GST AUDIT : DESIRABLE BY ALL STAKEHOLDERS

GST is introduced to simplify the indirect tax laws by subsuming various tax laws like, Value Added Tax (VAT), central sales tax, service tax, excise duties, CVD and SAD under custom duties, luxury Tax, Entertainment Tax, etc.. The problem of complex indirect taxation structure is expected to improve by adopting the GST. On the one hand GST Audit can play very important role to examine/find out fraudulent GST practices by corporate, in the interest of Government to generate the revenue and prohibit all the unacceptable practices. On the other hand, in favour of corporate, GST Audit may disclose non-compliance of GST rules and regulations outlined by the GST law for which organisations would have to pay penalties to government or have to bear financial loss. GST Audit will also reveal how organisations can manage the GST more effectively, efficiently and convenient way so that organisation will grow from financial darkness to brightness and prosperity day by day.