The Central Board of Indirect Taxes and Customs has published the GST Audit Manual which provides the list of documents required to conduct audit, timelines for audit and other standard formats.
The Union government will set up an online audit mechanism under the Goods and Services Tax (GST) in order to streamline the process, as suggested by a parliamentary panel in its report on ‘anti-competitive practices by the big tech companies’.
“The ministry has accepted the recommendation concerning the establishment of an online audit mechanism. The committee would expect the ministry to earnestly pursue this issue with the objective of further streamlining the GST audit process. The committee desires to be apprised of the results of this undertaking at the time of furnishing the final action taken statement,” the standing committee on finance said in its report.
Read more at : moneycontrol
Share this content: