The Central Board of Indirect Taxes and Customs (CBIC) chairman, Vivek Johri, has said that the GST administration has shortlisted 50,000 fresh cases that will be taken up for GST auditing in the current financial year (FY24). This is as part of efforts to increase compliance and widen the tax base.
In FY23, the CBIC conducted about 30,000 GST audits. This resulted in the detection of tax evasion worth about Rs 17,000 crore. Of this, about Rs 3,060 crore has been recovered so far.
The CBIC has said that the selection of cases for GST audit will be based on risk parameters. This means that businesses that are considered to be at a higher risk of non-compliance will be more likely to be audited.
The GST audit process is a complex and time-consuming one. Businesses that are selected for audit will need to provide a large amount of documentation to the CBIC. This documentation may include invoices, purchase orders, bank statements, and other records.
The GST audit process can be a stressful experience for businesses. However, it is important to cooperate with the CBIC during the audit process. This will help to ensure that the audit is completed as quickly and smoothly as possible.
The CBIC has said that the GST audit program is an important part of efforts to improve compliance with the GST law. The CBIC is committed to ensuring that all businesses comply with the GST law and that the GST system is fair and equitable for all taxpayers.
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