The GST law requires audit of the monthly compliances by way of an audit attached to the Annual Return. It is critical to for the taxpayers to start focusing on the audit of compliances under GST law and input and output reconciliations form a critical part of the GST audit certification. The audit of Annual return (also known as GST audit) lays the foundation for the first external verification/ assessment under the GST law.

We, at VJM Global believe in offering qualitative value added services encompassing a comprehensive review of all GST records along with our recommendations on strengthening internal controls for appropriate data entry, data recording, data analysis and data requirements for compliance.

Preparing for a GST audit involves ensuring that your financial records and GST returns are accurate, consistent, and compliant with the latest regulations. Start by reconciling your GSTR-1, GSTR-3B, and books of accounts to identify any discrepancies. Maintain proper documentation of invoices, input tax credits, and expense records for easy verification. It’s also essential to review tax payments, filing timelines, and any amendments made during the financial year.

Additionally, conducting an internal GST review before the official audit can greatly enhance your preparedness. Regularly assessing your records helps in detecting errors early, ensuring that your filings align with actual business transactions.