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Subject: Request for inclusion of services of cost accountants in Desk Review system of GST Audit Respected Sir, Greetings from The Institute of Cost Accountants of India, Tax Research Department. The Institute of Cost Accountants of India is a Statutory Body set up under an Act of Parliame
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FAQ :
The Institute has requested the inclusion of the services of Cost and Management Accountants (CMAs) in the Desk Review system of GST Audit.
They believe CMAs can utilise their analytical efficiency to improve the process, identify potential revenue leakages, and ensure proper compliance with GST regulations.
CMAs would analyse documents such as Trial Balance, Bank Statements, Cost and Financial Records, Cost Audit Reports, and other relevant financial and operational documents.
CMAs can help by scrutinising the availment of input tax credit, verifying the valuation of supplies, checking stock valuation, and analysing business trends through ratio analysis.
Yes, under Section 116 of the CGST Act, Cost Accountants are recognised as authorised representatives to appear before GST authorities in connection with proceedings.
Yes, CMAs are authorised for internal audits under the Companies Act, 2013, and can effectively help the CBIC check the internal control systems of assessees.
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