A GST Audit is an examination of the records, returns, and other documents maintained by a registered person under GST. The purpose of the audit is to verify the correctness of turnover declared, taxes paid, refund claimed, and Input Tax Credit (ITC) availed.
No, only businesses crossing the prescribed turnover limit or those receiving notices need audit.
It is a reconciliation statement filed along with GST Annual Return, certified by a CA/CMA.
The taxpayer must pay additional tax, interest, and penalty if required.
A Chartered Accountant (CA) or Cost Accountant (CMA) appointed by the taxpayer.
Filing your Income Tax Return (ITR) is a legal obligation for every individual, business, or entity earning income in India above the prescribed exemption limit. Apart from compliance, timely filing ensures smooth financial records, refund claims, and creditworthiness.
No, it’s mandatory only if your income exceeds the exemption limit or if you meet specific conditions (foreign income, assets, etc.).
Yes, revised returns can be filed before the end of the assessment year.
You can file a belated return with late fees and interest under Section 234F.
Not mandatory, but filing helps in loans, visa, and as proof of income.