How To Manage The New GST Audit In India

The last date for filing GST returns and GST audit report for fiscal year 2017-18 is June 30, 2019.

The Goods and Services tax (GST) system requires taxpayers to self-assess their tax liability and pay their tax without any intervention by the tax authorities. The law provides for a robust audit mechanism to measure and ensure compliance by the taxable person.

The GST audit checks the accuracy of information furnished, taxes discharged, refund claimed and input tax credit availed by the individual taxpayer.

For fiscal year 2017-18, India's GST council in December 2018 extended the last date for filing GST returns and GST audit report by three months to June 30, 2019.

In this article, we discuss the types of audit available under the GST regime in India and how to manage them.