undergo it, and how it helps ensure compliance.
Goods and Services Tax (GST) compliance is mandatory for registered businesses in India. Timely filing of returns helps avoid penalties, interest, and legal notices from tax authorities.
GST returns such as GSTR-1, GSTR-3B, GSTR-9, and GSTR-9C must be filed based on turnover and registration category. Businesses under the QRMP scheme file quarterly returns, while others file monthly.
Missing deadlines may result in late fees and interest. Regular reconciliation of sales, purchases, and input tax credit is essential to ensure accurate filing.
Professional assistance from Chartered Accountants helps businesses maintain compliance, avoid errors, and stay updated with changing GST regulations.