GST Audits- An overview

Section- 2(13) of the CGST Act defines Audit as the examination of records, returns and other documents maintained or furnished by the registered person under the Act / rules made there under or under any other law for the time being in force to verify the correctness of turnover declared, taxes paid, refund claimed and input tax credit availed, and to assess his compliance with the provisions of the GST Act or the rules made thereunder.
*No audit is required for businesses with turnover less than INR 2 crore.
Types of GST Audit
There are 3 types of GST audits:

1. Audit to be conducted by a Chartered Accountant or a Cost Accountant: Every taxpayer with revenue exceeding the prescribed limit of INR 2 crore during a financial year shall get his accounts audited by a Chartered Accountant or a Cost Accountant. Such taxpayers whose audit is conducted by a Chartered or Cost Accountant shall submit:

• An annual return by filling the form GSTR 9B along with the reconciliation statement by 31st December of the next financial year;
• The audited copy of the annual accounts;
• A reconciliation statement, reconciling the value of supplies declared in the return with the audited annual financial statement; and
• Other particulars as prescribed.

2. Audit to be conducted by the tax authorities: As per Section 65 of the CGST / SGST Act, the Commissioner or any officer of CGST or SGST or UTGST authorized by him by a general or specific order, may conduct audit of any registered / enlisted individual. Intimation of the audit is provided to the taxpayer at least 15 days in advance in Form GST ADT-01 and the audit is to be completed within 3 months from the date of commencement of the audit. In rare cases, the GST Commissioner has the powers to extend the period by another 6 months, if required.
3. Special Audits: If at any stage of investigation or any other proceedings, tax authority is of the opinion that the value has not been correctly declared or credit availed is not within the normal limits, department may order special audit under the mandate of Section 66, by its nominated Chartered Accountant or Cost Accountant.

The Chartered Accountant or Cost Accountant so named will submit review answer to impose officer inside the time of 90 days. This period might be broadened promote for 90 days by duty officer on application made by enrolled individual or the sanctioned bookkeeper. The enrolled individual will be given a chance of being heard in regard discoveries of exceptional review. The costs of the review of records, including the compensation of such contracted bookkeeper or cost bookkeeper will be paid by the Commissioner.
Where the extraordinary review directed outcomes in recognition of assessment not paid or short paid or mistakenly discounted, or input charge credit wrongly benefited or used, the officer may start required activity.
Obligations of the Auditee
Auditees shall have following obligations during the course of audit:

• The taxable person will be required to provide the necessary facility to verify the books of account / other documents as required.
• The auditee needs to furnish the required information and render assistance for timely completion of the audit.

Findings of the Audit
On conclusion of an audit, the officer shall inform the taxable person within 30 days of:

• Findings of audit;
• Their reasons; and
• The taxable person’s rights and obligations.

If you are facing challenges in compliance with GST or require any assistance in GST audits, you may reach us. For any questions regarding this, please click here. 

Why outsourcing payroll services is good for your business

One of the most important part of business management is proper payroll distribution and bookkeeping.  Payroll is not a simple calculation of salary and distribution, it is a lot more complex process .

A businessman should concentrate on  his/her company to maintain profit , success and increased revenue. That’s why a lot of business owners choose for outsourcing payroll services.
If you are a business owner and is does not believe outsourcing payroll services is a better choice, here is a list of benefits you can get from this business payroll solution.

Let Professionals Handle the Job
Some business owners do their own payroll instead of outsourcing payroll services, but they lack the expertise needed to perform the task well. Others hire an existing employee good in math to do payroll and bookkeeping tasks for them, which is basically the same logic.  Outsourcing business payroll solutions mean that payroll tasks are done by professionals who are experts in their field and familiar with payroll regulations and tax codes, minimizing errors in calculations, as well as cutting costs.

Outsourcing Payroll Services Saves Time  
Time saved is money saved, which means you will be cutting costs in different areas related to payroll management as well.
The more your employees grow in numbers, the more time it will take to put in calculating the salaries of  employees.  The more time you spend on your payroll, the less time you spend focusing on business and marketing strategies.

Properly Observing Government Regulations
the lack of knowledge about government regulations can lead to mistakes, Handling your own payroll means that you have to submit reports on employment taxes to the government.

There are many other business payroll solutions out there, but outsourcing payroll services seems a wise choice that can lead to the betterment and more success of our company.

If you have any query Click Here

What cannot be a trademark?

What is a trademark?
The word, trademark means legally registered for representing a product or company . When competition is increasing, it becomes almost essential to differentiate your products or services from others.
The strive to stay in the market makes one concerned about their product’s quality. Trademark Registration concept may be quite new for Indians.
The Trade Marks Act, 1999 provides a platform for the registration of trademarks of goods and services, also provides the unique identification of the product and thereby also providing the manufacturer relief in case of infringement of his trademark.

Certificate Mark
This mark basically identifies the origin, material, quality, and characteristics of goods and services offered by a manufacturer from his competitors. It is also used in assessing the worth of labor in manufacturing goods or services.

Collective Mark
These marks differentiate the members of a collective group, which can be a cooperative organization or an association.

What cannot be a trademark?
Few are the points for refusal in India –


Distinctive Nature – The measure of being unmistakable is considered bad in the Indian law. The sign of an item or administration which isn’t of an unmistakable sort would not be a trademark.

Names / Surnames – Names or surnames cannot be used as a trademark in India if they do not possess a distinctive character.

Numerical – Numbers can’t be used to be utilized as a trademark, as such. In specific cases, the courts in India have reasoned that numbers don’t have a particular nature connected to them, consequently, not fitting the bill to be a trademark.

Geographical Location – Geographical locations cannot be used as trademarks.

Color – The Trade Marks Act does not specifically refuse the usage of color.

Sound – Melodic notes as melodic documentations are acknowledged as trademarks in India, yet clamors, for example, pooch woofing can’t be a trademark.

Smell – It is difficult to distinguish between different smells. Smell cannot go through the process of Trademark Registration in India.

If you want to Apply for Trademark Registration, you can go with Apply Trademark.