Vetting of Goods and Service Tax Records
Every assessee who is engaged in supply of goods or services is required to comply with Goods and Services Tax Law viz., take registration, file periodical returns with the GST department, pay GST, file various forms, issue invoices to their customers etc. The compliance and planning part in respect of Goods and Services Tax is very crucial as non-compliance of the same may lead to incurrence of interest, penalties and in some cases prosecution. Planning of a business keeping in view the GST provisions may save cost and increase customer base. GST compliance is not limited to filing of monthly/quarterly returns but it also requires thorough analysis of financials and transaction to ascertain the possible errors or omissions in proper compliance. The taxpayers are subject to voluntary or department audit/assessment, and if there is no proper compliance or any major issues were not dealt with properly, an assessee will be subject to interest and penalties.
Every taxable person is required to analyse their books of accounts and business transaction so as to ensure error free accounting records and also that proper compliance is made with GST Provisions. Vetting of books/returns for the purpose of Goods and Service Tax provision involves regular cheking of books of account, transactions and already filed return to identify the errors and omissions and make them compliant to Goods and Services Tax Provisions to save from future penalties and punishments.
We at TaxMuneem take care of all your needs by providing personal supervision on the computations and data provided by the client. We also assist our clients in making them understand the GST law related to their businesses.
Detailed analysis of books of account and other information
Determining the actual GST Liability
Assessing the liability in terms of Interest and Penalty
Reconciling the books of accounts with the Returns
Any other services not mentioned in the inclusion.
GST Returns filed
Any other information.
GST Vetting is the critical examination of the records and documents for ascertaining its correctness or compliance with Goods and Services Tax (GST) provisions.
Every person who is registered under the Goods and Services Tax is required to maintain certain books, records and keep them safe till the defined period. Filing of GST returns is not the only compliance required to make under the GST Law, there are various provisions which may not be observed by the assessee while filing their returns or during maintenance of books of accounts. GST Vetting on regular basis can help them correct their books of account and make it compliant to Goods and Services Tax provision. So, vetting of books of accounts for the purpose of Goods and Services Tax should be done on regular basis to avoid penalties and punishment in future.
Generally, the books of accounts and the returns filed by the assessee is sufficient for the purpose of conducting GST Vetting. Further, the requirements may depend upon the type of business, nature and complexity of business transactions and other factors determined after analysis of books of accounts.
Following are the benefits from vetting of books of accounts for GST:-
- Timely correction of any error or omission in the books or returns
- Books of accounts compliant to GST Provisions
- Regular Reconciliation of books and GST returns
- Timely and proper utilization of Input tax credit
- Saving of Interest and penalty for delay in filing or payment of tax.
- No fear of department audit/assessment.
- Planning and timely updation of changes in GST law or rate changes.