What is central excise audit tax?

What is central excise audit tax?

Question 1: What is Central Excise/Service Tax Audit? Ans: Audit is a verification of financial accounts and other records particularly records relating to production, clearance of goods or provision of service by the assessees to ascertain that duties of Central Excise / Service Tax are correctly paid.

How do I check my GST audit?

GST Audit Checklist

1. 1) Turnover based audit.
2. 2) General audit.
3. 3) Special audit.
4. 1) Cross verifying GSTR 3B with GSTR 1 & GSTR 2A.
5. 2) Checking the format of the invoice.
6. 3) Input Tax Credit (ITC) reversal for non-payment within 180 days.
7. 4) Reconciling e-Way Bills with invoices.

What is CERA audit?

Central Excise Revenue Audit (CERA) is one of the receipt audit wings of office of the Principal Director of Audit (Central), Kolkata. Audit of receipt is one of the most important functions assigned to the Comptroller and Auditor General of India (C& AG).

What are the objectives of GST audit?

All this makes it clear that the objective of GST Audit is to ensure the correctness of Turnover declared, Taxes paid, Refund claimed, and Input Tax Credit availed in addition to compliance of the GST Act and Rules. The intent is that the compliance of the GST law has to be confirmed by the GST audit.

Who can order valuation audit under 14A?

Valuation Audit [section 14A] · Valuation audit can be ordered at any stage of enquiry, investigation or any other proceedings by the excise officer, if he is of the opinion that the value has not been correctly declared or determined by the manufacturer.

What is the time limit for service tax notice?

Above clarification through CBIC circular dated 20.07. 2021 can be applied under Customs/ Central Excise/ Service Tax Law. Thus, where the Show Cause Notices are not issued within the time limit of 30 months/ 5 Years (after including the extended time limit by Govt.), the same shall be time barred.

What documents are required for GST audit?

Detailed audit checklist for GST audit or GSTR 9C. Copies of invoices, agreements, etc. Copy of written representation letters obtained from management. Copy of GST return, details of tax paid and credit availed, sales made etc.

What are the 4 types of GST?

There are four different types of GST as listed below:

• The Central Goods and Services Tax (CGST)
• The State Goods and Services Tax (SGST)
• The Union Territory Goods and Services Tax (UTGST)
• The Integrated Goods and Services Tax (IGST)

How do you do an excise audit?

How to Do Audit of Excise Duty

1. Verification of Bills, Invoices and Documents.
2. Review of Excise Duty Valuation.
3. Review of CENVAT Credit Register.
4. Review of Return.
5. Review of Reconciliation.
6. Review of Documents relating to EOU clearance and SEZ.
7. Review of Store and other Records.
8. Making of Report.

Who conducts Cera audit?

Central Excise Revenue Audit (for short ‘CERA’) is conducted under the overall supervision of the Principal Director of Audit, (Central) Kolkata in the Indian Audit Department of Government of India. 4.

What triggers a GST audit?

A GST or BAS audit may be triggered by even just one of the following: Failure to lodge BAS statements. Large GST refunds. Over-claiming GST input tax credits.

Who can file gstr9c?

Taxpayers whose aggregate turnover in a financial year exceeds Rs 2 Crores need to file GSTR-9C. The GSTR-9C must be digitally signed by the GST Auditor and must report all discrepancies or liabilities in filing any of the GST returns during the financial year.

What is auditing Central Excise Act 1944?

Who can order audit: Any Central Excise Officer not below the rank of an Assistant/Deputy Commissioner of Central Excise can order for valuation audit at any stage of enquiry, investigation or any other proceedings before him if he is of the opinion that the value has not been correctly declared or determined by a …

What is meant by Cenvat credit?

(1) A manufacturer or producer of final products or a provider of taxable service shall be allowed to take credit (hereinafter referred to as the CENVAT credit) of – (i) the duty of excise specified in the First Schedule to the Excise Tariff Act, leviable under the Excise Act; (ii)

What happens if service tax return is not filed?

If an assessee has not filed his or her service tax return, then a late payment fee of Rs 500 will be charged for the initial 15 days of delay. If an assessee has not filed his or her service tax return, then a late payment fee of Rs 1,000 will be charged for delays ranging from 15 to 30 days.

How can I check my service tax notice?

Click on ‘Service Tax’ from the homepage and sign in to your account. If you have filed for any refund and the reimbursement is approved by the department, you will be able to see the ‘Check Status’ option and track your refund using your acknowledgement number from the refund request created by you earlier.

How do I file a gstr9c?

Step 1: Log in to the GST portal and go to the ‘Returns Dashboard’. Select the financial year, tax period and then click ‘Prepare Offline’. Step 2: Click on the ‘Upload’ option to upload the JSON file generated using the offline tool. The uploaded file will be validated and processed by the portal.

What are the 3 types of GST?

Currently, the types of GST in India are CGST, SGST, and IGST. This simple division helps distinguish between inter-state and intra-state supplies and mitigates indirect taxes. To learn more, read about these three different types of GST.

What are the 3 types of GST explain with example?

Difference between types of GST

What is subject specific compliance audit?

Compliance audits may be planned, performed and reported on separately from the audit of financial statements and from performance audits. Such audits may be conducted separately on a regular basis, as distinct and clearly-defined audits each related to a specific subject matter.

What will trigger ATO audit?

Not declaring income, over-claiming tax deductions, international funds transfers and a poor record of lodging returns on time are the most common triggers for an audit.

Does amended return trigger an audit?

Note: filing an amended return does not affect the selection process of the original return. However, amended returns also go through a screening process and the amended return may be selected for audit. Additionally, a refund is not necessarily a trigger for an audit.

Who is required to get GST audit?

Every registered person whose aggregate turnover during a financial year exceeds two crore rupees has to get his accounts audited by a chartered accountant or a cost accountant and furnish a copy of audited annual accounts and a reconciliation statement, duly certified, in FORM GSTR-9C.

How do I make 9C offline?

Step 1: Visit the GST portal. Step 2: Navigate to Downloads > Offline Tools > GSTR-9C Offline Tool. Step 3: Click the download link on the GSTR-9C offline utility page. Step 4: A confirmation message will pop-up.

What is ITC in simple words?

Input Tax Credit or ITC is the tax that a business pays on a purchase and that it can use to reduce its tax liability when it makes a sale. In other words, businesses can reduce their tax liability by claiming credit to the extent of GST paid on purchases.